Now, don’t get me wrong. I’m sure if anybody asked, the vast majority of us would say that we’re safe boaters. But are we really? Boating can be a safe and fun way to spend a summer afternoon, but a couple of bad decisions, seemingly small things, can cause a day of fun on the water to turn ugly fast.

The really sad thing is, most of the deaths in boating accidents are preventable. Fully two thirds of boating accident deaths are from drowning. And in almost every case, the victim wasn’t wearing a life jacket.

Most of us don’t go out on the water without life vests in the boat. Our boat insurance policies generally require us to carry them out on the water with us, but how often do we actually wear them? A life vest stashed under the seat doesn’t do us any good at all if we find ourselves unconscious in the water after an accident.

We all tell ourselves those kinds of things won’t happen to us, and most of the time, we’re right. But, if something as simple as insisting that everyone wear a life jacket could make the difference between an inconvenient accident and a deadly one, isn’t it worth it? At the very least, wear life vests while the boat is moving, and insist that children wear them all the time.

Another issue that has come under a great deal of scrutiny in recent years, and rightly so, is drinking and boating. While there are few laws restricting boaters from having alcoholic beverages on board, laws are becoming stricter and stricter for those caught operating a boat while under the influence of alcohol.

Operating a boat while drinking is every bit as dumb as operating a car. If we wouldn’t get behind the wheel of a car with an open beer, we shouldn’t drive a boat that way either. And if you would, do us all a favor and don’t get behind the controls of a boat or car. There’s much evidence that alcohol use on the water is even worse than on the road because factors such as exposure to wind and sun may increase the effects of the alcohol.

Photo via armyengineersnorfolk

You want to spend time on the water, not poring over boat insurance contracts filled with verbiage we don’t even fully understand.  But failure to understand what’s in your policies can lead to some real disappointments in the event that something should happen to our boats, or if, God forbid, someone were injured while we’re out on the water.

Fortunately, when it comes down to it, the coverages aren’t much different than car insurance. Still, we all know someone who has had an accident only to realize too late that they didn’t have as much coverage as they thought they had, or, worse, had the wrong kinds of insurance coverage for their particular problem. Hopefully, we’ll never need to worry about our boat insurance, or what kinds of coverage we do or don’t have, but in the event that an accident should happen, it’s much better to know what kind of coverage you have ahead of time.

Replacement coverage

Of course, if something happens to our boats, we want to get back on the water as soon as we can. But, do you know what kind of replacement coverage you have? Some insurance policies do offer complete replacement, of course, but such policies tend to be a bit pricier. No one can decide for us whether we should pay the extra principle for full replacement, or whether we should live with some degree of risk, but at the very least, we should know whether or not our boat would be replaced in the event of an accident.

Types of values

Policy features which offer some remuneration without actually replacing out boats include actual cash value and agreed value. These types of policies tend to be cheaper, unless, of course, you actually need to use them. In the event the boat is totaled, a policy featuring actual cash value reimbursement factors in the market value of the boat as it is at the time of the accident, factoring in depreciation in the boat’s value. Agreed value pays you an agreed upon sum should the boat be totaled.

If you’re not sure what kind of replacement insurance you have for your boat, ask your agent. If there’s anything you don’t understand about your coverage, ask him to explain it to you. We’d all rather be out of the water, but in the long run, it’s better to know what coverage we have, so if anything does happen to our boats while we’re out there, we won’t be faced with any additional unpleasant surprises with the insurance company.

Photo via plentyofants

Safety Concerns

No one should get out on the water without taking some time to learn at least the basics of boating safety. Whether you take a boating safety course, such as the ones offered by several government and private organizations, or spend time with an experience boater, there is a great deal of safety information you’ll want to learn before trying to operate a boat yourself. Learning to operate a boat safely is not difficult, but there are some safety concerns that may not be readily apparent to beginners, so take the time to learn how to operate your boat safely before you launch her.

Get the Right Boat

If you haven’t already bought a boat, take some time first to do some heavy thinking about what kind of a boat you want. Most newbies should start out with a smaller boat. They’re easier to control. You also need to ask why you’re buying a boat. If you’re planning on spending days on the water with family and friends, you may want a larger boat. Spend plenty of time looking over your options, and considering which kind of boat best meets your needs.

Operating Costs

You’ll also want to consider the ongoing costs of owning and operating a boat. Too many first time boat buyers spend their entire budget on a boat, and then don’t have the money to keep it in the water, leading to boats’ reputation for being “black holes that you throw money into”. Make sure, before you buy any boat, that you have a good idea of what it will cost to run the boat. Most marine mechanics will be happy to give you an idea of what to expect in terms of maintenance and repair costs. Also, shop around for boat insurance. If you invest thousands of dollars into a boat, you’ll want to protect your investment. Know the costs ahead of time.

If you’re thinking about taking up boating, do it! You won’t regret it. Just make sure you know what you’re getting into before you buy.

Photo via visnup

If you don’t have boat insurance, you could be sued for damages, turning your quest for fun into a nightmare.  Even though boat insurance is required only for sailboats and not powerboats or personal watercraft, it’s still smart to get coverage before launching that vessel into the water.

Boat insurance typically covers property damage and liability, usually in $100,000 increments, similar to car insurance.  This will protect you against a lawsuit if there’s an accident.  But if you have expensive fishing tackle or personal property like a cell phone or laptop that you use onboard, you may want to look at adding a rider to your policy to make sure those things are covered, too.

Other options include uninsured boat coverage, which works like uninsured motorist coverage on your car insurance policy; towing, which covers your tow to shore in the event of a breakdown; and medical payments, which covers anyone who’s injured while on your boat – even when there’s no actual collision.  Adding coverage for these situations makes good long-term sense, but be careful: they can drive your premiums skyward.

