As boating season kicks into full swing, it’s important to take a moment to think about safety—not just on the water but also in terms of your financial protection. The recent tragic accident on Lake Tahoe, where three individuals from our area lost their lives after a boat capsized, serves as a stark reminder of the risks associated with boating.
While we can’t predict every scenario, there are steps you can take to prepare for the unexpected. One of the most overlooked aspects of boat insurance is medical payments coverage, which can provide invaluable financial support in the event of an accident.
What Is Medical Payments Coverage?
Medical payments coverage is an optional add-on to your boat insurance policy that helps cover medical expenses for injuries sustained in a boating accident. This coverage is not automatically included in standard boat insurance policies—you have to elect to add it.
For example, I recently reviewed a client’s policy and found they had $5,000 in medical payments coverage, which only cost them $2 a year. For such a minimal expense, this coverage offers a huge safety net.
Why Is Medical Payments Coverage Important?
- Supplementing Health Insurance:
Even if you have health insurance, medical payments coverage can help with high deductibles, co-pays, and out-of-pocket expenses. - Covering Uninsured Passengers:
If you’re hosting passengers who don’t have health insurance, medical payments coverage steps in to pay for their medical care in case of an accident. - Quick Access to Funds:
Unlike liability coverage, medical payments coverage doesn’t require you to prove fault. This means funds are available quickly to cover necessary medical expenses.
How Does It Work?
Medical payments coverage in boat insurance works similarly to that in motorcycle insurance. You select the amount of coverage you want—typically ranging from $1,000 to $10,000—and pay a small additional premium. If an accident occurs, this coverage helps pay for expenses like:
- Emergency medical treatment
- Ambulance rides
- Hospital stays
- Necessary follow-up care
Key Considerations When Adding Coverage
- Cost: Medical payments coverage is often one of the most affordable add-ons for a boat insurance policy. In many cases, you can significantly increase your coverage for just a few dollars per year.
- Coverage Limits: Evaluate the amount of coverage you need based on your typical boating activities and how many passengers you usually have onboard.
- Coordination with Other Policies: Ensure your boat insurance works seamlessly with your health insurance or umbrella policy to avoid gaps in coverage.
Protect Yourself and Your Passengers
Boating should be a fun and relaxing activity, but accidents can happen. Medical payments coverage is an affordable way to protect yourself, your family, and your guests from unexpected medical expenses.
If you’re not sure whether your current boat insurance policy includes medical payments coverage, or if you want to increase your limits, now is the perfect time to review your policy.
Don’t leave safety to chance—take proactive steps to make this boating season as safe as possible.
