Boating is one of America's favorite pastimes. Whether it's silently gliding along the water on a sailboat, fishing from a bass boat, or slicing through the water on a speedboat, boating has something for everyone. With so many water activities to enjoy, New Mexico residents should ensure they have boat insurance to protect their boats. But before you go and buy boat insurance, make sure you get some reliable quotes and advice from a local insurance agent.
Stay Safe Boating in New Mexico
- There were 4,515 recreational boating accidents in recent years. They included 651 deaths, 3000 injuries and approximately $38 million dollars of property damage.
- 71% of fatal boating accident victims drowned. 85% were not wearing life jackets.
- 70% of boaters who drowned in an accident were in vessels less than 21 feet long.
- Alcohol contributed to 17% of boating deaths, making alcohol the single largest factor in boating accidents.
- Open motorboats, personal watercraft and cabin motorboats were the most common boats involved in accidents.
NM residents born after January 1, 1989, must pass an approved boater education course or a proctored examination before they may operate a motorboat legally in the state. While boating is a fun hobby and a passion for many, you should be safe while on the water by having life jackets for every passenger, a fire extinguisher, rope, oars, bilge pump or bucket, whistle or other noise producer, and appropriate lighting. While New Mexico does not require you to have boat insurance when you use your boat, having insurance is another item that can save you when you're involved in an accident on the water.
What Types of Coverage Are There?
Boat insurance can cover as much or as little as you'd like. There's a policy for every type of boat, including the following:
- Speed boat insurance
- Motorboat insurance
- Fishing boat insurance
- Personal watercraft insurance
- Canoe insurance
There are three common types of boat insurance applicable to every type of boat:
- Bodily injury liability: This will help cover you for significant costs if an accident you cause injuries a third party.
- Property damage liability: If your boat happens to damage or collide with someone else's property, this can help to cover the damages and potential legal fees.
- Physical damage: This coverage can help cover any physical damage to your boat from an accident.
These additional coverage options are also available to help boaters get the proper coverage for their personal situations:
- Property coverage: Property coverage helps pay for any damage to equipment or other property on board the vessel.
- Towing coverage: Many states require you to remove the boat from the water at your own expense if your boat sustains damage or sinks after an accident. This coverage provides a tow to shore even if it's just for a small breakdown.
- Comprehensive coverage: This insurance covers any other circumstances that can lead to damage. Fire, vandalism and theft are just a few of the things this insurance covers.
- Medical payments coverage: If you or your passengers require ongoing medical care, this will help cover the cost.
- Tournament insurance: If you happen to fish in tournaments, you may be required to have liability insurance. This insurance helps you recover money if your boat sustains damage before a tournament, leaving you unable to fish.
- Pollution liability: This insurance covers you if you are at fault for a fuel spill.
- Uninsured/underinsured boaters coverage: Many boaters do not have insurance, which means that, in case of an accident, the boater at fault may not have an insurance company to file a claim with. This coverage ensures coverage if you are in an accident with an uninsured boater.
How Much Boat Insurance Do You Need in New Mexico?
That depends on what type of boat you have, how you use it, where you use it and your personal risks. When trying to determine how much coverage you need, think of what can occur during a boating accident. During an accident, property damage, injuries or death can occur. You also may incur funeral expenses and legal defense fees, and you may have to cover the victim's damages as well as your own. Boats are expensive, and replacing one can be costly.
While liability insurance may cover some of these expenses, it's important to speak with insurance agencies about how much coverage you really need, as your boat may be worth more than the typical coverage allows for reimbursement. An umbrella policy may help cover any expenses that other insurance doesn't cover.
How To Find a Boat Insurance Policy
Finding the perfect boat insurance policy for yourself and your boat may seem like a daunting task. However, our agents are always available to help you review quotes and find coverage, discuss options, and assist you in filing claims or asking questions.
Contact an agent for more information.