Do You Need Boat Insurance

Get A Boat Insurance Policy To Protect Your Investment

Do I need Boat Insurance?

Boat insurance helps you enjoy peace of mind as you navigate your boat or personal watercraft . So if you travel across lakes, rivers, or ocean waters of the United States we can help. Whether you’re looking for a new boat insurance policy or just to save money on an existing policy, we’re can help you get started with a free boat insurance quote.

Make boating better, together. Experience and a name you can trust go a long way when you’re shopping for boat insurance. That’s why the GEICO Marine Insurance Company has teamed with BoatUS, the nation’s largest group of recreational boat owners. Since 1966, BoatUS has been helping to make boating safer, more affordable, and fun. Together, we share a passion for all things boating.

We all want cheap boat insurance rates, but customer service is what matters. Protect your investment with boat insurance you can count on and get your free online boat insurance quote today.

Can Someone Of Any Age Operate A Boat

No, there are age restrictions in effect for operating a boat. Restrictions designed to protect the safety of children, prohibit operators under the age of 16 from operating pleasure craft above specified horsepower limits:

Children under the age of 12 may not operate a pleasure craft with more than 7.5 kW without adult supervision.

Children between 12 years and 16 years of age may not operate a pleasure craft with more than 30 kW without adult supervision.
Only persons 16 years of age or older can operate a personal watercraft, regardless of supervision.

Is My Boat Trailer Covered By My Auto Home Or Boat Insurance

Its possible that youll get some coverage from your trailer under your auto, home, and/or boat policy, but the coverage wont be comprehensive. If youre filing a claim for your trailer through another policy, usually, it will only cover you for bodily injury or property damage. Even then, you might not be eligible.

Various conditions often need to be met for the coverage to apply as well. For example, as noted previously, your boat trailer will have to be attached to your car for it to be covered under your auto insurance. If, for whatever reason, it detaches on the road and causes damage or is destroyed in a collision, your claim may no longer be valid.

Homeowners insurance will cover your trailer if you store it at home rather than at a marina over the winter. However, if you have boat insurance, you may choose to keep your boat stored at your cottage throughout the winter to keep your premiums down. Your boat trailer will not be covered by homeowners insurance if you leave it at the cottage.

Some boat insurance policies cover boat trailers, but others do not. Speak to your provider about what youll get for your boat trailer under these policies, and what conditions need to be met.

Types Of Boat Insurance

Damage reimbursement and liability are two sides of the same coin with boat insurance. Galbreath says liability requirements depend on state laws, as well as lender requirements if you have a mortgage or loan on the boat.

Another variable for coverage, he says, is if the boat will be out on a private lake, on a state lake or reservoir, a river or tributary, or on open water or the ocean. The greater the risks of adverse weather, theft or unfortunate encounters with other boaters, the more detailed the policy will be.

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.

State
No
Arkansas	Liability insurance with at least $50,000 in coverage is required for all boats powered by engines of more than 50 horsepower.
California
No
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.

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The Difference Between Great Insurance And Bare Bones Is Less Than The Cost Of A Tank Of Gas

Are discounts available?

Discounts are available after you have responsibly owned your boat for three to five years, for being claims free, and if you have taken courses at Canadian Power and Sail Squadron or Sail Canada. Discounts are not available for holding the required Pleasure Craft Operator Cardthats like asking for a discount because you have a drivers license.

Is my boat insured even when Im not using it?

Yes, when you buy a years policy, your boat is covered in storage, in transit, on the water and over the winter. The risks dont stop when youre not using your boat – its more likely to sink when you are not there, and more electrical fires start in the cold months.

Can my insurance be voided?

Yes, if you are involved in any criminal act such as drinking illegally on your boat – your insurance is void.

What about my trailer?

ICBC requires a license plate, and liability insurance. Physical damage can be added to your boat policy for Agreed Value.

Take time to choose your insurance, Paul advises, to make sure you get everything you need.

He asks, Whats peace of mind worth to you?

Does My Homeowner Insurance Cover My Boat

Most standard homeowner insurance policies include boat insurance. The liability of your boat will likely be covered on your existing policy, granted you inform your broker. While it is possible to add your boat to an existing homeowner policy, there are exceptions based on factors such as value, horsepower, speed, type of boat, among others.

