If you find yourself in a position where you cannot use your boat as much as you would like, you may want to consider peer-to-peer boat rentals. However, before you rent out your boat, you need to make sure you have the right p2p boat rental insurance in place to protect yourself in the event of an accident.
Renting out a boat comes with a variety of risks, including:
- Loss or theft
Talking to the renter and ensuring that they understand how to operate the vessel is a great precaution, but it cannot ward off every type of accident. Even if you are in the area while someone else is using your boat, an incident could occur.
Types of Coverage
The type of coverage available can vary depending on where you live, what type of boat you own and the insurance company you select. However, most policies should offer the same basic types of coverage, such as:
- General liability
- Property damage
- Lost or damaged vessel
- Bodily injuries
Finding the right rental insurance policy for your boat may not be the most interesting part of lending your vessel, but it can protect you from incurring financial responsibility if the renter causes an accident or losses the watercraft.