There are facts and myths about many topics in life, including insurance. If you have looked into boat insurance, you have probably encountered some myths people seem to believe. Read on to find out some common myths and the facts that go along with them.

My homeowner’s policy covers my boat.

Home insurance only covers a very limited amount. Your home insurance policy only covers your boat when stored at your home. It doesn’t cover anything that comes from a collision or liability. If you get into an accident, your home insurance will not cover any of the costs related to the accident.

Boat insurance is universal.

Unlike other types of insurance, boat insurance is not universal. Most insurance companies will ask where you will be using your boat because some insurance policies have specific limits on where you can and can’t use it. If you take your boat somewhere that the insurance policy doesn’t cover, you will have to pay for the damage out of your pocket, defeating the whole purpose of boat insurance.

My auto-driving record doesn’t affect my boat insurance premium

Contrary to popular belief, your driving record does have an impact on your boat insurance. However, it does not affect your boat insurance in the way you might think. Insurance companies look at your driving record, and if it shows too many incidences of tickets, drugs, alcohol, etc., then they might decide not to insure your boat due to the risk.