Faqs About Boat Insurance
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.
Do You Know Which Types Of Watercraft Need Insurance
Even if you just use your boat or other watercraft for a few months a year, its important to have them insured
If you own a car, you need car insurance. But not everyone thinks about insurance for their boat or personal watercraftwhether its a power boat, sailboat, pontoon, canoe, kayak or Sea-Doo.
While its not mandatory to have boat insurance in Ontario, there are plenty of reasons to consider it. Having watercraft liability insurance means youre protected in case there is damage to your boat or if someone is injured while using your watercraft.
Kinds Of Boat Insurance Policies
- Boat & PWC Rental – Although this is generally not required, rental insurance will help cover any damage the vessel, as well as the operator and passengers.
- Boat Clubs – covers all members of club while operating a boat.
- Professional – These policies are very customizable and can cover items like travel to a tournament, equipment and more.
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Wreckage Removal & Fuel Spill
Wreckage removal and fuel spill coverages are automatically included in every Progressive boat insurance policy. If your boat sinks or youre responsible for a fuel spill, we cover the bills all the way up to your policys property damage liability limits. We only remove your sunken boat if its legally required.
Example: Your old boat sinks while docked. The Coast Guard may require you to remove the wreckage and address any fuel spills. Just contact us to file the claim, and we cover the costs.
Boat Insurance Keeps The Vessel Secure
Boat insurance will protect your vessel against thievery, accidents, maintenance issues like breakdowns, spills, and natural disasters. The extended coverage will also protect your boat in the open ocean and protect you from getting heavy fines. Heavy fines can accrue when your ship undergoes any type of issue that affects either you or others. For example, you are covered if you are out in the open ocean and have a breakdown. Another example of coverage being there when you need it is if you have a fire, hurricane, or other natural disaster. The boat insurance can help you get another vessel without you spending thousands. If you choose, the emergency packages that insurance offers will protect your boat further in case of serious breakdowns or mechanical issues.
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What Does Boat Insurance Typically Cover
Boat insurance coverage will depend on what type of boat you have, what insurance provider you use, and what coverage youre willing to pay for. General boat insurance typically covers physical damage to your boat, as long as none of the restrictions of the policy were violated, and liability coverage for damage to other property caused by you while operating your boat. You can add additional coverage types, such as medical payment for injuries you sustain while on the boat.
What Should I Look For When Shopping For Boat Insurance
There are many factors to consider when shopping for boat insurance. For starters, youll need to decide if you want a policy that uses an agreed value policy or an actual cash value policy. ACV policies are typically cheaper, but they provide less payout in the event of a total loss.
Furthermore, youll want to look for exclusions and restrictions to boat coverage. For example, some companies will only insure boats up to a certain size, whereas others will not insure boats used for commercial purposes. Knowing the specifics of your boat and what youll use it for can really help you find the best policy to fit your needs.
Once you find several companies that will cover your boat, read the entire list of standard coverage inclusions and compare. Where one company may offer towing as a standard feature, another company may only offer it if you pay an extra monthly fee. Noting these small differences could really save you money.
Finally, consider a companys reputation and the attention it gives to its boat insurance. Some specialty insurance companies focus solely on coverage for boats and other recreational vehicles, while other companies just offer boat insurance as an extra to attract more customers. Noting this can help you get the best coverage from experts who know what theyre doing when it comes to boats.
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What Insurance Do I Need For My Boat
Theres not actually a legal requirement for boats in the UK to be insured.
However, navigation authorities for the waterways and marina and harbour operators usually insist upon at least third-party insurance, which protects others from damage your boat may cause.
The bottom line is, without third-party insurance youll be unable to use your boat on the waterways and unable to obtain a mooring agreement for it.
Get The Best Rates On Boat Insurance
Whether it’s water skiing, fishing, or just cruising around, nothings better than being out on the boat. But before you get on the water, make sure your vessel is covered by a great boat insurance policy. At LowestRates.ca, you can get the best boat insurance quotes from all the top providers in your province. Just contact us at and well help you compare rates and find the right coverage for your boat.