To keep premiums down, choose the highest deductible that you can afford to pay if disaster should strike.  It’s also a good idea to take a boating skills and water safety course.  They are available for free from the U.S. Coast Guard Auxiliary and the U.S. Power Squadrons and can reduce your premiums up to 20%.  Many insurers also offer discounts for newer boats, boats with protective gear, and boats that pass inspection by the U.S. Coast Guard Auxiliary. The inspection is also a free service and just a good idea – especially if your boat is more than a few years old.  Your level of boating experience is also a factor in how much you will pay, so the good news is, your premiums should go down with time.

Photo via Phillip Pessar

Fewer boats being sold

People have become weary of making bigger purchases. With high unemployment, a shaky stock market, people are more cautious now than they ever were before. Purchasing a luxury items, like a boat, are one of the first things people cut.

Potential boat buyers face new obstacles as well. Lending institutions are not as willing to lend out money to new boat buyers. Even if a buyer is a prime candidate, the hassle of getting lending is turning people off.

The hardest boats hit are yachts. Not only has the economy down turn pushed potential buyers away. However, a 10% luxury tax that now rides on these floating marvels is like slapping a purchaser twice in the face.

More docking spaces are available

Another area hit by the downturn is port. Some ports used to see upwards of ten to twelve new boats a year. Now increasingly docking slips remain empty. The biggest people to skip out on docking their boat are the middle class.

The working class consisted of people driving boats in the 20 – 30 foot range. You may also know these folks as the day-trippers. This class consisted of the families who came out to spend a day on the water, or the folks coming out to do a bit of fishing. This group has dried up substantially and docking slips are a key indicator of this decline.

New boat registrations have declined

One of the easiest places to see the downturn comes in boater registrations. December of 2009 saw 171,185 boater registrations. This number is down from the 174,207 boater registrations from 2008.

Layoffs hit boat manufacturers as well

Like many industries hit hard, the boating industry has had to do its share of cutbacks as well. Boat sales are on the decline. This cuts out on company profits. Companies do what they do best and lay people off. The U.S is currently in this sad state.

There is good news though. With the slow economic recovery, more boats will start seeing the light of sales. As manufactures see more sales, they will ramp up production again. More production will bring in more jobs. This is a win for everyone.

Therefore, what can you do to help this down turn? Keep your boat insurance renewed. Keep your boat registered and tagged. Support your local boating stores if you can. Better yet, introduce new people into the boating sport. The economy is slowly picking up. The more people who are excited to get into boating the better the industry will recover.

Photo via donjd2

That’s not a bad thing in itself. Everyone who’s into the boating hobby has to start somewhere, and that’s just as fine a place as any. Still, if you’ve never owned your own boat, there are some things to be cautious of. There can be a steep learning curve for the new boat enthusiast, from understanding maintenance requirements to buying boat insurance.

There are some specific reasons you might think about not buying a boat, too. If one or more of these things apply to you, think long and hard before you buy:

1. You will only use your boat for a couple of weeks a year. Yes, renting a boat is expensive. The price you pay to rent a boat when you want to use one adds up, and can be more than what you’d spend on a good used boat. Still, you need to recognize the ancillary costs. You will need more gas for your vehicle to pull the boat. You’ll need a boat trailer. You’ll need to register the boat and get boat insurance. You’ll need to maintain the boat, and you’ll have to fix anything that breaks.
2. You have zero mechanical aptitude. Boat ownership requires you to tinker, at least a little bit. There are regular maintenance tasks you need to perform. Yes, you can pay someone to do these things, but the cost is going to add up fast.
3. You haven’t added up the costs. You need to take into account all of the costs already mentioned, plus marina rental, plus gas for your boat, plus all of the maintenance equipment to keep up your boat. Boating is not an inexpensive hobby by any means.
4. You haven’t researched boat models and styles. Before you buy a boat, you need to know what’s out there. It’s not like buying a car; there are significant differences between boat types, and you need to do some serious legwork to pick the boat that’s right for you.
5. Your wife says “No.” Seriously, dude. There are more important things to fight about. You’ve made it this long without owning your own boat, and you can still rent. If it’s that important to her, let this one go.

Whether you have a sailboat, powerboat, wave runner, bass boat, cigarette or jet boat, owning a boat can be one of the thrills of your life. To use a boat with the peace of mind it takes to enjoy it, you’ll want to get boat (or watercraft) insurance.

But do you really know what the policy covers? Progressive Insurance performed a survey of 1000 boaters. The results of the survey indicated that many boaters have misunderstandings about boaters insurance. Here are some areas of confusion boaters have about insurance:

• Many boaters think their homeowner’s policy covers their boat. This usually happens with owners of wave runners, jet skis or what’s called personal watercraft. The fact is that most homeowner’s policies do not cover any type of watercraft, no matter how small.

• Many boaters think they can drive or sail their vessels in any waters and they’re covered. The fact is that some insurers only provide coverage where the boat is most often used. Coverage may be limited to within 100 miles of your home port.

• Many boaters think they pay more for insurance because of hurricanes. The reality is that boat insurance rates are based on the claims filed and paid out in each state. This means that boaters in Michigan will not pay more because of a hurricane in the Gulf of Mexico.

• Many boaters think the rate will be lower because they buy insurance from the same insurance company. Your may receive a premium discount if you have multiple insurance policies with the same carrier. However, that doesn’t impact the rate of the policy. It reduces your overall premium.

With insurance for your boat, as with any other type, shop around for the best deal.

Photo via 1Happysnapper