What Does Boat Insurance Cover
Common boat insurance coverages include:
- Property damage liabilityâProperty damage liability insurance covers the cost of damages to someone else’s property after an accident you cause. In most cases, your property damage will pay out when you are at fault for an accident that causes damage to someone else’s boat or PWC.
- Collision damageâWhen your boat or PWC is damaged in an accident, collision insurance is an optional coverage that pays the cost of repairing or replacing it, minus the amount of your deductible.
- Bodily injury liabilityâBodily injury liability coverage is the part of your insurance policy that pays for the costs associated with injuries to other people involved, if you are found legally responsible for a boating accident.
- Hull coverageâHull insurance covers any physical damages that occur to your boat and generally includes trailers, equipment, motors, and accessories. Typical claims include fire and windstorm damage.
- Fuel spill liabilityâA separate policy that separates out fuel spill liability and provides coverage for any fines that may occur from an accident involving a fuel spill.
What Other Factors Affect Your Boat Insurance Cost
Besides where you live, several factors play into boat insurance rates, including:
- Type of watercraft: Fishing boats, pontoon boats, sailboats, and other personal watercraft all have unique features that may affect the cost of your policy.
- Safety measures:Completing a boating safety course may lower your rate.
- Boats horsepower: Boats with stronger engines, like powerboats, often have higher rates.
- Boat’s age: Newer boats are often more expensive to insure than older boats.
- Boating history: More experienced boaters may receive lower insurance rates than newer boaters with less experience on the water.
You may be able to lower the cost of boat insurance by qualifying for discounts, including multi-policy, multi-boat, and responsible driver. Learn more about boat insurance discounts at Progressive.
Boat Is Registered In Another State
From a vessel title state: Buyer should obtain a detailed bill of sale from the seller and the original out of state title showing transfer to their name, and the original state registration card if available. All transfers of ownership must be on the title.
From a non-title state: Buyer should obtain a detailed bill of sale from the seller and the original state registration card. The seller should be the owner if record in that state, and if not bills of sale back to the owner of record must be submitted.
All are Title States/Territories except those below.
Non-Title States and Territories :
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How Much Is Boat Insurance Per Month
The amount you pay per month for boat insurance depends on how valuable your boat is, what insurance plan you choose, and a number of other factors. A basic liability plan can cost you as little as a $100 every year, while a comprehensive plan for a mid-range pontoon can cost as much as $45 a month.
If insuring your pontoon sounds a bit pricey, dont worry. Here are some ways you can reduce the monthly payment:
- Find a policy that suits your needs, and dont pay extra for things you wont use.
- Maximizing your boats safety features can reduce your monthly payment.
- Complete a boating safety course and show your agent the certificate.
- If your pontoon isnt getting a lot of use, lengthen the lay-up period.
When you show your insurance agent that youre serious about boat safety, you could end up getting a discount of 5% or more.
Boat Is Registered In Georgia
Seller should give the buyer a signed and detailed bill of sale and the Georgia boat registration card. The bill of sale must contain sufficient information to identify the boat, such as hull identification number, year, make, model, Georgia boat registration number, etc.
Buyer should obtain the detailed bill of sale and the sellers registration card. If the seller is not the owner of record on the Georgia registration card, the seller should also give the buyer copies of bills of sale that form a chain back to the owner of record to show the boat was legally transferred by the owner of record to each subsequent owner if these bills of sale are available.
The previous owners registration card should be retained by the buyer until their registration card is receivedafter their registration card is received we suggest the previous owners registration card be destroyed.
Most Georgia registered boats have an eTitle in the state registration system. If a Georgia paper title for the vessel exists, it must be transferred and given to the buyer.
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Florida Boat Registration Requirements & Fees
In order to operate a boat in Florida’s public waters, it must be titled and registered with the state, which you have 30 days to do after you’ve purchased a boat. You can apply for a boat title and registration at a county tax collector or license plate agent office, and you have the option of applying for either a one-year or two-year registration. Once you’ve received your registration, Florida boating regulations require it to be kept on-board the boat during operation. You will also be provided with boat numbers and decals, which need to be affixed to your boat.
To apply for a boat title in Florida, you simply need to complete an application and provide proof of ownership. For a new boat, proof of ownership can include the manufacturer’s certificate of origin, an official statement of the boat’s builder and the bill of sale from the dealer where you purchased the boat. If you bought a used boat, its existing title just needs to be signed by you, the buyer, and the previous owner that sold it to you. You’ll also need to pay Florida’s boat titling fees:
- $5.25 for an electronic title or $7.75 for a paper title. You may also have the option of receiving an expedited title, which is $11.
