Boat renting is becoming a fantastic way to get out and enjoy the water. But, operating a rented boat still comes with risks. Just like renting a car, it is important for you to have adequate insurance in place. It will help to protect you from risks to both yourself, other people and the vessel. It can also help ensure other boats remain safe.
Still, there is much to know about this insurance. Do you need it?
Peer-to-Peer Boat Rentals
Often, individuals rent a boat from a company. The company allows for the experienced boat operator to use the boat for a set amount of time. These established, large-scale organizations often have comprehensive boat insurance plans. Like with renting a car, you can rent a boat and obtain boat insurance through the company's plan. This is typically quite expensive. The company will maintain coverage while the policy protects the boat and your liability.
However, peer-to-peer boat rentals are growing in use. Here, a person who owns a boat rents it out to someone else. This is a small-scale operation. The boat owner may be a single individual owning just that boat. In this case, it is very important for all parties to have adequate boat insurance.
What Insurance Do You Need?
The boat owner needs to protect his or her asset. If you plan to rent the boat you own to another person, you need coverage to protect your asset. Property insurance is necessary here. If you plan to be the person who is renting the boat, you need boat insurance for liability risks. Rental boat insurance covers most liability risks. However, short-term boat renters coverage can have limitations. Since each policy is so unique, individuals need to obtain a copy of the policy to verify the details of it.
Here is what is most important. If you are the renter or the person renting, boat insurance is important. Speak to your current insurer. Learn if you have coverage if you plan to rent out your boat. And, if you plan to be a boat renter, be sure you protect yourself from risks. Liability insurance will be a key component to safe operations here. Do not overlook the importance of a comprehensive boat insurance plan in any case. Even a small accident or collision can create thousands of dollars in loss.
Need boat insurance? Call Easley Hedrick Insurance | Financial at 804.559.1200 right now! Our policy options will help keep you safe on the water.