How To Choose A Boat Insurance Provider
- Get a better rate with membership: boating organizations such as Boat U.S. or NBOA will help you find the best policy for your own circumstances, and youll also be able to take advantage of their extra perks and publications.
- Get quotes from several providers. Every insurer has its own formula for determining premiums, so it pays to get quotes from a variety of sources. We suggest starting with our four recommended companies and then looking at a few regional insurers as well.
- Choose between actual and an agreed-value policy. Actual cash value insurance will take the depreciation of your boat into account meaning you may net considerably less on a claim than you need to purchase a new watercraft. Agreed value is when you and your insurer agree on a permanent value for your boat, and depreciation is not taken into account when you make a claim.
- Know what boat insurance doesnt cover. You may be surprised at what your policy doesnt cover. For example, most policies wont payout for damage caused by wildlife, from sharks to zebra mussels. Hull corrosion is also rarely covered unless you have an additional rider that will cover salvage and replacement of your boat.
What Does Boat Insurance Include
When you purchase boat insurance, standard insurance will typically cover the following:
- Bodily injury: If someone gets injured while on your boat, this will help cover legal and medical bills associated with the accident.
- Property damage: This coverage will protect you if you are at fault in an accident that caused damage to another boat or property.
- Collision: If youre in an accident, this will pay for the cost of repairing or replacing your boat. This coverage is usually optional however, a lender may require you to purchase it if youre leasing.
- Comprehensive: This coverage will pay for repair costs if your boat gets damaged from something other than a collision this includes floods, storms, fire, theft, and vandalism.
- Uninsured/underinsured motorists: If an uninsured or underinsured motorist causes damage to you or your boat, this coverage will help protect you.
- Medical payment coverage: If youre involved in an accident, this coverage will pay for the medical costs regardless of who is at fault. Some policies will even cover funeral expenses.
There are also additional options you can add to your coverage, such as:
Keep in mind your insurance should cover all operators.
Talk to your insurance provider and make sure you have all the appropriate options added to your plan for your specific situation and climate.
How We Chose The Best Boat Insurance Companies
- Strong financial outlook. We looked at organizations that rate financial security, such as AM Best, Moodys and Standard & Poors, to ensure that our picks would be able to pay out on claims at all times even in a large regional disaster.
- No third-party underwriting. We also wanted insurers who service their own policies. Theres too much room for error when another underwriter gets added to the mix, and less accountability as well.
- Available to all. Our top choices are available in all 50 states, and dont require any sort of membership to purchase a policy. Larger, open-to-all companies frequently offer lower rates, better discounts, and a greater range of coverage options.
- Agreed-value policies. Although actual cash value policies are often cheaper, agreed-value policies provide better coverage thats going to result in a larger, more useful payout after a claim. All our chosen picks offer it.
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Frequently Asked Questions About Boat Insurance
What is the average boat insurance cost?
Never guess what an insurance policy might cost. The average cost to insure a boat depends on the type of boat you want to insure and how much coverage you need. Additionally, your credit and loss history can factor into the price. The best way to get an accurate quote is to reach out to us for a quote. Quotes take just a few minutes and we can run you through several great companies.
Does boat insurance cover mechanical issues?
No, boat insurance will not cover mechanical issues such as a blown motor. However, if the mechanical issue is a result of a covered loss such as a collision with another boat then there likely would be coverage for the mechanical failure that resulted from the covered loss. *All coverage situations are subject to claims verification and no information here is suggesting coverage would exist.
Is boat insurance required?
Some states do not require boat insurance, but if you are operating a boat in open waters without it, youre putting yourself at financial risk. If you have a loan on your boat or if you moored your boat in a marina, then the lienholder or marina may require you to carry insurance.
More coverage is available. Our agents will go over all coverages with you so you can make an informed decision about what coverages are right for you.
Texas Boating License Fees
In Texas, getting a boat certification should cost not more than $20 for an approved course. There is at least one national organization, BoatUS, which provides Texas-approved courses from the National Association of State Boating Law Administrators at no cost to interested and eligible drivers. Acceptable payment methods for the course cost vary from program to program and should be confirmed with the course provider before signing up.