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Best For Affordability: Allstate
- No. of Policy Types: 3+
- Coverage Limit: Varies
Allstate is an insurance powerhouse that offers affordable boat insurance, multiple discounts, and additional boating resources on its website.
Need to speak to agent for policy details
Doesnt specialize in boat insurance
May not get personal attention of a smaller company
Allstate is one of the biggest personal insurers in the United States, consistently drawing high financial strength and customer service ratings from a variety of rating institutions, including A+ from AM Best. Allstate advertises its boat insurance as being affordable for a variety of boat types and coverage options, with some policies available for as low as a $25 monthly premium. The company offers a variety of payment options to fit your financial situation, including Allstate’s Easy Pay Plan where you can save 5% by having your boat insurance premium automatically deducted from your checking account. Or, if you opt to pay in full, you can save up to 10% on your policy premium. If you already have other policies through Allstate, it makes sense to check into their boat insurance coverage since you can save up to 20% on your policy premium by combining it with a home policy. Allstate also offers a 10% discount on boat insurance to all home owners.
Why Do I Need Boat Insurance
For many Canadians, boating is a chance to escape everyday life, relax, and have fun. Boat insurance lets you do all those activities with some added peace of mind. Depending on the level of coverage you choose, your boat insurance policy will offer protection against liability, collisions, fire, theft, and other unexpected accidents.
Boat insurance also safeguards you against risks that only present themselves when youre out on the water: sinking, capsizing, stranding even explosions. And with a good boat insurance policy, youll also get coverage for your marine equipment, which may include radios, GPS units, electric trolling motors, and tools.
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Own A Boat 4 Reasons Why You Need Boat Insurance
A boat is an enormous responsibility, and in todays times, you can never be too careful with something so precious. That is where boating insurance comes in. You should know that while not every state requires insurance, you should still get it because it protects your boat, and it is highly unlikely that the bank will give you a loan if you dont have it. That means that you may not get the boat you want if you havent prepared first. Another reason that you will need the benefit of boat insurance is that it protects you and others from legal issues that you dont want to deal with.
Insurance Limitations For Boats And Pwcs
When it comes to boat insurance, Progressive boasts some of the broadest acceptability in the business. But there are some types of vessels that cant be added to a new or existing Progressive policy:
- Boats over 10 years old and worth more than $500,000
- Boats 11-20 years old and worth more than $250,000
- Boats more than 20 years old and worth more than $60,000
- Boats used as a primary residence
- Houseboats that do not have motors
- Homemade boats without a hull identification number
- Boats with more than two owners
- Boats with steel or wood hulls
- All amphibious land boats, hovercraft, or airboats
- PWCs worth more than $27,000
- Boats that do not meet published U.S. Coast Guard standards
We also cannot insure boats over 50 feet in length. In some hurricane-prone states, the limits can be 35 feet and $175,000 in value.
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Getting Insurance Protects You
When you get a boat, one fear you might have is getting injured. If you, a passenger, or someone in another vessel gets hurt with boating insurance, you are covered. When someone gets hurt, you are liable for the medical bills and other expenses, which can add up extremely quickly. In some cases, people have paid over five thousand dollars in hospital bills, treatments, and other areas that insurance could have covered. You may also get sued by the person injured, even if they are a friend. These costs add up quickly, and insurance makes this process much easier because you wont be personally responsible. In addition to this, your friend can get the help they need.
Why You Need Boat Insurance
If youre borrowing money to buy a boat, you might need boat liability insurance. Youll also need it if youre mooring at a marina. Find out the liability limit so that youre not under-insured.
If you own a cottage, check if your home insurance includes special coverage for watercraftand if that excludes jet skis and jet-propelled boats. Your auto insurance might also provide coverage if an accident happens while youre transporting your boat.
