Boat Insurance: An In
Your prized boat probably didnt come cheap. Whether you own a bass fishing boat or a yacht, its important to find the right boat insurance that will come to the rescue if you have damage or theft. Heres how to understand boat insurance policies.
In this article
What Boat Insurance Coverage Do I Need
The coverage you need will vary depending on your type of watercraftwhether you have a fishing boat, ski boat, sailboat, or yacht. Your other insurance policies likely wont provide the coverage you need to insure your boat. A boat insurance policy can provide the protection you need for your boat, yourself, and your accessories.
Know the limits of your boat insurance policy. Some policies only cover you if you are close to homea fact you don’t want to find out after an accident occurs. You may also not be covered while towing your boat unless your policy specifically covers tow vehicles. You may also want to keep your boat insured year-round.
Address Your Need For Boat Insurance Through Our Network Of Marine Insurers
Addressing the need for boat insurance can be a particularly challenging endeavour as it will undoubtedly take an investment of time and effort in order to find the best coverage from the right provider at the most affordable rate.
To begin, there are numerous characteristics of any boat/personal watercraft that must be taken into consideration when determining the cost of a boat insurance policy these elements can include most or all of the following:
Read Also: Hydrofin Pontoon Cost
Does Homeowners Insurance Cover My Boat
Although some homeowners insurance policies cover boats, these typically come with several limitations. In most cases homeowners policies treat your boat like any other household possession , meaning that your policy will only cover the boat up to a certain value . Whats more, liability insurance for your boat isnt typically included under your homeowner’s insurance. This means youd be out any liability or injury costs in the event of a boating accident.
Nationwide: Best For Policy Bundling
Multi-policy discount for those who bundle boat insurance and at least one other policy with Nationwide
Boat insurance packages to help customers save money
Not all coverages and discounts available in all states
Cant manage boat policy on the mobile app
Nationwide offers lots of options for boat insurance coverage, including:
- Bodily injury and property damage liability
- Collision coverage
- Roadside assistance
- On-water boat towing and labor
- Fishing equipment insurance
- Personal effects insurance
Furthermore, there may be additional savings on your boat insurance when you select one of Nationwides boat insurance packages. The company offers a wide range of packages for different types of boaters, such as:
- Weekenders For those who simply take gear onto their boat and remove it when theyre done, Nationwide offers an affordable package that includes up to $1,000 for fishing equipment, $3,000 for personal effects, and $500 for towing.
- Overnighters For those who take short boating trips, Nationwide offers up to $2,500 for fishing equipment, $5,000 for personal effects, and $2,500 for towing.
- Light Tackle Anglers For customers who own a bass boat or smaller fishing boat, Nationwide offers up to $5,000 for fishing equipment, $2,000 for personal effects, and $2,500 for towing.
- Deep Water Pros For those who fish big waters, gulfs, bays, and oceans, Nationwide offers up to $10,000 for fishing equipment, $5,000 for personal effects, and $2,500 for towing.
Recommended Reading: How Much Do Boat Mechanics Make In Florida
Additional Boat Insurance Coverages
As with most other types of insurance, there are optional coverages you can add to your policy for extra financial protection. To find out what coverages best fit your lifestyle and boat type, speak with your agent. With the right policy, you can worry less and enjoy your boat more.
Coverages you can add to your Boat Insurance policy include:
- Total Loss Replacement. Replaces your boat with the latest model, or a comparable one, if it is deemed a total loss.
- Uninsured Boaters Coverage. Covers medical treatment, wage loss and other damages sustained as a result of a boating accident in the case that the liable boater does not have enough or any Liability coverage.
- Actual Cash Value. Provides compensation for your totaled vessel, determined by market value and condition of the insured boat at the time of the loss.
- Disappearing Deductible. Reduces your Comprehensive and Collision deductibles for each claim-free renewal period up to 25%.
- On-Water Towing & Labor. Reimburses you for costs incurred in the event that your vessel is towed.
- Agreed Value Coverage. Compensates you for the amount initially paid to buy your insured boat. No deduction for depreciation and no deductibles are applied.
Best Boat Insurance Of 2021
Rates starting at around $21 per month
Great coverage including many extras
Limited info on restrictions and exclusions to coverage
Allstate offers a very comprehensive lineup of options for boat coverage, including:
- Watercraft liability coverage
- Additional equipment and personal effects
- Trailer coverage
- Emergency services
- Agreed value
Even though Allstate offers boat coverage starting at about $21 per month, it doesnt shy away from discounts. You may qualify for the following when you insure your boat with Allstate:
- Multiple Policy Discount Up to 20% off when you combine your boat insurance with an Allstate homeowners policy
- Full-Pay Discount 10% off for paying your full premium upfront
- Homeownership Discount 10% off for owning a home
- Boat Education Discount 5% off when you take an approved boater safety class
- Easy Pay Plan Discount 5% off when you enroll in automatic payments
Unlike other insurance companies, Allstate places very few limitations on its boat coverage. However, some types of coverage and discounts are not to be had in all states, so its best to contact a local Allstate agent to verify the availability of coverage and discounts before switching over to Allstate for your boat insurance.
