Wednesday, May 22, 2024

What Is Comprehensive Boat Insurance

Towing And Roadside Assistance

Boat insurance expert Nigel Hawkes talks about what makes inland boating different

If the watercraft is disabled while afloat or away from safe harbor or the trailer is disabled, we will pay for:

  • The cost of emergency labor performed at the site of disablement or
  • Towing to the nearest place where needed repairs can be made or
  • Delivery of gas, oil or battery however, unless an Elite Package is purchased we do not pay for the cost of the items.

Does Boat Insurance Cover Theft

Comprehensive boat insurance covers the theft of the boat itself. Personal possessions carried in the boat may or may not be covered, depending on the policy. Therefore, you should carefully review the comprehensive coverage of your policy to determine exactly what is and is not covered.

If you plan to carry expensive fishing equipment or other items of value, you can purchase one or more additional riders, or policy endorsement, to cover those assets.

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Related Topics & Resources

Products underwritten by Nationwide Mutual Insurance Company and Affiliated Companies. Not all Nationwide affiliated companies are mutual companies, and not all Nationwide members are insured by a mutual company. Subject to underwriting guidelines, review and approval. Products and discounts not available to all persons in all states. Nationwide Investment Services Corporation, member FINRA. Home Office: One Nationwide Plaza, Columbus, OH. Nationwide, the Nationwide N and Eagle and other marks displayed on this page are service marks of Nationwide Mutual Insurance Company, unless otherwise disclosed. ©. Nationwide Mutual Insurance Company.

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Does Boat Insurance Cover Engine Damage

Boat insurance sometimes covers engine damage. This varies from company to company, as well as by policy. Some insurance companies have machinery damage exclusions while others do not it often depends on the age of the motor. Reimbursement may include replacement cost or be subject to depreciation.

Is Boat Insurance Required

Boat Insurance  Kelly White Insurance

In some states, you must have liability coverage for your vessel to protect those around you. Some marinas also require insurance for the watercrafts that are docked there. If you have a loan out on a boat, your lender will probably require that you have insurance, just like if you had a loan out on a car.

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Best For Professional Fishermen: Markel

  • No. of Policy Types: One custom policy
  • Coverage Limit: Contact for details
  • Price: $100+/year
  • Policies tailored to your boating needs

  • Free online quotes

  • Need to contact company for policy details

  • Website could be updated

  • Not as well-known as other providers

The Markel Corporation is a specialty insurance company that offers specialized coverage for boats. They have an A rating from A.M. Best and an A+ rating from the Better Business Bureau. The company has been in business since 1930 and offers comprehensive boat insurance policies for boats and personal watercraft . The Markel policy has an option to add coverage if youre a professional fisherman which provides replacement cost coverage for a preset agreed upon value of fishing equipment. Several discounts are available including an accident-free discount, operator over age 40 discount, and an experienced boater discount for boaters who have five years or more of boating experience. If you happen to qualify for all of the discounts available through Markel, you could save up to 35% on your boat insurance premium. Extra features also come standard without having to pay an additional premium.

Boat Insurance Basics: What’s Covered

Learn about boat owners insurance and what the coverage means to you.

Did you know that boat insurance is one of the earliest known forms of insurance? Ancient sailors knew firsthand about the risks of a life at sea and sought to insure their boats against hurricanes and other unpredictable weather and waters. And it still applies today.

Boat insurance policies can vary widely in what they do and do not cover based on a number of considerations, including the type of boat, the waters it will traffic, and how many months of the year the boat will be used. Still, there are a few basic kinds of coverage you can expect to receive, as well as some potential discounts for safe boaters.

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Case Study Rupert Smalley: Stressful Process

Rupert Smalleys 28ft Flying Fish was left holed after a collision with another boat

Rupert Smalley and his wife are seasoned sailors and own the Laser 28 Flying Fishof Howards Way fame.

Mike Reynolds is a boat and classic car photo journalist, and has contributed to several magazines since he began his career in 1979

They regularly took part in Wednesday-evening races organised by the Hamble River Sailing Club along with other inshore and offshore events.

Their accident occurred when they were on a starboard tack, became aware of the proximity of a larger 40ft Beneteau and immediately took action to avoid collision.

However, the stem of the Beneteau still managed to collide with the Flying Fish, holing her on the port quarter below the waterline. Immediately, water began pouring in.

