Thursday, May 2, 2024

How Much Is Boat Insurance In Florida

Gulf Stream Boat Club

3 Boat Insurance Questions to Ask Your Agent | BoatUS

If you like the idea of having a full-service experience, then the Gulf Stream Boat Club is probably the right choice for you.

They can get you started the right way with a wide variety of activities, but first, you must choose from one of three convenient locations:

  • Delray Beach
  • Boynton Beach
  • Hypoluxo

This club provides sunset cruises, wakeboarding and waterskiing lessons, and fishing guides or equipment. You can even enjoy a catered lunch or dinner while you are out and about on one of their seaworthy vessels.

Many boat clubs provide their boats solely for member use, but Gulf Stream Boat Club also offers chartered boats as well. If you want to take your family out on the water without the hassle of manning the boat yourself, you can take advantage of their licensed captains for a charter. This is an excellent option if you are just learning how to navigate a boat on your own.

For those who need a little help, they also offer lessons on boat safety and operation.

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Sarasota Boat Insurance Provider

Florida enjoys warm weather most of the year. It’s no wonder that Florida is the #1 state for boating in the US.

If you own a boat, you are not required to carry boat insurance once your loan is paid off, but insurance is always recommended! Our Sarasota boat insurance policies will help make you a happy and safe captain.

Have you always had a safe record on the water? Have you ever thought about extra protection? What could go wrong? If you are a boating enthusiast, having boat insurance is as important as having car insurance.

When cruising the beautiful Emerald Coast waterways, whether on The Gulf or one of the lakes or bays, time seems to stand still. Life is good. We want it to stay that way. This is why it is so important to carry Sarasota boat insurance.

Our boat insurance coverage will put your mind at ease. We offer the largest selection of coverages and plans to protect your boat, jet skis, yacht, or other vessels.

As Floridas trusted provider in Watercraft insurance, we offer:

  • Liability to others

What Kind Of Boat Insurance Do I Need

Like many other insurance policies, boat insurance can typically be separated into a few types: liability, uninsured motorist, and collision/comprehensive coverages.

Liability insurance is the minimum standard required by most states, banks, and marinas. The boat insurance professionals at recommend buying at least $1,000,000 in liability insurance. The recommended amount of liability coverage can be even higher if you have a fast, powerful boat that is both riskier and can cause more damage.

With uninsured/underinsured motorist coverage, the standard minimum is $10,000. Ensure that you take into account any potential injuries and damages you may need to cover if you or one of your passengers is injured or your vessel is badly damaged.

The last type of boat insurance we will cover is collision coverage and comprehensive coverage. These types of coverages should be based specifically on the value of your boat. Check with your lender or your marina to see if there are insurance policies in place.

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Do I Really Need Boat Insurance

That depends on your boat. A standard homeowners insurance policy will generally cover small, inexpensive watercraft like:

  • Kayaks
  • Jon boats
  • Paddle boats
  • Boats with low-powered engines

You can also add a liability rider to your homeowners insurance to cover property damage or injuries if you get in an accident with another boater.

But homeowners policies wont cover big, powerful boats. Youll need boat insurance for:

  • Fishing Boats including bass boats, fancy offshore rigs and everything in between
  • Personal Watercraft Watercraft like jet skis are super fun, but theyre also riskyhence the insurance.
  • Pontoons Pontoons are where the partys at! So make sure your boat and your passengers are protected.
  • Sailboats Activities like long distance travel, racing or historical reenactments require special coverage. Think of sailboats as the classic cars of the sea.
  • Speedboats Fast boats are at higher risk for accidentswhich makes insurance a must.
  • Yachts Luxury vessels need insurance because theyre more ;valuable and travel farther than most other boats.

All these boats need insurance even if it isnt required by state law. Why? Because if youre uninsured, a boating accident can ruin your futurein more ways than one.

What Does Boat Insurance Typically Cover

How Much is Boat Insurance in Florida?

Boat insurance coverage will depend on what type of boat you have, what insurance provider you use, and what coverage youre willing to pay for. General boat insurance typically covers physical damage to your boat, as long as none of the restrictions of the policy were violated, and liability coverage for damage to other property caused by you while operating your boat. You can add additional coverage types, such as medical payment for injuries you sustain while on the boat.;

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The Location Of The Boat

Some areas of the world are more dangerous to boat in than other areas.; The insurance plan you get will reflect this reality.