Allstate offers the best of both worlds to its customers: local agents to help you with your insurance needs, as well as online tools and an 800 number to get questions answered anytime.
You May Like: Suntex Boat Club Cost
Do You Know Which Types Of Watercraft Need Insurance
Even if you just use your boat or other watercraft for a few months a year, its important to have them insured
If you own a car, you need car insurance. But not everyone thinks about insurance for their boat or personal watercraftwhether its a power boat, sailboat, pontoon, canoe, kayak or Sea-Doo.
While its not mandatory to have boat insurance in Ontario, there are plenty of reasons to consider it. Having watercraft liability insurance means youre protected in case there is damage to your boat or if someone is injured while using your watercraft.
Who Else May Require You To Carry Boat Insurance
If you intend to finance the purchase of a boat, your bank will require you to provide proof of insurance for the watercraft. Typically, the policy will need to cover the full value of the boat, and your bank may set minimum requirements for specific types of coverage. In addition, you will need to list the bank as a lienholder on the policy so that it will be included as a co-payee on any compensation in the event of a loss payment.
Most ports and marinas will require you to carry boat insurance in order to use their facilities.
For example, if you want to moor your boat at Port of Bellingham in Washington, you must carry a policy with at least $300,000 in general, legal and pollution liability with a policy term of no less than one year. As another example, the Hawaii Division of Boats and Ocean Recreation requires all vessels moored at its facilities to carry at least $500,000 in liability insurance.
Some marinas, such as the Hawaii Division of Boats and Ocean Recreation, may even require that the marina itself be listed as an “additional insured” or “additional interest” on the policy. You’ll normally need to provide proof of insurance before you can sign a contract for a slip or mooring.
Recommended Reading: Is Banana Boat Cruelty Free
How Much Boat Insurance Do I Need
Beyond any state legislation or binding agreements with your lender or marina, the answer to this question may come down to your individual tolerance for risk. As discussed in earlier questions, some states do have minimum requirements for liability insurance coverage. Check with your state government to see whether you are required to meet a coverage threshold. The amount of boat insurance you may need depends on a number of factors, including the boatâs value, motor size, and age. Like other vehicles, high-performance boats will likely command a higher level of coverage to compensate for the amount of damage they are able to inflict.
What Does Boat Insurance Not Cover
Boat insurance generally won’t cover maintenance or general wear and tear, including gradual weathering and deterioration, insect damage, mold, or damage from animals or marine life.
With Sign & Glide® On-Water Towing, Progressive will pay for on-water towing, jump starts, soft un-groundings, and fuel delivery if your boat is disabled on the water. or contact our dispatch center by calling , and we’ll make sure the tow operator is completely paid for and on their way to help.
Read Also: How To Clean Mildew Off Boat Seats
Find Cheap Homeowners Insurance Quotes In Your Area
Most states don’t require boaters to purchase insurance for their watercraft. However, many marinas do require some form of insurance if you wish to use a slip or mooring. Additionally, your bank will require insurance if you are financing the purchase of a boat. Even if these requirements don’t apply in your situation, it’s still generally a good idea to get boat insurance.
Boat Insurance Requirements By State
Generally speaking, you won’t be required by your state to purchase boat insurance. In fact, only a handful of states require boaters to purchase insurance, and the requirement is often limited to boats with engines rated to have at least 50 horsepower. The table below lists the insurance requirements for each state.
|Arkansas||Liability insurance with at least $50,000 in coverage is required for all boats powered by engines of more than 50 horsepower.|
|Hawaii||Only for boats parked in Department of Land and Natural Resources Division of Boating and Ocean Recreation facilities. Liability insurance with at least $500,000 in coverage is required for all boats parked in DOBOR facilities, including harbors and offshore moorings. The insurance policy must name the State of Hawaii, DOBOR as the “additional insured” or “additional interest”. The policy should cover salvage costs for grounded or sunken vessels, damage to docks, pollution containment and wreck removals.|
Also Check: Colorado Boat Registration
Do I Need Boat Insurance
Even though all but a few states require boaters to pass a boating safety course, most states dont require boat insurance. However, even if your state doesnt require boat insurance, that doesnt mean you should go without it.
Even if you arent concerned about theft or damage to your boat or its contents, you are still exposed to liability risks. Without enough liability coverage, you put your passengers and your own life savings at risk.
Although forgoing boat insurance may not be illegal in your state, it may be required by your bank or lending institution or your marina .
