What is Boat Insurance and What Does it Cover?

Want to know a bit about boat insurance? Maybe you’re thinking about buying a boat. Or you’ve already bought one and realized you should probably find a way to protect yourself from financial loss. With 87 million Americans boating every year, there are a lot of people in your shoes. 

The good news is by the time you’re done reading this blog post, you’ll know the key aspects and be able to move forward.

 

What is Boat Insurance?

The whole concept of insurance is that you make relatively small, regular premium payments to help protect yourself from loss. You pay car insurance so that if you get in an accident, your insurance can pay for the major damages. Insurance may also pay at least some of the medical bills if the accident caused an injury. Additionally, insurance covers stolen vehicles.

Boat insurance is similar to car insurance. It’s a way for you to protect yourself in case you end up having your boat damaged or stolen.

 

What Types of Boats Can Have Boat Insurance?

If your boat has a motor, you should probably consider getting a boat insurance quote. 

Do you have a fishing boat to zip around the lake so you can catch “the big one?” Perhaps you’re more of a pontoon boat person and you like to just cruise around? Some people love powerboats so they can do water sports like skiing or wakeboarding. People with a need-for-speed enjoy racing on jet skis.

All of those are covered by boat insurance.

 

How Much Does Boat Insurance Cost?

The short answer to this question is “it depends”. For example, insurance on a small fishing boat will be much less expensive than a cabin cruiser or $60,000 pontoon boat. In general, the best boat insurance will cost you around $200 to $500 depending on factors like the value of the boat, what type it is, the add-ons you include, etc.

 

What Does Boat Insurance Cover?

Every policy is different, but here are the main types of coverage:

Comprehensive  – this is the part that covers you if your boat gets vandalized or stolen. If you have an incident besides an accident, it can fall under this as well.

Collision – just as you’d expect, this is what pays for damages due to some kind of collision.

Bodily injury liability – while it’s unfortunate that boats get damaged during accidents, what’s worse is people getting hurt. In 2019 over 2,500 boating injuries were reported. Unfortunately, this can happen, and you’ll want the bodily injury liability coverage to help pay the costs associated with injuries.

Property damage liability – this is covering the other person’s property. So let’s say you get into an accident with another boat and it was your fault. In that case, property damage liability will pay for damages.

 

What are Boat Insurance Add-Ons?

The best boat insurance for you may be different from one that of your neighbor. Even if you have the exact same boat, you may want different add-ons.

Here are a few things you can include as part of your main policy.

Uninsured boaters – let’s say you get into an accident with another boat. It was their fault but they don’t have insurance to pay for the damages. In that case, you’ll be glad you invested in a policy with uninsured boater coverage! 

Boat and trailer roadside assistance – what happens if your truck breaks down while hauling your boat? Unless you have the right type of roadside assistance, the local towing company will probably leave your boat and trailer on the side of the road! That’s why it can make sense to pay a bit more for this extra coverage.

Emergency assistance – think about this as roadside assistance for your boat. If your engine dies while you’re out in the middle of the lake, this type of coverage gets someone to come out and help.

Pet insurance  – yes, you can cover Fido while they’re out on the boat with you.

There are other types of add-ons too such as hurricane hauling services or wreckage and fuel removal. We recommend asking your agent what they recommend for your situation.

 

We Can Help

Now that you know the basics, are you ready to get a boat insurance quote? The best way to start is by filling out this form and we’ll be in touch very soon!