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Boat Insurance Cost Factors
Many factors are used to set the cost of a policy, and they vary among insurers. Here are some items to consider:
- Cruising Area: Where you boat.
- Boating Safety Education: If you have been formally trained or certified.
- Good Driving Records: Both boating and driving.
- Liability Limits: The higher the limit the higher the cost.
- Deductible: The higher the deductible the lower the premium.
- Towing insurance requirements for offshore fishing .
How Much Does Boat Insurance Cost
According to the Insurance Information Institute, some homeowner insurance policies cover damage on small boats or watercraft with less than 25 mph horsepower.
Be careful, though, because coverage tends to be low sometimes only $1,000 or 10% of your homes value. Larger watercraft need to carry their own policies.
For example, Progressive starts their boat insurance at $100 a year depending on the value of the watercraft and additional coverage you need. They also offer discounts including:
- Safe boater: You have no violations or accidents recorded for the last three years.
- Pay in full: If you pay the entire year upfront.
- Original owner: If you have been the only owner on your boat.
- Homeowner policy: If you own a home, townhome, or condo .
- Multiple boats: You have more than one watercraft or boat to insure.
- Safety course: Completed a state-approved boating course.
- Multiple policyholders: If you insure a car, home, or anything else, you could receive a discount for bundling.
Some insurers place limitations and restrictions on the type of boats they will cover. Be sure to double check before moving forward with any policy or boat purchase.
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Reasons You Need Boat Insurance
- It is Often Required Even though Texas does not require boat insurance, most boat owners are still required to have it. If you lease or finance your boat, your financial institution will require your to have boat insurance. It is not uncommon for marinas to require it as well.
- Liability Like auto insurance, boat insurance will help pay for any bodily injuries or property damage that occurs while boating if you are legally liable. If you do not have boat insurance, you will have to pay what you owe out of pocket.
- Protection for Your Boat Again, boat insurance policies often include comprehensive and collision coverage similar to an auto policy. These coverages will cover any damage done to your boat by yourself or others. Comprehensive coverage even offers protection from theft.
- Protection for Your Personal Property Most people do not go out on the lake empty-handed. Luckily, boat insurance will cover all the extra stuff you bring out on the boat with you. From fishing equipment to tubing gear, it needs coverage.
- Coverage for Medical Payments Boating accidents can lead to very severe injuries. Boat insurance will cover any injuries that occur while on the lake or getting on and off the boat.
Care & Protection Of Your Craft
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How A Knowledgeable Insurance Coverage Attorney Can Help
Filing marine insurance claims often involves a lot of complex legal procedure. The investigators and insurance adjusters will only work to protect the bottom line of the insurance company. That is why it is so important that you hire a knowledgeable insurance coverage attorney to protect your legal rights and help you pursue your deserved compensation.
With more than a decade of experience representing clients on marine insurance claims, Attorney Jason McLaurin has the legal resources and skill to fight for your rights and advocate for your best interests. As your legal counsel, he will review and investigate every detail of your case, gather all necessary evidence and documentation, and handle all communications and negotiations with the insurer.
Through it all, attorney Jason McLaurin will fight diligently to protect your legal rights and do everything he can to help you pursue the maximum compensation that you are entitled to. He will protect you against any bad faith practices employed by the insurance companies and will not back down, no matter how big the opposition is. Do not face this battle alone. Contact McLaurin Law today to schedule your own free case consultation.
The 8 Best Boat Insurance Providers Of 2021
If you are still not getting very far with replacement cover, then try calling an insurance broker who will shop different providers to find you coverage. We also go as far as insuring boat factories and entire marinas! If youve had trouble getting maritime-related coverage in the past, the JMG Insurance Agency can probably help you. Our agents are available around the clock to make sure that we can help you whenever you need it. The reason is friendliness kindness and great customer service.