For instance, a person using their boat off the coast of Alaska is far more likely to suffer damage to their boat than someone who uses their boat in a sheltered inlet in New Jersey.

Even the areas that the boat will be driven through can change the cost of insurance.; For example, a boat owner in Philadelphia who uses their boat in New Jersey will have to drive through the city to get to their destination.

This increases the chances that the boat will be in an auto accident and thus increases insurance costs.

The Intended Use Of The Boat

A boats intended use can also determine how much the insurance company will charge a boat owner.; This is especially true if the boat is being used for commercial purposes.

For example, a commercial fisherman or lobster hunter will usually pay a lot more for insurance than a person who uses their boat recreationally.

This is especially true if the person is using their boat as a charter or ferry boat.

Even the types of activities on the boat can affect the pricing of the insurance policy.; For instance, a tour boat that serves alcohol will have a higher risk profile than a boat that does not.

In this case, the boat owner may have to add additional insurance riders onto their base plan.

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How Much Does A Boat Insurance Cost

In the United States, private ownership of boats is obviously not as crucial and ubiquitous as owning cars. However, the interest of Americans in recreational boating is also difficult to ignore, considering that over 87 million adults participate in any of its related leisurely activities . Recent statistics have counted up to 13.28 million American households owning boats.

While 2.65 million American families are planning to buy a boat, it is also important for prospective owners to be aware of its potential dangers. The US Coast Guard submitted a report concerning the fate of unfortunate boat owners in 2016 counting a total of 4,463 accidents that incurred up to $49 million worth of property damage. The need for boat insurance is predicated by these frequencies, especially given the fact that open motor boats account for 47% of these accidents.

The Size Of The Engine

How to Get Cheapest Boat Insurance with the Best Coverage

A boats engine size will also dictate how much insurance is needed to cover the boat.; Larger engines cost more to maintain, repair, and replace.

If your boat has multiple engines, this will incur more insurance costs.

When a boat with multiple engines is destroyed, all of the engines need to be replaced.; Insurance companies will take this into account when they write up their policy.

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Important Information To Gather

When searching for quotes, make sure you have the following information: hull size, the purpose of the boat, type of engine and when it was built. Getting the best deal is, of course, important, but you dont want to do it at the expense of comprehensive coverage.; A boat is an expensive investment and if something happens to it, you are going to need help to recoup your losses.

Starting with free online quotes will allow you to see all your options clearly, but be careful.; Sometimes these cheaper policies dont have all the coverage options that you need.; Make sure you comb very carefully through any policy before signing it.

Boats most commonly covered under Florida boat insurance are sailboats and power boats that are usually anywhere from about 17 feet to close to 27 feet in length. Your agent will take into consideration factors like size and where the boat will stay docked. As well what her traveling grounds will most likely be.; Is she a riverboat or will she be heading out to the open ocean? The age of the boat and the experience of the owner are also significant factors as well.

What Boat Insurance Limits Should I Purchase

When you buy boat insurance, the amount of coverage for your boat, motor and equipment is usually determined by your bill of sale. Most insurance companies use your purchase price as the maximum limit of coverage for sudden and accidental physical damage to your boat. Its important to review the policy exclusions as they will vary from one insurance company to another.

Additionally, youll need to determine the liability limit needed to protect you and your assets should you become legally liable for bodily injury or property damage to others. We dont suggest limits lower than $300,000, and many boat owners will desire higher limits of protection. It is relatively inexpensive to purchase limits of $500,000 or greater. Its important to understand that your personal assets may be at risk should your policy limit be exhausted.

If you were in an accident with another boat that caused serious damage, one of the following outcomes would likely occur, depending on the insurance coverage you and the other boat owner have and the laws in your state.

The following scenario assumes both boat owners have physical damage coverage and liability coverage:

  • If you were at fault and found legally liable, your boat liability insurance would cover the damage to the other boat and 3rd party bodily injury claims up to the limits of the policy.
  • Damage to your own boat would fall under your hull/physical damage limit subject to your deductible.

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Will My Boat Be Covered If I Leave The Country

As a major Florida marine insurance agency, we are very familiar with how easy it can be to travel from the Floridian waters to the nearby islands of the Bahamas. However, your boat insurance policy may not cover you or your vessel once you leave US waters or exceed specified mileage offshore as defined in your policy. If you plan to take your yacht outside of native waters, you want to make sure you select a policy that will have you covered. Consult with an experienced marine insurance agent who will be able to get you the best possible premium and coverage options for your travel plans.

