Additional Coverage Can Be Valuable
From fuel spill liability to coverage for injuries by an uninsured boater to on-water tow coverage, there are lots of ways boat insurance policies can be customized to meet your boats insurance needs. Taking stock of your risk and reviewing your needs with an insurance agent can help you determine which add-ons make sense for you.
What Does Boat Insurance Cover
Specific coverages depend on the details of the insurance policy. An all-risk policy will cover everything not specifically listed in a policy. Typical exceptions include things like normal wear and tear, manufacturer defects, or ice.
Depending on circumstances, your boat is not always covered by your boat insurance. For example, if the boat is damaged while stored at your home, it would be covered by your homeowners insurance policy. If it is damaged while being towed behind your vehicle, it would be covered by your auto insurance policy. Be sure to review your homeowners and auto policies for coverage details.
Overall, coverages are similar to what you would see in an auto insurance policy. Liability insurance, for example, provides coverage if you are responsible for damage to property other than the boat. Medical coverage pays for injuries sustained in an accident involving your boat.
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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Reasons Boat Owners Should Carry Boat Insurance Year
If youre a boat owner, you may be asking yourself: why should I insure my boat year round, especially when I only get to use it for a few months? Its a good question, and one that all boat owners ask at some point. The main reason boat owners cancel their boat insurance after every season is to save money. The truth is, it can actually be more expensive in the long run. If youre considering only getting boat insurance during the boating season, here are five reasons to carry boat insurance year round.
Its most likely required.
Boats are expensive investments. Chances are youve financed yours instead of paying cash upfront. If thats the case, boat owners are usually required by lenders to carry insurance all year round. It makes sense, after all, since the lenders are making an investment as well. They need to protect that investment all year, not just during the boating off-season. Besides lenders, marinas may also require you to have boat insurance in order to dock at their facility.
Theres risk out of the water, too.
At a minimum, boat insurance should protect you from fire, theft and vandalism, which, unfortunately, happen all year round. Moreover, these unforeseen events are more likely to occur in the winter months, when boatyards are typically unattended.
Do I Need Boat Insurance When Its In Storage
Keeping your boat insured is a good idea, especially with comprehensive coverage. Your boat insurance will still cover theft, hail damage, and other hazards while its stored. Plus, you won’t have to worry about reactivating your policy once you’re ready to get back out on the water. However, some insurers will allow you to drop some coverages if youd prefer. For example, Progressive lets you adjust certain coverages while you’re not using your boat.
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Boat Rental Liability Insurance
This policy covers losses that may arise from your business inflicting damage to third parties. It also includes litigation fees if you and your business end up before a jury or judge. This covers:
- Third-Party Bodily Injury: Your rental crafts or vessels may cause bodily harm to third parties that may require monetary compensation or medical bills. It also covers the losses from accidental oil spills .
- Damage to Property: Your boat may cause damage to other boats, equipment, and even the dock that may require compensation. This insurance covers all costs that may arise from such damage.
- Wreckage Removal: If your vessel sinks, you may be required by law to pay for the removal. This policy covers the cost of removal of sunken debris and vessels from the sea.
Why Is Boating Insurance Recommended
Boating insurance is recommended for two main reasons, both of which can save you thousands of dollars.
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Do You Need Boat Insurance In Florida
- Post author:Drew S.
From basking in the suns warmth to the cool, salty breeze touching your skin, almost nothing compares to boating in Florida waters. Every moment you spend in your boat is a memory youll cherish. This makes every penny of your investment worth it. And having the appropriate boat insurance coverage can ensure youll cruise on without any worries. Do you need boat insurance in Florida?
You do not need boat insurance in Florida. Nevertheless, you will still need to title and register your boat with the state. Youll also need an identification card for boating safety, as well as equip your vessel with safety equipment.
Although Florida law does not mandate boat insurance, you may still need to buy a policy if you have a claim on a vessel. Your bank or the marina will also require you to obtain coverage if youre planning to get a loan for your boat.