You Decide How Your Boat Or Watercraft Is Insured In California

There are plenty of ways to insure your boat or PWC in California? Whats the best option? The answer depends on your particular situation. You can get boat insurance or personal watercraft insurance quote in just a few seconds with Cost-U-Less, or you can speak to one of our boat insurance professionals in person or on the phone at .

Your Boat Is Vulnerable To Theft

The Boating Guy – Do I need boat insurance?

Theft and vandalism are the biggest concerns when your boat is in storage, especially if you store your boat on your property. Thieves can be smart and people often dont check in on their boat frequently during the winter, so your boat could go missing and you might not realize until its too late. No matter where you live, the risk of theft or vandalism is there.

If you dont have boat insurance during the winter and your boat is stolen, you wont get paid a dime to replace that boat. If youre like most people and you saved up to buy the boat of your dreams, this can be absolutely detrimentalboth physically and emotionally.

Check out some interesting facts about boat thefts by Boat U.S.

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What Optional Boat Insurance Coverage Is Available

Besides a standard policy, you can choose several other options:

Increased liability limits this will give you more protection than standard liability.

Comprehensive this can cover fire, theft, and acts of nature. With some policies, comprehensive may be standard but not with all. Many people think that homeowners policies will pay for these things, but they usually have low limits on claims like theft, and what would you do if someone stole all of your boating equipment or the motor?
Uninsured boater coverage pays for damages in case the other boater has no insurance or the insurance is insufficient to pay for damages. If you have this coverage, your insurance company will take care of the damages and losses.
Replacement cost coverage this will pay for the actual cost instead of the current market value . This can be very valuable if you buy a new boat and it is seriously damaged within the first few years. It is similar to gap insurance on a car loan.

Trailer coverage If you have an expensive boat trailer, you may wish to insure it also.

We are a Five Star Agency and the Massachusetts Association of Insurance Agents does not readily hand out this designation. They have extremely rigorous standards in which agency employees are personally interviewed and an entire fitness review is done on the company. You can trust an insurance agency that has achieved this rating.

What Is The Best Type Of Boat Insurance

The best type of boat insurance is insurance coverage that adequately meets your legal and contractual obligations and allows you to feel comfortable about your exposure to risk. Because each individual situation is different, it is important that you determine what coverage factors matter most to you and your family. Spend time researching your options and speak with multiple insurance brokers or agencies. Allthingsboat.com has an excellent review of boat insurance providers.

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Do You Need Boat Insurance In Ontario

Catching a sunburn on the open water is a painful pleasure, which many of us are looking forward to after a winter of being cooped up indoors.

Its no surprise that with the uncertainty of alternative travel, this season is expected to bring forth a new wave of pleasurecraft owners.

While its fantastic that so many Ontario residents will be able to reconnect with friends and family on the water, the influx of first-time boat owners leads to many people wondering, Is their new vessel properly insured?

Here are some questions that many boat owners will be asking:

Is it mandatory to have insurance on a boat in Ontario?

Does my homeowner insurance cover boats?
In the event of an accident, what kind of boat damage is covered by insurance?

Your Homeowners Insurance Probably Wont Cover Everything

Homeowners insurance can sort of covers boats, so a lot of people think their homeowners policy will be enough to cover their boat during the winter months. In most cases, home insurance covers minimal limits, if anything. Most homeowners insurance will not cover a pleasure boat, power boats, large sailboats, and yachts. They typically only cover small boats and low-powered vessels like kayaks, canoes, and small sailboats, and they usually dont have limits higher than $1,000. So it doesnt really cover boats, unless its a small recreational craft.

Boat insurance, on the other hand, includes liability , collision, comprehensive, and more. You will almost never get this level of coverage through your homeowners insurance.

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Factors That Will Affect The Cost Of Your Boat Insurance

Several factors will impact the rate of your boat insurance. Some you can control, while some you cant. These include the following:

How youll use your boat
Your record of driving a motor vehicle
If you have numerous boat insurance claim record

Your age and gender
Boating experience of other individuals that will drive your ship
Your vessels horsepower

Safety measures youve taken, such as if youve undergone a certified safety course training
The specifications of your ship
Region of the country that will determine if youll set sail in areas prone to hurricanes and other natural hazards

Your credit rating or score

Another thing that will affect how much youll pay for your boat insurance in Florida is whether you only spend a few months in the state each year or if youre a full-time resident. There are regions like South Florida where theft is rampant. And if you dont monitor or use your boat regularly, it is considered to be high risk.