Homeowners Insurance And Your Boat

Is Boat Insurance Required in Florida?

Just like not all boat insurance policies are created equal, the same is true for homeowners insurance. You may have heard that your property is covered by your homeowners policy, and while that is true, the coverage is usually limited, and typically may not provide coverage in the event of a serious accident that causes injuries or major property damage.;

Also, youll find that many homeowners policies have coverage caps or percentages of the homes value that would be allotted for any damage to the watercraft, which also would not cover any serious accidents, passengers, etc.;

Your homeowners insurance policy is not an adequate substitute for proper boat insurance coverage.

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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.

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 .

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Why You Should Rely On Boat Insurance Specialists

While you can get boat insurance from a variety of companies, if you own a yacht or commercial vessel, you should specifically seek out an insurance provider who specializes in yacht insurance or commercial boat insurance. There are many considerations when it comes to insuring more expensive and larger yachts, and an experienced yacht insurance agency will be able to create a policy that will best suit your specific needs. Same goes with a commercial vessel many traditional boat insurance policies will not provide adequate coverage for a boat that is used commercially.

What Does Boat Insurance Typically Not Cover

Boat Insurance in MA – What determines the cost?

What a boat insurance policy does not cover in relation to a boat is generally called an exclusion. These exclusions almost always include:

  • Wear and tear of the boat
  • Damage done by marine life such as sharks
  • Faulty machinery such as an engine going out
  • Infestations with bugs or rodents
  • Accessories that break

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Are There Boat Insurance Discounts

Discounts do exist for boats, personal watercraft, jet skis, and more.;

Essentially, the more things you can insure, the more discounts are available to you. Youve seen the commercials touting bundling your car, home, and other types of insurance. Companies seek those opportunities to cover all aspects of your life, and are willing to provide competitive pricing as your reward.;

As an independent insurance agency, Harry Levine Insurance is poised to provide you with a wide array of price and coverage options, including many of the discount opportunities you heard about from Farmers, Geico, Progressive, and the lot.

Best For Additional Benefits: Boatus


  • No. of Policy Types: 3
  • Coverage Limit: Varies

BoatUS offers boat insurance as well as towing services and additional discounts on boat charters and services.;

  • Coverage for fishing and watersports gear

  • Teamed up with Geico

  • Overload of boating services on site

BoatUS offers boat insurance through the Boat Owners Association of the United States and was acquired by GEICO in 2015. The company has been in business since 1966, resulting in a mix of online customer reviews. But a great majority are positive, especially in the area of claims service. BoatUS offers boat policies in all 50 states for many different types of personal watercraft and yachts.

While membership is not required to get a quote, added benefits for BoatUS members include discounts on popular boating and fishing businesses, fuel, slips, and charter cruises. The basic membership fee is relatively inexpensive at $25/year and goes up to an Unlimited Gold Towing membership for $179 that comes with perks like 100% payment dock-to-dock tows as well as $3,000 for tows outside of TowBoatUS service area. Other membership packages include Unlimited Freshwater Towing for $90/year and Unlimited Saltwater Towing for $165/year.

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Is Boat Insurance Expensive

As is the case with almost anything you purchase, the more research and price comparison you doâthe higher likelihood that you will find the boat insurance quote that is right for you. Here are some tips to ensure that you are getting your moneyâs worth and keeping your costs down:

  • Only buy what you need: There are lots of options out there for marine insurance and many of these policies are custom-written. Ensure that you know what you need so you can avoid paying for features that you donât require.
  • Agreed value vs. Cash value: In an agreed value policy, you are paid a pre-determined value for the vessel in the event of a total covered loss. With agreed value, the insured and insurer agree on the value of the boat upfront. Most agents would recommend this option for a new or late-model boat. As the boat continues to age, look to potentially switch to a cash value option to save on premiums.
  • Take a boater safety course: Almost all insurers offer a discount for boaters that have recently completed an approved boater safety course. Take an in-person class or get your boat safety certification online. Check with your insurance agent to see if a discount is offered for your specific policy.
  • Spend on safety gear: Insurance companies may cut you an additional discount for having extra safety features onboard your vessel. Check with your insurance agent to see if you qualify for any additional savings.

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