The Smalleys took action, coming about and heading back to the mouth of the River Hamble. They were rescued by a passing motor boat, stepping off their fast-sinking yacht.

The Maritime and Coastguard Agency was called, along with the Hamble lifeboat.

Then followed a frustrating six months of wrangling with their insurance company about gaining evidence that they were in the right.

This involved researching the services of a marine solicitor with a view to possible legal action.

The insurance claim was eventually resolved and settled allowing the Smalleys to buy the wreck from the insurance company and, with additional expenditure, to rebuild the boat.

Cutting The Cost Of Boat Insurance

AXAs Yacht Insurance

There are a few things you might want to consider to help keep the cost of boat insurance down.

No-claims discount

Just as with cars and other vehicles, insurers will usually take into account a clean boating history.

And just like with driving, taking care at the tiller, being security-conscious and navigating with consideration to others will help you to build your no-claims discount.


Some insurers will offer discounts for fitting security such as alarms or particular types of locks.

Where you keep your boat will also affect your insurance for example, a trailer boat kept in a locked compound might be considered more secure than putting it on your driveway.

Qualifications and experience

Insurers see seasoned boaters who have experience under their belt as lower risk and may offer them cheaper premiums.

If youre new to all things nautical, one way to build your experience is to take insurance-recognised courses and qualifications, such as those run by the Royal Yachting Association.

Courses scoring a discount will vary by insurer and by your type of boat, so contact your provider to find out more.

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Comprehensive Insurance Vs Collision Insurance

It can make sense to have comprehensive car insurance if you’re buying a brand-new car, regardless of whether you finance it or pay cash. Comprehensive coverage can protect you against minor and major damages caused by things beyond your control, regardless of whatever coverage you may have that extends to accidents.

Where you live can also play a part in your decision of when to have comprehensive coverage. If a person lives in a rural area where collisions with animals are common or in a stormy area that often gets hail, they might want to purchase comprehensive insurance. The same is true if a person lives in a higher-crime part of town where break-ins and theft occur regularly.

Collision insurance protects you in a single-car rollover, a collision with another vehicle, or a collision with an object. It does not cover break-ins or thefts, or weather-related damage. If you lease a car, you’ll be required to purchase collision insurance. Collision insurance comes in handy when you get into an accident to help pay for your vehicle’s repair, and it covers any damage to your car due to potholes in the road.

Neither insurance will cover medical bills from an accident or damage to another person’s vehicle if you are in an accident.

When purchasing comprehensive coverage or any other type of car insurance, be sure to compare the best car insurance companies to find the most affordable rates.

Boat Insurance: Learning The Ropes

Boating is a great hobby. If you go boating frequently, you know to never leave the shore without the essentials such as fresh water and life jackets. However, theres one other thing you shouldnt set sail without: an insurance policy. Coverage can cost as little as $300 per year and could save you from large monetary loss due to damage or medical bills.

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Why You Need Boat Insurance

Everyone wants to have a safe experience while theyre out on the water, but operating a boat does come with some risks that could result in costly injuries and damages. Insurance could help cover you, your passengers and your boat as well as other people and their property.

Erie Insurance offers coverage for sailboats, powerboats, houseboats, inboard or outboard motorboats and personal watercraft .

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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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 Does Comprehensive Cover

Comprehensive coverage covers damages to your vehicle in certain situations. It’s sometimes referred to as “other than collision” coverage. All that means is that it may cover damages to your vehicle that collision coverage doesn’t. This may include, but is not limited to, things like:

  • Theft
  • Hitting an animal

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How Does Boat Insurance Work

When you buy boat insurance, you must decide on the amount of coverage you need for your boat, the deductible and the types of coverage you need.

If you have an accident, experience a theft, or have another loss that is covered under your policy, you can file a claim and receive a payment covering the loss.

If you were in an accident with another boat that caused serious damage to your vessel, one of the following things would most likely occur, depending upon the insurance coverage you and the other boater have and the laws in your state:

  • If you were at fault, your boat liability insurance would cover the damage up to the limits of the policy.
  • If the other boater was at fault, their coverage would pay for your damage, up to the limits of their policy.
  • If the other boater was at fault, but did not have boat insurance, or did not have enough to cover your expenses, uninsured/underinsured boaters coverage could cover the damage .