Your boat loan will not get approval without first providing your bank a proof of insurance covering your vessels full value in case of loss. Besides, the waterways of Florida are a busy one. And the state is also always at risk of storms and hurricanes; thus, the potential damage costs are quite high.;
Home Insurance And Boats
Sometimes the only kind of boats that are protected with your personal property insurance are canoes and small boats without motors. If your boat has a substantial engine or motor, you may have to get separate coverage. Your boating insurance will probably end up resembling your auto insurance policy.;
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What Boat Insurance Will Pay For
You can typically buy liability insurance which pays for damage your boat does to others in amounts from $15,000 to $300,000, according to the Insurance Information Institute. Heres what else you can expect from a policy:
| What boat insurance typically covers | What it doesnt cover |
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Check, too, about additional coverage for trailers and accessories, for towing and for damage caused by an uninsured boater.
You can buy two types of damage coverage for a boat:
- Actual cash value. This pays the value of your boat at the time of the damage. If your boat is destroyed, your insurance company determines its market value.
Some important things to know about boating and your policy:
Do You Really Need Boat Insurance
You’re out on the water in your beloved boat without a care in the world, until suddenly you realise you don’t have boat insurance.
A million things cross your mind. Do you really need boat insurance? Does your home insurance cover your boat? What does boat insurance even cover you for? The short answer is if you have a watercraft, you need some level of cover. The type of boat insurance that you require will depend on several factors, such as where you store the boat and what you’re using it for.
If you want peace of mind on and off the water, follow this quick guide for determining what kind of boat insurance you may need.
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How Insurance Can Help Protect You And Your Boat
The type of insurance coverage that you need will depend on a number of factors, such as the size, type, age and value of the boat.
You may have boat insurance coverage available through a homeowners insurance policy or you may need to buy a separate policy. A separate boat policy could provide you with additional liability coverage, broader coverage overall and higher limits for watercraft liability. Liability coverage can help pay for damages to someones boat, dock or other property.
Ask a trusted advisor like an Erie Insurance agent which type of policy is best for you. As with any insurance policy, its a good idea to talk with your agent about the policy details and coverage limits to be sure you have the protection that you need.
What Is Boat Insurance Coverage
Boat insurance coverage is the type of coverage you will need in case your boat is damaged, stolen, or causes damage to others. Hull insurance will cover the boat itself, while liability insurance can cover injuries and accidental damages to docks, moors, and others property.
2. Is Yacht Insurance different than Boat Insurance?
Boat insurance is designed for boats that are typically less than 26 feet in length. Yachts are typically more than 27 feet in length, have larger engines, and are more expensive than smaller boats. In general, yachts typically travel longer distances and into deeper waters, carry more people, may require a crew, and have more accessories and personal belongings.;All these factors result in a different risk exposure and require different types of insurance, coverage options, and deductibles.
The first part of a yacht policy includes hull insurance, which covers the agreed upon value of the yacht whether it is old, new, or an antique vessel. You may also agree upon depreciation rates and replacement value.
Liability insurance is essential. First, you may be carrying passengers, whether they are friends and family, or you hire out your boat for pleasure cruises. In deeper waters, youll be governed by Maritime Law, not Federal or State Law, which can be more complicated. You may be required to get Harbor workers and Longshoremans coverage if you have a crew for your yacht.
3. Does my homeowners or auto insurance protect my boat?
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What Comes With A Standard Boating Insurance Policy
Although there are no one size fits all policies, a typical boat policy may include:
- Hull protection covers vessel damage and motor damage.
- Personal possessions this can be fishing gear, smart phones, computers, or anything that you take with you.
- Liability covers damage to other vessels.
- Medical payments to those injured in a boating incident.
- Clean up charges in case your vessel pollutes the waters with contaminants like oil, gasoline, and such, during the course of an accident. This can be a major expense.