- $1 per existing lien on the boat to record these on the title.
- $4 if your boat was previously registered in another state.
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.
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Important Things To Know
Here are some important things to know as far as boat insurance is concerned.
- âNavigational Limits – These are limits that outline where you can navigate your boat and you may not be covered if you venture beyond the agreed territory. Needless to say, your premiums will be higher if your navigation limits are extensive.
- – Most insurers will require your boat to be inspected by a certified marine surveyor to assess the condition for the boat and its market value.
- Layup Periods – These refer to periods when you take your boat out of the water such as during winter when you’re not boating. Most insurers will give you credit but you may not be covered if you take the boat out for a ride during the layup periods and something happens.
- Underage Operators – Do not be tempted to offer your boat to an underage if he/she doesn’t meet the age and license requirements in your area.
How Much Is Boat Insurance
The average cost of boat insurance is $200 to $500 a yearalthough for a really big or expensive boat , insurance can cost around 15% of the boats value. For example, you may pay about $2,500 a year to insure a $100,000 yacht.
But just like other insurance rates vary, boat insurance costs change depending on you and your boat.
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What Is A Hull Identification Number
The Hull Identification Number is a 12 or 14 character serial number that uniquely identifies a boat. The HIN is analogous to a VIN on a car. All boats manufactured or imported on or after November 1, 1972, must bear a HIN, and this HIN must be identified during the boat registration process. Vessels manufactured or imported before 1972 are EXEMPT because they often do not have a HIN.
The HIN is found on a metal or plastic plate, typically on the transom of the boat, usually on the right starboard side of the transom within two inches of the top of transom, gunwale, or hull/deck joint, whichever is lowest. On vessels without transoms, or impractical to use transoms, the HIN is usually affixed to the starboard outboard side of hull, aft, within one foot of the stern and within two inches of the top of the hull side, gunwale or hull/deck joint, whichever is lowest. On catamarans and pontoon boats with replaceable hulls, the HIN is usually affixed to the aft crossbeam, within one foot of the starboard hull attachment.
Best Boat Insurance Providers Of 2021
- Best for Professional Fishermen:
- Best for Affordability: Allstate
- Best for Safe Boat Drivers: Progressive
- Best for Additional Coverage Options: Foremost
- Best for Policy Bundling: Nationwide
- Best for Individualized Customer Service: United Marine Underwriters
- Best for Emergency Services Coverage: State Farm
- Best for Additional Benefits: BoatUS
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Liability Doesnt Do Anything For You
The reason that liability policies are cheap is because they dont insure your boat or yourself. Liability policies exist to protect you from legal issues that come from collisions. If you cause an accident that hurts someone or damages their property, this policy will pay their medical and property repair bills so you dont have to cough up the money. After wrecking your pontoon boat, the last thing youll want to do is pay court fees and damages.
Birthday Bonus For Georgia Boat Owners
Starting July 2013, Georgia residents who have a boat registered with the state can fish on their birthday as part of their boat registration fee.
Its a one-day bonus for the states some 300,000 resident boat owners. This offer from the Georgia Department of Natural Resources also covers use of some DNR shooting ranges, plus some other sporting privileges. To take advantage of it, boat owners just have to get outdoors.
The birthday bonus is a one-day resident combination license that not only allows Georgians 16 and older who own a vessel and have a valid, current registration to fish , it covers many other recreational opportunities, including fishing at public fishing areas, accessing state lands where a Georgia Outdoor Recreational Pass is otherwise required, hunting small game and feral hogs on private land, and using shooting ranges where a license is required.
The license is good for the primary boat owners birthday during the three years the boat registration is valid.
Boat owners must carry a Georgia ID, such as a drivers license, and their plastic vessel registration card to show proof of a valid vessel registration. Activities like mountain trout fishing and big-game and migratory bird hunting require additional paid licenses. Saltwater fishing requires an additional free permit.
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Liability Coverage For Boat Insurance: Why It Matters
Boat insurance can be purchased to cover physical damage and protect against liability. Liability coverage can be critical in cases of bodily injury or loss of life. If you are sued by another party claiming you are responsible for an injury or death, the cost of defending against the claim can be paid through your policy.
If you do not have sufficient liability coverage in place, you can lose your personal assets, including retirement funds, investment funds, or the value of your property. You have worked to accrue assets that could be lost in a lawsuit, and liability coverage for a non-motorized boat provides an essential form of protection.
