Does Florida Law Require Boat Insurance
The short answer is no. However, Florida state law isnt the only consideration here. For example, if you purchase your boat on loan, your lending institution will probably require you to carry boat insurance. If you store your boat at a marina or boatyard, said facility might require you to maintain a certain level of boat insurance. Daffin Insurance Agency is here to help you find the right boat insurance policy at the right price.
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Ferry Pass 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 Ferry Pass 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 Ferry Pass 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
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Florida Boat Safety Equipment Laws
Florida’s boat safety equipment requirements may vary based upon your boat’s size and use, but the law typically requires:
- Fire extinguishers and backfire flame control
- Visual distress signals if you operate the boat on the ocean or in coastal waters
- A device that produces sound, to signal to other boats or in cases of distress, such as a horn
- A ventilation system
- Vessel lighting equipment
Florida boating law also requires you to carry at least one personal flotation device, such as a life jacket, per person on the boat. And if your boat is over 16 feet or longer, you will also need to have a throwable flotation device on hand.
If you have children under the age of 13 on your boat, and it’s being operated on open waters, they must wear their life jackets at all times unless inside a cabin or below deck. And children age five or younger need to wear a life jacket at all times if your boat is less than 26 feet long. Personal flotation devices must meet the requirements set by the U.S. Coast Guard.
In order to ride a PWC or jet ski, Florida law requires that you wear an approved life jacket at all times. The same applies to anyone being towed behind a boat.
Is Boat Insurance Required In Florida
Florida boat owners are not required to carry insurance or have a special license to operate their boats in the state however, you will need to have a safety identification card, active registration, and have titled your boat with Florida. Additionally, while state law does not stipulate that you need insurance if you financed your boat then the lender may require that you have coverage to protect their investment. With that said, boat insurance is highly recommended particularly in Florida given the number of boats on the water, the high risk of hurricanes and other storms, and the high cost of repairs.
Given the expense associated with owning and operating a boat, having insurance is an excellent source for peace of mind. Generally speaking, a boat insurance policy will offer coverage for damage to the boat or personal property that is on board , liability coverage for damage to another person or their property, medical payments, uninsured boat owners coverage, and towing coverage if you become stranded and need to be towed to a marina. When shopping for boat insurance coverage, it is important to know that most policies are limited to specific territories which means that if you take your boat outside of Florida waterways you may not be covered unless you have prior approval.
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Storing And Insuring Your Boat In Florida
Boat insurance is not mandatory in Ontario. That being said, there are certain circumstances when it becomes mandatory, for example, when you finance your boat the bank will want confirmation that the boat is insured for the life of the loan. Also, if you are mooring at a marina, you may be required to carry a certain amount of liability insurance.
If it is a used boat, a bill of sale and the last boat registration certificate is required Alaska New Alaska Statute 05.25.056 requires the owner of an undocumented boat that is subject to registration and that is more than 24 feet to apply for a certificate of title or No Title Issued registration.
A. Global Marine Insurance Agency is licensed to write boat insurance in all 50 states. Cruising extensions are available to Canada, the Bahamas and Mexico. We also utilize surplus carriers that enable us to write vessels outside of the United States. Q. Am I required by law to have boat insurance? A. Boat insurance is not mandatory.
the insurance requirements and provides a single set of specifications that can be used for most contracts. Instructions for the contractor and insurance agent or broker have also been included to
Boat insurance isn’t mandatory in Florida, meaning it’s not required by law to own or operate a vessel.And Florida marinas often have boat insurance requirements, so you’ll need to provide proof of liability coverage in case of injury or damages to others.
Types Of Boat Insurance
There are two basic types of boat insuranceagreed value and actual cash value. How depreciation is handled is what sets them apart.
An “agreed value” policy covers the boat based on its value when the policy was written. While it can cost more up front, there is no depreciation for a total loss of the boat .
“Actual cash value” policies cost less up front, but factor in depreciation. In other word, the policy will only pay up to the actual cash value of the boat at the time it is declared a total or partial loss. Eventually, as your boat ages, your insurer will likely insist on an actual cash value policyand if often gives a substantial savings.
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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 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.
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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 .
Basic Boat Insurance Coverage You Must Have In Florida
Here in Florida, boat owners are not required to obtain insurance in order to operate their boats. But, if you have finance against your vessel, or just want to be sure that you are always covered out on the water, there are some elements of basic boat insurance that you really must have.
Our waterways can get very busy, so you should protect yourself and your boat against incident. Add to that the states annual hurricane and storm risks and not investing in basic boat insurance could see you suffer a huge loss if your boat was to be damaged or destroyed as the result of bad weather.