- Vessel towing in case your boat is disabled on the water.
Get A Quote For Boat Insurance
There are lots of things that we consider when pricing your boat insurance. Get in touch with a;local Erie Insurance agent, who can help you determine exactly what you need and what type of policy is best for you before you set sail.
1Coverage is subject to policy provisions. See individual policies for specific coverage details. Certain terms and limitations may apply. ERIE’s Boat Protector Policy is not available in Kentucky. Refer to our disclaimer for additional information.2Limited to $250 per occurrence with no deductible. Additional coverage is available for purchase.
3Cost of items excluded.
4Up to $500 in coverage if damaged by a covered peril. Additional coverage is available for purchase. Some personal effects are excluded.Excluded items include, but are not limited to, money, valuable papers, jewelry and credit cards.
5Up to $500 in coverage, with no deductible, after the extinguisher is used in a covered fire.
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Boat Coverage & Limits
Boat Coverage & Limits
Physical damage coverage provides protection if your boat collides with another vessel or submerged object, such as a log or a rock. It is included in most boat and other marine policies.
Discuss your physical damage coverage needs with your insurance representative. Consider what it would cost to repair or replace your vessel when choosing your deductibles and policy limits. If you finance your vessel, your lender may require specific coverage options and limits, too. Remember, you will be responsible to cover your deductible, as well any related costs above this limit.
Do I Need Personal Property Coverage for My Boat? If So, How Much?
Personal property damage coverage provides protection for items on your boat, including clothing and other personal belongings. It is included in most boat and other marine policies.
Discuss your personal property coverage needs with your insurance representative. Consider the items you and your guests often bring aboard your vessel and how important it is to protect them when choosing your policy deductibles and limits.
What Is Boat Towing and Assistance Coverage, and Do I Need It? If So, How Much?
Towing and assistance coverage generally reimburses the cost to transport your boat to a repair facility in the event it is inoperable due to a covered loss, and can also cover gas delivery and boatside assistance if you are stranded. It is included in most boat and other marine policies.
Do I Need Liability Coverage?
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.
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Eight Things You Need To Know About Boat Insurance
Its now officially spring, and spring means warmer weather. Warmer weather means finally taking the boat out of storage and going to the lake, right? As the temperature creeps upwards, it becomes more and more inviting to get out on the water. Swimming, tubing, picnicsall top-notch warm-weather fun. But before you set sail, you need to understand the essentials of boat insurance.;
If you have a boat, there are a few things you need to know to make sure that you have the right coverage;for your watercraft. Like a lot of fun things, boats are dangerous. And thats where insurance comes in. Below weve come up with the top eight things you need to know when it comes to insuring your boat.
What States Require Boat Insurance
Most states do not require boating insurance, but legal requirements are not the only consideration. If you take out a loan to purchase a boat, the bank or credit union holding the loan is likely to require insurance. Also, if you keep the boat at a marina or some other location you do not own, insurance is likely to be required.
The states where boat insurance is mandatory are Arkansas and Utah. Arkansas requires at least $50,000 of liability insurance for all boats powered by engines of more than 50 horsepower. Utah also requires insurance for boats with engines of more than 50 horsepower. However, the minimum coverages are $25,000/$50,000 for bodily injury/death, $15,000 for property damage, or $65,000 combined per accident.
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You May Need Additional Coverage For Land Risks
While the best times on your boat are those spent on the water, your boat may see dry days if you ever transport or storeyour boat on land. Although it can depend on your state, generally when a boat is out of water, it is;not;covered by marine insurance! Youll want to look to your existing insurance policies for coverage at those times. For example, if it is hitched to your car or truck, it may be covered by your auto policy. If it is parked on your property, your homeowners insurance will often trump the boat insurance. Make sure to check with an insurance agent to understand how your different policies will cover your boat at different times. You can reach one of our licensed insurance advisors at .
