Monday, June 10, 2024

What Is The Best Boat Insurance

Travelers Yacht Insurance And Travelers Boat Insurance Program

Avoid These 3 Most Common Boat Insurance Claims | BoatUS

Travelers is a yacht and boat insurance company that offers competitive insurance coverage for boats and yachts that will be cruising the US East Coast and Bahamas. This company can insure sailboats, sailing catamarans, powerboats, and even larger yachts.

While we have heard that travelers is competitive on premium and has one of the best claims service available, Travelers is very selective about the which boats they will insure and as a rule of thumb, Travelers usually requires at least 4 years of similar boat ownership experience before they will quote for insurance. Putting together a good boating resume will come in handy in this case.

For boats and yachts that are newer than 15 years old, Travelers can also include mechanical breakdown insurance coverage by request. It is important to ready your boat insurance policy for coverage specifics, but Mechanical Breakdown Coverage basically covers internal failure of mechanical components not related to an incident. This is a coverage that most boat insurance carriers will exclude in their policies. We recently heard from someone who owns a 60 ft sportfish yacht. This person said the diesel engine had an internal issue and that Travelers sent a diesel mechanic to check it out. Although the engine was not actually broken, the mechanic was helpful and didnt charge the boat owner anything because Travelers paid for the inspection.

We have also heard good things from others boaters about their claims service.

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.

Best For Emergency Services Coverage: State Farm

State Farm

  • No. of Policy Types: 1
  • Coverage Limit: Varies

State Farm is a well-known insurance provider that offers additional coverages including emergency services reimbursement.

  • Coverage for houseboats and jet-skis

  • No online quotes for boat insurance

  • Website needs more detailed information

  • Need to contact agent for policy details

In business since 1922, State Farm is one of the best-known names in insurance in the United States. They offer boat liability and property damage insurance for common risks like storms, collision, theft, and more, with add-on coverage options available . Their property damage coverage extends protection not only to equipment permanently attached to your boat but also to accessories such as detachable canopies, life preservers, and seat cushions. State Farm has resources available for boat owners including articles on boat trailer safety tips, boat safety, and water safety. Boat insurance is available for a multitude of watercraft: runabout/sport boats, cruisers/yachts, sailboats, bass boats, jet skis, houseboats, and kayak/canoes.

Also Check: Apply Boat Registration Numbers

The Difference Between Great Insurance And Bare Bones Is Less Than The Cost Of A Tank Of Gas

Are discounts available?

Discounts are available after you have responsibly owned your boat for three to five years, for being claims free, and if you have taken courses at Canadian Power and Sail Squadron or Sail Canada. Discounts are not available for holding the required Pleasure Craft Operator Cardthats like asking for a discount because you have a drivers license.

Is my boat insured even when Im not using it?

Yes, when you buy a years policy, your boat is covered in storage, in transit, on the water and over the winter. The risks dont stop when youre not using your boat – its more likely to sink when you are not there, and more electrical fires start in the cold months.

Can my insurance be voided?

Yes, if you are involved in any criminal act such as drinking illegally on your boat – your insurance is void.

What about my trailer?

ICBC requires a license plate, and liability insurance. Physical damage can be added to your boat policy for Agreed Value.

Take time to choose your insurance, Paul advises, to make sure you get everything you need.

He asks, Whats peace of mind worth to you?

Types Of Boat Insurance

The 8 Best Boat Insurance Providers of 2021

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.

Also Check: How Much Does Freedom Boat Club Cost Per Month

Insurance Savings Tips For Boaters

When purchasing a new policy, there are some tips every boater should keep in mind so they can get an affordable boat insurance.

For example, boat owners must get quotes from many insurers before choosing what works best for their needs. They have to make sure each insurer offers them desired coverage and with acceptable price range too!

How We Chose The Best Boat Insurance Providers

When selecting the best boat insurance providers, we compared policies and discounts for more than 20 nationally recognized insurance companies that offer boat policies. We also looked at each companys financial strength, customer satisfaction ratings, and reviews. We feel confident that our evaluations provide a useful guide to help you select a boat insurance company, but we always encourage you to shop around and compare quotes before signing on the dotted line for any insurance policy.

Recommended Reading: How To Clean Mildew Off Vinyl Seats

Summary Of A Typical Boat Insurance Policy

Any physical damage covered by a boat insurance policy will usually include your equipment such as hull, sails, machinery, furnishings, on-board equipment, and the trailer if applicable.