Also, you need to ensure your insurance company that if hurricanes or other events may cause damage to your vessel, youll be available to move it to a safer address or area as quickly as possible.

Do I Need Boat Trailer Insurance In Ontario

Just like how boat insurance isnt required by law in Ontario, boat trailer insurance isnt a mandated necessity. However, considering the damage that can be caused by a trailer or to a trailer in a traffic accident, plus the fact that they are easy targets for theft, vandalism, and weather damage, boat trailer insurance is a smart investment. This is especially true in Canada where we face extreme weather conditions every winter, and therefore, your trailer is effectively at a constant risk of suffering weather damage.

A boat trailer can cost up to $5,000. These are extremely valuable pieces of kit. Damages and theft affecting them are usually only covered under boat trailer insurance, so while it isnt necessary to purchase this specialized coverage, you may want to get it anyways since it could end up saving you money in the long run.

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Is Boat And Watercraft Insurance Required In California

Like most states, California does not legally require boat and watercraft owners to carry minimum insurance. However, many marinas require you to carry at least some insurance for you to store your boat with them or use their facilities. In addition, if you took out a loan to buy your boat, the financing company may require you to maintain a minimum level of insurance coverage until you pay off the loan.

Policy Limits And Deductibles

Do I need boat insurance

All boat insurance policy coverage will include a policy limit. This is the maximum amount that the boat insurance company will pay for a covered event: the higher your policy limits, the higher your insurance premium .

While liability insurance will only have a policy limit, other types of boat insurance will include a deductible as well. The deductible is the amount of money you agree to pay toward repairing or salvaging your boat or PWC before the boat insurance company starts paying. And just like with auto insurance, increasing the deductible of your policy will mean lower insurance premiums. Thats because a higher deductible means that boat insurance company doesnt have to pay as much in the event of an accident.

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What Are The Deductibles

All insurance policies have physical damage deductibles that may either be a specific dollar value or a percentage of the value of your yacht. Also, depending on what kind of vessel you have, a separate deductible may be applied.

Additionally, check if the insurance policy of your ship includes a named storm or hurricane deductible. The state of Florida has a high risk of tropical storms and hurricanes. Insurance companies usually add this deductible, which can go as high as 10% of the value of your vessel.

What Exactly Is Boat Insurance

Similar to car insurance, in its basic form, boat insurance provides the owner financial protection in case there is damage or loss of the vessel. It also protects from damage to another boat or property in the course of using the insured vessel. More importantly, it provides protection should an accident happen that would cause an injury to another person.

In the latter case, boat insurance acts as your liability coverage. Unless you have all the resources necessary to pay for any damages or loss at any one time and anywhere ,then for a certain premium payment, you can obtain suitable coverage to avoid any inconvenience.

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Where To Secure Your Registration Or Title

You can obtain your boat registration and title from the Fish and Boat Commission. More often than not, new owners will want to use their vessel while their documents are being processed. For this reason, they can get a temporary registration from the Commission through its authorized boat registration agents.

All they need to do is to fill out and file an Application Form that is made available at the Commissions regional offices, county treasurers offices, and various marine dealers.

Boat Insurance Coverage Faqs

Small Boat Insurance

What is the best coverage for my boat?

It is best to have what is known as an “All Risk” policy, which will provide coverage for all types of losses except those specifically excluded in the policy. Typical exclusions may include wear and tear, gradual deterioration, marring, denting, scratching, animal damage, manufacturer’s defects, defects in design, and ice and freezing.

How much should I insure my boat for?

You should insure your boat for the amount it would cost you to replace it with like kind and quality. This is called “Agreed Value” or “Stated Value” coverage, and in the event of a total loss, will pay the full insured amount. Beware of policies providing “Actual Cash Value” coverage, which means the value of your boat will be replacement cost less depreciation.

What other coverages can I expect with my policy?

The following are standard coverages with standard deductibles and average limits:

Medical payments, $5,000
$1,000 limit Personal effects, $250 deductible
Uninsured boaters liability, between $300,000 and $500,000

$500 to $1000 limit Towing and assistance, no deductible
$1,000 limit Fishing equipment, $250 deductible

Who is allowed to operate my boat?

I live in an area where I can’t use my boat in the winter, but my lender requires it be insured year-round. What can I do?

Large Boat Insurance

What are the differences between boat and yacht insurance?

What should I look for in a yacht policy?

What is a normal deductible?