Over the next few months, owners of sailboats and other smaller motor driven boats, begin to check out the costs and type of coverage for pleasure boat insurance. This insurance coverage can be quite comprehensive and complicated, and one needs to choose between a limited liability protection to coverage for all risks. The cost can be inexpensive for the limited liability, while the all risks policy is often on the expensive side.

Before you select the type of coverage for your boat, you need to consider the various risks that you may be exposed to, and it’s very important to be certain that your investment in the boat is protected. If your boat is old and has low value, you may only want to purchase pleasure boat insurance with restricted coverage that will only cover a third party for damages caused by your boat. Unfortunately, in this type of policy, your own vessel is not covered, and it’s generally a good idea to have salvage and removal coverage for your boat should it become submerged.

The best pleasure boat insurance is the all risks policy that will not only cover a third party, but also affords you coverage on a complete loss caused by storms or striking underwater objects. Additionally, it generally covers smaller claims on the navigational and electronic equipment, engine & machinery, personal injury, salvage removal, and towing charges.

You should also be aware that if your boat is financed with a bank or some other lending institution, they will require that you purchase an all risks pleasure boat insurance policy, with an assignment of proceeds to them. In the event of a substantial loss, they must be assured that their collateral is protected at all times. Most boat marinas also require an all risks policy as well.

Most boaters enjoy getting their boats ready for the spring launch, putting on the coats of marine varnish, cleaning the hull, and other maintenance tasks, but oftentimes put off the financial aspects of boat ownership. So before you launch, consider all of the potential risks, and purchase pleasure boat insurance that will truly make your boating a pleasure and not a nightmare.