Finally, many marinas often have boat insurance stipulations, meaning that you will need to provide proof of liability coverage in case you or your boat causes injury or damages to others. The same applies if you plan to hire a boat, most hirers will insist that you pay extra for insurance before you take the boat out on the water.
Finally, some homeowners policies may cover your boat while it is stored on your driveway or in your garage, but you cannot rely on this is you are out on the water or traveling to or from the coastline.
If you are wondering which type of boat insurance is recommended here in Florida, here is our guide to protecting your prized possession.
There are two main reasons why you should definitely invest in boat insurance for your prized belonging:
In the case of an accident
In the case of loss
What Kind of Boat Insurance Should I Buy?
- Collision damage
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Pwc Florida Boating Laws And Regulations
Here are the age and operating restrictions of Floridas boating laws and regulations regarding the operation of personal watercraft :
- No person below 14 years old may operate a PWC on Florida waters at any time, even if he/she has obtained a Florida Boating Safety Education ID card.
- No person below 18 years old may rent or lease a PWC.
- It is illegal for an owner of a PWC to knowingly permit a person below 14 years old to operate a PWC.
- Those affected by these regulations should carry a Florida Boating Safety Education ID issued by the FWC and a photo ID while operating a PWC.
Exemptions to This Law
- If the U.S. Coast Guard licenses the person operating the PWC as master of a vessel.
- The person operates the vessel within 90 days after purchasing the PWC and with a bill of sale on board for inspection.
- If the person operating the PWC is accompanied by a someone exempt from the education requirement, or if he is at least 18 years old, has the required identification card, attendant to the operation of the vessel, and is responsible for any violation that will be committed while operating the vessel.
- The person is operating the PWC in a private lake or pond.
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.
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How Much Does Boat & Watercraft Insurance Cost
Premium costs for a boat, jet skis and watercraft policy will depend on the agreed-upon values of the policy, chosen deductibles, insurability, and other factors such as size, type and cost of the boat. These limits can be extremely important in the event of severe damage or of a total loss, so its important to choose carefully. In this way, boat insurance is quite similar to other insurance policy types and Daffin Insurance Agency can help you in every way.
When Is Boat Insurance Required In Florida
In the Oviedo, FL area, there continues to be a lot of demand to own a boat. Those that live here will be able to enjoy their boat for much of the year, which could make it a great investment. When you are shopping for your boat, you should also spend time considering your insurance requirements. There are several situations when boat insurance will be required for you.
Insurance is Needed When Taking Out a Loan
One situation when you will need boat insurance is when you are going to take out a loan. A boat insurance policy will always be required if you take out a boat loan. When you do take out a loan, the lender will have a security interest in your boat and will want to ensure it is properly covered at all times.
Insurance is Needed to Use Boat in Certain Areas
Additionally, you will need to have boat insurance if you intend to use your boat in certain areas. Depending on where you use the boat, a local marina could require that you carry a full insurance policy. This helps to ensure that you could pay for any damages that you cause, which protects all other boat owners in the area.
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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.
Do Florida Boat Insurance Policies Apply To Extended Navigation
Planning a voyage youre going to need to update your insurance policy before you set sail and that means your Florida boat insurance advisor will need to know your itinerary.
An extended navigation endorsement will likely be necessary. A good example of this is if you desire to sail to the Caribbean or even the Bahamas. A foray into international waters may render your usual coverage null and void without proper navigational limits declared in your insurance policy.
The right boat insurance policy will cover everything you hold dear. All it takes is a thorough assessment of the vessel and a discussion with an experienced marine insurance advisor who can navigate the coverage process for you.
To avoid being over or under-insured, partner with an advisor who has experience insuring vessels like yours and who knows how to access the markets necessary to obtain any specialized coverage.
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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.
What To Look For In A Policy
Its best to work with an agent as youll have many policy options. You can choose an Agreed Value policy which pays for a replacement of a boat of the same kind and quality. Alternatively, a Stated Value policy compensates you for the value of your boat up to the policy limit, less depreciation.
Boat policies are either named perils or all perils policies. All perils policies protect you against all risks, unless theyre specifically excluded in the policy. However, you may need to take risk mitigation measures such as providing them with a hurricane plan if you want them to include wind coverage in hurricane-prone Florida.
A named perils policy typically protects you from risks such as theft, vandalism, lightning, fire, grounding, sinking, and lost or stolen belongings. Generally, your policy can provide the following coverages:
- Personal property or vessel damage sustained on the water or trailer, less the deductible
- Liability coverage for damages to others
- Medical payments coverage for you and your guests after an injury
- Uninsured boaters coverage for property damage or injuries caused by an uninsured boater
- Towing coverage
A boat insurance policy limits the navigational territory. If youre traveling outside of your insured territory, you may need a policy endorsement.
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