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What You Should Know About Boat Insurance

father and son fishing on a lake

Boat insurance can protect your investment in a valuable watercraft. Also, many marinas require boat insurance to dock a boat at their facility. Even when boat insurance is not required by law, it is still wise to have this protection in place to protect your investment in your boat or other watercraft. Boat insurance can cover damage to your boat as well as protect you should a claim or lawsuit be filed against you in the event of another person being injured on your boat, or as the result of a boating accident.

What Does Boat Insurance Cover?

There are many incidents and different types of damages boat insurance covers. Without the protection this insurance offers, you could face the burden of paying out of pocket.

A boat insurance policy typically covers:

  • Boat insurance property coverage: Whether your boat is on water or land, it will be protected from a range of risks, including damage sustained in an accident. It could also help cover the cost of replacing your boat if it is stolen. When purchasing boat insurance, you can choose either actual cash value coverage or agreed amount coverage. If you choose actual cash value coverage, depreciation will be considered when paying for boat repairs. If you choose agreed amount coverage, coverage will be based on the agreed-upon valuation of the watercraft.
  • Liability coverage: If your boat is involved in an accident, resulting in damage to someone else’s property, this coverage can save you from paying for these losses from your own financial resources.
  • Medical payments coverage: If you or the passengers of your boat are injured in an accident, this coverage pays for costs of medical care, up to the policy limits.
  • Uninsured watercraft coverage: Not all boat owners have insurance, so if you collide with another party who chose to set sail without insurance, causing injuries to you or your passengers, this coverage helps to cover expenses related to the accident.

Since insurance is not a one-size-fits-all matter, the coverage appropriate for the value of your boat must be customized. It is best to consult with an insurance agent for guidance. Other types of protection you might want to consider include coverage for boat trailers, towing coverage, boat accessories, and special equipment, such as expensive fishing gear.

How Much is Boat Insurance?

The cost of your boat insurance policy will depend on a variety of factors, including the type of watercraft, the size, the locations where you plan to store or use your boat, and the scope of coverage and deductibles that suit your budget. When you work with our insurance agents, we can help you find discounts and bundles that could save you money and provide the best coverage.

Your boat is a valuable possession, whether it is a cruiser, fishing boat, ski or wakeboard boat, or another type of vessel. Speak with one of our local agents to search the market to identify the ideal policy at rates you can afford.

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