A verifiable physical address and mailing addresses also will be required. Camp Trailers, Tent Trailers, and Fifth Wheels are required to pay $4.00 registration fees along with recreational vehicle fees. RV fees for these types of vehicles are based on 100% of market value. The RV fees are $8.50 for first $1,000 of market value, plus $5.00 for each additional $1,000 of market value. Generally, only Idaho residents and businesses may title and register vehicles in Idaho.
School Bus Required for drivers of vehicles used to transport preprimary, primary or secondary school students from home to school, from school to home, or to and from school-sponsored events. Drivers of school buses must have both the Passenger and School Bus endorsements. Both written and skills test are required to obtain this endorsement.
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Texas Boat Registration Basics
A Texas boat registration is required by all water vessels over 14 feet in length or that have a motor must be registered and titled with the TPWD. Getting a boat title and registration can be done by bringing the applicantâs Texas Parks and Wildlife Identification Number along with a credit or debit card for the processing fee to the TPWD. Multiple locations around the state accept registration requests for boats, including participating Tax Assessor-Collector Office, any of the stateâs 27 Texas Parks and Wildlife Law Enforcement field offices and the TWPD headquarters in Austin.
There are several types of boats that do not require boat registration stickers or any form or title from the TPWD. These boats are not motorized and include non-motorized canoes, kayaks, punts, rowboats, or rubber rafts if propelled by paddles, poles, oars or sails under 14 feet in length when windblown.
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?
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What Does Boat & Watercraft Insurance Cover
Typically, boat insurance policies cover the most common perils related to physical damage to the boat:
- Sinking
- Theft
- Collision
Standard boat and watercraft policies also provide reimbursement for damage to numerous items related to boating. Such items include the boat itself, of course, and the motor too. Coverage also extends to the trailer deployed to tow the vessel to water. The list of covered items also includes equipment permanently attached to the boat, along with anchors, oars, trolling motors, extra fuel tanks, tools, removable canopies, seat cushions, life jackets and preservers, skis and tow ropes, dinghies, and more.
Many watercraft insurance policies also cover labor costs for repairing and/or replacing the boat and any related equipment. Most standard boat insurance provide basic liability coverage, too. Texas law doesnt require boat coverage, but not carry some degree of coverage is not worth the risk.
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Boat And Watercraft Insurance In Texas
Consult with one of our professional agents at Galloway Insurance to make sure you have the right coverage at a competitive price. We can evaluate your boat or jet ski insurance needs to find special coverages you may need or any discounts you may qualify for. Some additional discounts and coverages may include:
- Accident forgiveness
Do I Need Boat Insurance
If you are planning on purchasing a powerboat or a sailboat in the coming months, thereâs a good chance that you are looking into boat insurance as well. If this is the case, you likely have some questions about boat insurance companies and whether you need additional coverage. Well, you came to the right place! In this article, you will find answers the top 9 most frequently asked questions about boat insurance.
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Types Of Boat Insurance Coverage
This will depend on the type of policy, but common coverage add-ons include:
- Specialized Coverage: Coverage for something specific on your boat like an expensive prop or navigation equipment.
- Salvage: Coverage that pays to remove your boat due to damage, from substantial to minor.
- Consequential Damage: Covers a loss that was the result wear and tear rather than an accident .
- Towing: Towing your boat across a body of water to safety can cost $400 per hour.
- Cruising Extension: You can get temporary, additional coverage if you plan on leaving the USA .
What Coverage Should You Get
Boat insurance in Texas comes as a collision or comprehensive policy for each vehicle. You must weigh the value of the boat against the cost of a policy to protect the boat. An old boat that has little value should be covered by a collision policy that costs very little to carry. A collision policy will pay for damage to the boat, but the policy covers little else regarding the boat.
A comprehensive policy will cover loss of personal property, personal injury and replacement of the craft. Boat insurance in Texas that covers all aspects of the boat is a wise purchase for anyone on a small craft. You could be injured on a jet ski or fishing boat, and you keep personal belongings on the boat that could be lost if the boat sinks at any time.
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