Smooth sailing starts with the right coverage
There’s something freeing about taking a boat onto the open water – but calm seas can turn stormy. Boat insurance protects your investment and your lifestyle, so you can continue to have fun in the sun – from dock to deep sea.
Understanding Boat Insurance
Although you may have modest coverage for small water vessels like canoes under your homeowners insurance policy, this coverage may be capped as low as $1,000, and certain types of watercraft may be excluded from coverage entirely. Likewise, your homeowners insurance may not cover boat-related liability. To protect your boat, and to shield yourself from liability, you need boat insurance.
Frequently Asked Questions
What does boat insurance typically cover?
Boat insurance can cover damage to or theft of your boat, as well as liability coverage for bodily injury and property damage to third parties. Boat insurance can also cover towing costs, and it may cover boat accessories or trailers. However, coverage can vary with boat insurance companies, so it’s important to review your policy to ensure that you have all the coverage types you need. Some exclusions are common, including wear and tear and damage caused by marine life or pests. Before letting someone else operate your boat, check your policy to see if you have coverage for additional drivers.
How much does boat insurance cost per year?
The cost of boat insurance varies by boat size. It will cost a lot more to insure a superyacht than a small vessel. Other factors, such as your loss history, coverage limits, and location, can also impact your rates. The best way to see how much boat insurance will cost you is to get a quote.
Does boat insurance include towing or roadside assistance?
Boat insurance can include towing. However, if this is a coverage that you need, verify that it is in your policy.
Can I bundle my boat insurance with home or auto policies?
Yes, many insurance companies let you bundle your boat insurance with your home and auto policies. By bundling your boat insurance, you may receive a discount, and this may be the best way to secure cheap boat insurance. Bundling coverage can also simplify the claims process if you have a claim that could trigger coverage under multiple policies.
How much boat liability insurance do I need?
If you are required to maintain boat liability insurance by your marina or state, check to see the minimum limits required. However, keep in mind that these are the minimum limits – you may want more. Imagine if you accidentally hit someone swimming in the water or collided with another boat. If the property damage and medical costs exceed your coverage limits, you could be held responsible for the difference, and this could put your assets and future earnings at risk. Higher liability limits offer protection and provide peace of mind. You can purchase a personal umbrella policy to increase your coverage for multiple underlying policies, including boat, auto and home, and this is typically an affordable way to increase your liability coverage.
Is boat insurance required?
While states typically require auto insurance, most states do not have legal requirements for boat insurance. However, you may still have contractual requirements if you use a marina. Even if you are not required to maintain boat insurance, you may want coverage. Ask yourself – if your boat was damaged or stolen, could you afford to replace it? If you were sued for medical costs, could you handle the expenses out of pocket?
What is the difference between boat insurance and marine insurance?
Boat insurance is similar to auto insurance, but it covers boats instead of cars. Marine insurance is a type of commercial insurance designed to cover companies involved in the transportation of cargo.
How do I get a boat insurance quote online?
If you’re looking for the best boat insurance, the first step is to get an insurance quote. You’ll need to provide a little information about yourself. Use the link below to get started.