Standard cover normally includes:

  • Accidental damage, including fire, theft and malicious damage, sinking, stranding, collisions and salvage costs
  • Damage to engines
  • Transit risks up to 30 feet in length
  • Lifting and launching risks
  • Loss or damage caused by latent defects
  • Frost
  • Damage to mast and rigging whilst racing can be purchased for an additional premium
  • Personal effects

Faqs About Boat Insurance

How to Get Cheapest Boat Insurance with the Best Coverage

Am I required to buy boat insurance?

If by required you mean whether youre legally obligated to have boat insurance, then itll depend on the state. Currently, only three statesArkansas, Utah, and Hawaii required boaters to have boat insurance. However, regardless of whether or not it is mandatory, every boat owner should get one, especially considering the many navigational hazards you can encounter on the water.

Is my boat covered by my homeowner’s insurance?

Sometimes homeowners insurance policies include boat protection. Nonetheless, these policies often offer limited protection for your boat and treat it as any other personal property. Most likely it wont offer the same specialized protection that a boat insurance policy provides.

Does boat insurance cover accidents outside of the water?

This will depend on the type of boat insurance you have. In most cases, insurers will cover physical damages that your boat or trailer may have experienced as a result of an accident while hauling your boat. However, it probably wont cover liability damages caused to another vehicle or person in an at-fault accident. a

Are passengers covered by boat insurance?

In most cases, insurance companies cover passenger injuries if your policy includes collision or medical payments coverage. Make sure to ask your agent before signing on the dotted line.

You May Like: Cleaning Mildew From Boat Seats

Our Boat Insurance Review Summed Up

Company Name
At, we take transparency seriously.

To that end, you should know that many advertisers pay us a referral fee if you purchase products after clicking links or calling phone numbers on our website.

The following companies are our partners in Boat Insurance:

We sometimes offer premium or additional placements on our website and in our marketing materials to our advertising partners. Partners may influence their position on our website, including the order in which they appear on the page.

For example, when company ranking is subjective our advertising partners may be ranked higher. If you have any specific questions while considering which product or service you may buy, feel free to reach out to us anytime.

If you choose to click on the links on our site, we may receive compensation. If you don’t click the links on our site or use the phone numbers listed on our site we will not be compensated. Ultimately the choice is yours.

The analyses and opinions on our site are our own and our editors and staff writers are instructed to maintain editorial integrity.

Our brand,, stands for accuracy and helpful information. We know we can only be successful if we take your trust in us seriously!

To find out more about how we make money and our editorial process,

Boat Insurance Costs And Discounts

How much youll pay for boat insurance depends on the level of insurance coverage you want, as well as the size, horsepower, type and value of your boat.

You can choose your deductible, which is the amount deducted from your insurance check if you make a claim. A typical policy has deductibles of $250 for property damage, $500 for theft and $1,000 for medical payments, according to the Insurance Information Institute. Liability claims against you do not have a deductible.

Insurance companies offer a variety of ways to save money, including discounts for:

  • Having a diesel-powered boat.
  • Not having made a previous boat insurance claim.
  • Carrying other policies, such as car or homeowners, with the same insurer.
  • Taking safety courses.

Don’t Miss: Do You Have To Have Boat Insurance In Alabama

What Are Three Types Of Boat Insurance Available In Canada

The three main categories of coverage on a boat insurance policy in Canada are:

Property coverage: Covers the physical boat and anything permanently attached to it. Amongst other things, this includes the boat motor, fuel tank, oars, and anchors.

Risk coverage: Coverage from theft, capsizing, fire and collision are found here. For other queries, speak to your broker.

Liability insurance coverage: similar to liability auto insurance, liability boat insurance protects you if you injure someone or cause damage to their property.

According to the IBC for a privately owned recreational boat, your insurance options include:

Hull and Machinery: This provides coverage for damages up to the total loss of your boat and attached equipment. .

Protection and Indemnity: This provides liability coverage that protects you against property damage and bodily injury. It also provides help with legal and other fees if there is a loss and you are found at fault, the payout would be what was listed in your policy.

Medical Payments: This provides coverage for medical expenses that are incurred due to an accident on your boat.

Things To Consider When You Buy Personal Watercraft Insurance

Melbourne, FL Boat Insurance Agency

There are some things to consider when buying this type of insurance. Heres what we found:

1) Age of the boat There is some coverage automatically included with your policy, but that doesnt necessarily mean it is enough. Always compare prices from multiple companies to make sure youre getting the best deal possible for your watercraft venture.

2) Location of the boat One question to ask yourself before purchasing a policy is where will it be stored? How far away from water does it need to be kept in order to avoid damage? If its kept more than 50 miles from the nearest body of water, you may want to consider other options, as it may be too hard to keep up with.