More Insight Into Our Methodology
Shopping for boat insurance is somewhat similar to getting car insurance, with one major difference: theyre not standardized. First because boat insurance is not required in all states, except for the three statesArkansas, Utah, and Hawaiiwhere boat owners are required to have some kind of liability coverage, and second because of boats themselves. While cars tend to have similar purposes and structures, and are only slightly different in size, boats have many purposes and come in significantly different sizes and styles. Additionally, boat owners face a wide range of risks in the water that car owners do not face on the road. This means that theres not a suggested minimum coverage requirement, and that companies consider different factors to determine policy costs and boat owners risks.
In order to choose the best boat insurance companies we focused on the following factors:
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Typical Boat Insurances Cost Examples
As we will see in a second, many factors go into boat insurance, so absolutely knowing the costs ahead of time isnt possible.
However, you can estimate annual costs based on 1.5% of the boats value.
So a $100,000.00 boat should have an annual insurance cost of $1,500.00. Individual factors will come into play, but, in general, the 1.5% rule is reasonably accurate for estimation.
However, here are a few basic examples I found from other boaters around the web:
2003 Scout 242 Abaco with a 225 HP Yamaha motor in Northern California. Hull value of $70,000.00. The owner has full coverage and is paying $658.00 a year for insurance.
1963 Bertram 25 with two 135 HP motors on Orange Beach, Alabama. The value is $55,000.00, and the owner is paying $583.00 annually.
2008 MayCraft 2000cc with a replacement value of $26,000.00. The boat is located in Delaware, and the owner is paying $348.00 a year.
Will My Boat Be Covered Anywhere I Go
There are navigational limits on boat insurance policies. It may not include some areas in the state or the country for security or political reasons. Thats why you need to make sure that it provides coverage in the places you frequently roam. Talk to our agents to know your navigational limits.
If you want to know more about our affordable boat and watercraft insurance, feel free to call us at 1-855-468-3569 or contact us online.
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What States Require Boat Insurance
As of right now, only two states have boat insurance lawsâArkansas and Utah. In Arkansas, all motorboats powered by engines of more than 50 horsepower, and all PWC, must be covered by a liability insurance policy. The policy must provide at least $50,000 of liability coverage, and it is illegal to operate the PWC without the required insurance.
In Utah, all motorboats and PWC are required to carry ownerâs or operatorâs liability insurance when operated on Utah waters. Motorboats equipped with engines less than 50 horsepower and airboats are exempt. It is illegal to operate a PWC on Utah waters without the required insurance.
Utahâs boat insurance policy requires the following minimum coverage limits per occurrence:
- $25,000 for bodily injury per person.
- $50,000 for total bodily injury if multiple people are hurt in the accident.
- $15,000 for property damage.
There are some instances of states requiring insurance for boats used in some state parks or kept in some state-operated marinasâcheck with your state marine board or alternative governing agency to see if you are impacted.
Financial Strength & Reputation
Before choosing an insurance policy, be it for cars, homes, or boats, you should verify if the company will be able to pay out claims in the future. The best way to ensure this is to look at their financial strength according to the rates they receive from credit rating agencies such as AM Best, Standards & Poors, and Moodys.
Another thing that can guide your decision of whether or not to purchase a policy from a given company is checking their reputation among customers. You can do this by looking for patterns in complaints and at customers’ overall satisfaction, ratings, and comments in customer review websites.
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Boat And Watercraft Insurance
Before you navigate and enjoy the waters, make sure that you, your passengers, and your boat are protected with our boat and watercraft insurance coverage. Boat and watercraft insurance policies are essential for anyone who uses any type of boat or watercraft. This includes fishing boats as well as yachts, sailboats, cabin cruisers, motorboats, and other personal boats. The policy allows you to enjoy recreational fishing, cruising, and a variety of water activities without worrying about what will happen in the event of an accident or injury.
This insurance coverage can also include protection against natural events like hurricanes. This is an important detail if you are planning on vacationing in areas where the weather can become intense. Options include emergency towing protection, which allows the watercraft to be towed to the nearest available area for repairs. Boat and watercraft insurance can also allow you to enjoy sailing, fishing, and other nautical pursuits all year long.
Boat insurance coverage is available through Velox in Alabama, Arizona, California, Florida, Georgia, Indiana, South Carolina, Tennessee, and Texas.
Your Velox Insurance agent can help you find affordable coverage for your boat or watercraft. Call your local agent at 1-855-Go Velox or request your quote online and start enjoying worry-free boating today!