Can I Get Short Term Boat Insurance if I Rent a Boat?

Renting a boat can be a great way of having fun on the water without worrying about storing the boat at home or paying for a spot in the pier. Unfortunately, you still face a range of dangers when it comes to operating the boat, rented or not. This is why it is important to make sure you are covered by insurance in case of an accident. 

Peer-to-Peer Boat Rentals  
You will often rent a boat from a company. The company allows for experienced boat operators 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. In a peer-to-peer boat rental, a boat owner will generally allow you to rent their boat for a price. Individuals may not have the large-scale coverages as an organization. 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 to Rent a Boat? 
The boat owner needs to protect their 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.