3) How often it will be used The type of coverage you choose should depend on how much your PWC is going to be used. If you use your boat a few times a year, you may want to choose the minimum coverage. If its used more often, consider all of your options to find one that will work best for you.

4) Where you store your boat If storing your PWC outside, there are some thing s to take into consideration. These include:

a) Making sure that your storage facility is secure

b) Whether or not the area has heavy foot traffic. If it does, its possible that your PWC could be vandalized, especially if you do not have insurance coverage.

5) The size of your PWC If you own a larger boat, make sure to get the proper coverage for it because chances are, it will be more expensive.

Read Also: Is Banana Boat Sunscreen Cruelty Free

Stay Financially Afloat Withthe Best Boat Insurance

TLTR: This article explores the different types of boat insurance, how much boat insurance costs, whether you need it, and the factors that affect premium rates.

Cruising on a canal or lake or the open sea on a boat can be a great recreational activity, but it can also come with risks. According to the American Boating Association , in 2019 there were 4,168 accidents that involved 613 fatalities, 2,559 injuries, and approximately $55 million worth of property damage that directly stemmed from recreational boating.

So, if you want to stay afloat both literally and financially, protecting yourself and your boat with the right boat insurance is an absolute must.

Do You Need Some Comic Relief

Does your brain hurt from reading these boat insurance reviews and thinking about boat insurance cost?

Our good friend Captain Ray just typed up his all-time, tried and true, best-ever nautical joke. This would be the classic Red Shirt Captain joke

Well, if thats not enough for you, we have also built a boat name page that is pretty awesome.

Here at All Things Boat, we are all too familiar with the stereotypical boating personalities you find out on the water. Sowe decided to make a boat name page organized by all these classic boater types.


to see our list of funny boat names.

If you have any questions or comments, dont hesitate to reach out.

You can message us here.

Also Check: Who Owns Freedom Boat Club

What Coverage Does A Boat Insurance Policy Provide

The most important coverage a boat insurance policy provides is for damage to your boat or your personal property. Of course, most of these policies will have a deductible, but you will be covered for any major damage or loss.

Any good policy will include liability coverage. This will protect you in case there are any injuries to your guests or others involved in any mishap. You want to make sure any medical expenditures incurred by you or others are covered by your policy.

In the event you or others are involved in an incident with an uninsured boat owner, you want to have your policy cover you, your vessel and any of your passengers.

Lastly, should your vessel become stranded, you want to have towing coverage that will cover any charges for towing your boat back to a port.

Who Has The Best Boat Insurance

Boat Insurance Basics How to Get Cheap Boat Insurance with Great Coverage

I have State Farm. I tore up a prop last year. I had no issues with filing/collecting on the claim. My rate is $26.30/month for full coverage.

Oh, let’s see here, Mr. Boater… you say your 26′ Fountain CC sunk at the dock. Capsized? Oh… well, let me refer you to the language that says we ain’t responsible, because we don’t like the condition of your thru-hull fittings. Our surveyor/adjuster was there when she was floated upright after sinking. See here on page 345454567968? Yeah… you need to ensure they are in good shape at all times. So, your neglected scuppers failed and your boat sunk because you, sir, are a slacker. How does zero dollars sound as a settlement? Oh, and your lien holder has been notified. You have no boat to back the loan, so now your loan is due in full to your bank.

Also Check: What Is The Best Boat Cover Material

If My Boat Is Stored At A Marina Do I Still Need Insurance

Yes, definitely yes! You always need insurance. And because it is stored elsewhere, does not mean they can be held responsible for any losses. If anything should happen while your boat is in storage, and for the marina to be held accountable, there would have to be proven negligence on their part. For example, if the roof of the marina collapsed and damaged your boat, they have to prove that negligence on their part caused the roof to collapse. . Or, if a raccoon decides to call your boat home, was it the negligence of the marina that let the raccoon in to chew your wires and upholstery? With so many variables to consider, it is much safer to have a year-round boat insurance policy in place. Gives you peace of mind knowing it is protected should anything happen to your boat during the winter months while in storage.

Common winter claims for boats are: vermin damage, theft, vandalism, and storm damage

Do I Need Boat Insurance

Boat insurance isn’t required in most states — although exceptions include Arkansas, Utah and Hawaii. Even if coverage is not legally required in your state, marinas and ports usually ask for insurance if you wish to dock or moor your boat at their facilities. Additionally, lenders might require insurance if you lease or finance your boat.

Recommended Reading: What Is The Best Family Boat

Popular Articles
Related news