Save on Boat Insurance

The cost of boat insurance varies depending on:

  • The state you live in
  • The type, size, and age of the boat you wish to insure
  • The size of the motor and how it is powered
  • Whether you are using it on inland waters or the open seas
  • Whether you have selected additional coverage options

In general, boat insurance can range anywhere from as little as $200 to as much as $500 per year.

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How Much Boat Insurance Do I Need

Boat Insurance and safety Tips – ACE Recreational Marine Insurance

The amount of boat insurance you need depends on a number of factors, including the boats value, motor size, age, and how you use it. If you have a brand-new high-performance speed boat, you will need more coverage for bodily injury and property damage liability than if you buy a pleasure cruiser.

Insurance professionals recommend buying at least $1,000,000 in liability insurance, and even more if you have a fast, powerful boat that is both riskier and can cause more damage.

For uninsured/underinsured motorist coverage, a typical minimum is $10,000. However, the amount you purchase should reflect the potential injuries and damage you may need to cover if you or one of your passengers is seriously hurt, or your vessel is damaged.

Your other coverage amounts, including collision coverage and comprehensive coverage, should be based specifically on the value of your boat.

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What Is Boat Insurance

Boat insurance covers you in the event of a loss or damage to your boat. It covers most watercrafts with motors, including fishing boats, pontoon boats, paddle boats, leisure crafts and yachts. Boat insurance does not usually cover canoes, kayaks or personal watercrafts .

For small watercrafts, you may find some limited coverage under your homeowners policy. You may also be able to add a special endorsement or buy separate coverage. Contact an independent agent for assistance with all of your boat coverage.

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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Boat And Watercraft Insurance Discounts And Savings

The average boat premium costs only about a dollar a day. You can save even more by taking advantage of our discounts, so reach out to our client care team about ways to lower your rates. Below are a few great ways to save.

Be a Safe Boater

You may receive a discount when you complete a boating safety course offered by the Coast Guard Auxiliary or U.S. Power Squadron.

Be advised that some states require boaters younger than 16 years of age to complete an approved safety course before operating a boat.

Billing Plan Credit

You qualify for a discount when you pay your premium in full at the inception or renewal of a policy.

What Should You Look Out For When Choosing Your Policy

CGU Boat Insurance provides comprehensive cover against ...
  • Is your boat in insurable condition? Most policies will require that you have a âmarine surveyâ done at your expense to show that the boat is seaworthy and in good working order.
  • What value do you want insured? Youâve got three choices for insuring the value of your watercraft: agreed value, market value or a random value of your choosing:
  • What parts of the boat do you want insured? Some policies allow you to choose which parts of the boat you want insured and for how much. For example, you may wish to reduce your premiums by insuring the hull but not the sail.
  • How far can you take your boat from land? A common condition in most policies is a âgeographical limitâ of 200 nautical miles from Australiaâs shores. Youâre covered if you stay within that range, but not if you sail beyond it.
  • What are the maintenance requirements? Your policy will require that you keep your boat and moorings in good working order. Find out if your insurer has specific requirements. For example, some insurers will require you to have your moorings serviced every year.
  • Will you be towing your boat? If your boat is damaged while being transported on a trailer, its usually not covered by boat insurance so youâll need to add it to your car insurance. Boat insurance may still cover you for damage to others depending on how your policy is structured.

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Our Top Picks For Boat Insurance

  • Wreckage removal and fuel spill cleanup included
  • Accident forgiveness and disappearing deductibles
  • Coverage limitations for expensive watercraft, and for big boats in hurricane-prone states

Not every insurer includes in its standard coverage the removal of your boat if it is wrecked and damage from fuel spills. Progressive is among those that do, but there are limitations. Wreckage removal is covered only when it is deemed to be legally necessary, and fuel spills only to the limits of your liability coverage.

Progressive boat insurance policies include accident forgiveness which keeps rates from increasing if your claims are for $500 or less. Boaters whove been Progressive customers for at least four years and remained accident-free for three are exempt from rate increase for any boat accident, regardless of the claim amount.

For an additional cost, you may include a disappearing deductibles policy that deducts 25% from your deductible amount for every claim-free period on your boat policy until it reaches zero.

But Progressive has more limitations than some insurers on the vessels they will insure, and where they will do so. Personal watercraft worth more than $27,000 are not covered. In hurricane-prone states, insurance is not available for boats over 35 feet in length or that are worth more than $175,000.

Additional coverage options:

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