Do I Need Boat Insurance When Its In Storage
Keeping your boat insured is a good idea, especially with comprehensive coverage. Your boat insurance will still cover theft, hail damage, and other hazards while its stored. Plus, you won’t have to worry about reactivating your policy once you’re ready to get back out on the water. However, some insurers will allow you to drop some coverages if youd prefer. For example, Progressive lets you adjust certain coverages while you’re not using your boat.
Also Check: Who Owns Freedom Boat Club
Boating Under The Influence
Much like the motor vehicle ruling against Driving Under the Influence of alcohol, boating has a BUI as far as alcohol intake is concerned. Any boater shall be considered to be boating under the influence of alcohol if his/her blood-alcohol level reaches 0.08% or higher.
BUI is a grave offense under the Pennsylvania state. It is punishable by a maximum of two years of imprisonment, including temporary suspension from operating a boat and/or being slapped by fines for as much as $7,500.
Is Boat Insurance Required In Washington State
Although there is no law requiring Washington boat owners carry insurance, if you moor your boat at a marina you may be required to show them proof of insurance.
Because of the proximity to other boats and the potential for a loss on your boat to affect to other boats or the dock, most marinas require proof of at least $500,0000 liability protection before theyll rent you moorage space.
Check with your marina for more information, and contact the McClain Insurance team for hassle-free boat insurance.
Also Check: Who Owns Freedom Boat Club
Things To Do Before Storing Your Boat For Winter
- Take your boat out for one last ride and pay careful attention to its performance. Fix any maintenance issues that you notice. Small problems can become big problems when theyre left to sit all winter.
- Clean your boat thoroughly. Dirt and debris left to fester for moths can damage paint, and sand or gunk can cause cracks.
- Wax your boat, to protect it from dirt that may settle over the months of storage.
- Change the oil and antifreeze and loosen or remove your boats drive belts, to keep them from weakening due to temperature changes.
- Remove batteries and place them on trickle chargers.
- Put fuel stabilizer in the gas tank and open all drain plugs to prevent flooding.
- Fill your trailer tires to prevent flats.
Do You Really Need Boat Insurance
You’re out on the water in your beloved boat without a care in the world, until suddenly you realise you don’t have boat insurance.
A million things cross your mind. Do you really need boat insurance? Does your home insurance cover your boat? What does boat insurance even cover you for? The short answer is if you have a watercraft, you need some level of cover. The type of boat insurance that you require will depend on several factors, such as where you store the boat and what you’re using it for.
If you want peace of mind on and off the water, follow this quick guide for determining what kind of boat insurance you may need.
Also Check: How Much Does Freedom Boat Club Cost Per Month
Do I Need Boat Insurance For A Non
Depending on where you live, you may not be legally required by the state to carry boat insurance for a non-motorized boat, but that is not the only reason to insure your boat. If you have invested in a sailboat, kayak, canoe, or RIB , boat insurance will protect your investment if the watercraft is damaged during an accident. It should also protect you if a claim or lawsuit is filed against you.
When Is Specialist Boat Insurance Required
Whilst its not a legal requirement to have boat insurance in the UK, like your home or your car, anything you invest time and money in, is worth protecting. Especially if your boat has become your place to unwind and escape the rigours of daily life, or even turned into your floating holiday home. If you want to keep your boat in a marina, harbour, regulated lake or travel abroad, you will need insurance. Some household policies do have an extension to include cover for dinghies and small yachts, but there can be restrictions on size, value, and engine power. There can also be limited policy features, often excluding racing liabilities and marine specific risks, such as salvage work.
You May Like: How Much Does Freedom Boat Club Cost Per Month
What Should I Look For When Shopping For Boat Insurance
There are many factors to consider when shopping for boat insurance. For starters, youll need to decide if you want a policy that uses an agreed value policy or an actual cash value policy. ACV policies are typically cheaper, but they provide less payout in the event of a total loss.
Furthermore, youll want to look for exclusions and restrictions to boat coverage. For example, some companies will only insure boats up to a certain size, whereas others will not insure boats used for commercial purposes. Knowing the specifics of your boat and what youll use it for can really help you find the best policy to fit your needs.
Once you find several companies that will cover your boat, read the entire list of standard coverage inclusions and compare. Where one company may offer towing as a standard feature, another company may only offer it if you pay an extra monthly fee. Noting these small differences could really save you money.
Finally, consider a companys reputation and the attention it gives to its boat insurance. Some specialty insurance companies focus solely on coverage for boats and other recreational vehicles, while other companies just offer boat insurance as an extra to attract more customers. Noting this can help you get the best coverage from experts who know what theyre doing when it comes to boats.
How Much Is Boat Insurance
The price of your boat insurance policy will depend on a variety of factors such as the size of boat you own, how you plan to use your boat, and what sort of liability coverage you require. Talk to one of our insurance brokers to find out more, or fill out the form below to get a free quote right now.
Read Also: How To Clean Mildew Off Boat Seats