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Guide To Buying And Owning A Yacht
Spend an afternoon at a busy marina, and its clear that yachting is having something of a heyday. Whether youve previously sailed with a crew and are looking to next compete in your own vessel, or you are simply attracted to the lifestyle of leisurely weekends along the coast, owning a yacht is a dream for many.But what does owning a yacht involve, and how much will it all set you back? Our guide will help you understand the realities of yacht purchase and ownership.
Best For Additional Benefits: Boatus
- No. of Policy Types: 3
- Coverage Limit: Varies
BoatUS offers boat insurance as well as towing services and additional discounts on boat charters and services.
Coverage for fishing and watersports gear
Teamed up with Geico
Overload of boating services on site
BoatUS offers boat insurance through the Boat Owners Association of the United States and was acquired by GEICO in 2015. The company has been in business since 1966, resulting in a mix of online customer reviews. But a great majority are positive, especially in the area of claims service. BoatUS offers boat policies in all 50 states for many different types of personal watercraft and yachts.
While membership is not required to get a quote, added benefits for BoatUS members include discounts on popular boating and fishing businesses, fuel, slips, and charter cruises. The basic membership fee is relatively inexpensive at $25/year and goes up to an Unlimited Gold Towing membership for $179 that comes with perks like 100% payment dock-to-dock tows as well as $3,000 for tows outside of TowBoatUS service area. Other membership packages include Unlimited Freshwater Towing for $90/year and Unlimited Saltwater Towing for $165/year.
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Foremost: Best Variety Of Coverage
Variety of packages and coverage options
Several great discounts
Limitations on who can receive coverage
No mobile app
When it comes to coverage, Foremost offers many standard coverage options, including:
- Watercraft physical damage
- Personal property
Additionally, Foremost offers numerous packages that let boaters customize the coverage they receive. These include:
- Saver Package The most affordable package includes cash value settlements in case of a total loss
- Plus Package Includes all of the basic coverage plus agreed value/total loss replacement cost settlement, watersports liability, diminishing deductible, depreciation deferral, and hurricane haul-out
- Elite Package Offers the most coverage possible, with perks such as boat lift/hoist/cradle coverage, fishing tournament fee reimbursement, pet insurance, trip interruption coverage, enhanced towing services, Bahamas and Mexico navigation coverage, extended total loss replacement, and depreciation deferral
- Pontoon and Pontoon Elite Packages For the specific needs of pontoon boats
- Classic and Classic Elite Packages For boats more than 25 years old
- Performance and Performance Elite Packages For speedboats that reach speeds of 77 mph or greater
- Personal Watercraft Insurance With features specifically tailored for personal watercraft
Consequences Of Operating A Boat Under The Influence
Alcohol use was the leading cause of fatal boat accidents in 2019, according to data from the U.S. Department of Homeland Security and the U.S. Coast Guard.
Like drinking and driving, operating a boat under the influence of alcohol or drugs is illegal in every state. Also, federal law prohibits boating under the influence , which the U.S. Coast Guard enforces. This law prohibits all boaters from operating vessels while under the influence, even foreign boats in U.S. waters.
Penalties for drunk boating vary by state and jurisdiction of the waters but can include:
- Large fines
- Suspension or revocation of boat operator privileges
- Suspension or revocation of drivers license
- Jail time
In addition to facing state and federal penalties, you may get severe consequences from your insurance company. For starters, if you get into an accident as a result of operating a boat under the influence, your insurance company might only pay out a liability claim against you. It might not cover damage to your own boat. Your insurer could also decide to cancel your boat insurance coverage after a drunk boating accident.
If youre convicted of BUI with no accident, your insurer could still drastically raise your boat insurance rates or, worse, cancel coverage. While you might be able to find other boat insurance coverage after a cancellation, youll likely have to pay significantly more for a new boat insurance policy.
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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:
How Much Coverage Do You Need
With the exception of Arkansas, Utah, and Hawaii, where some type of liability coverage is required, boat owners dont need a minimum amount of boat insurance in most states. This means that finding the right policy for you will mainly depend on four factors: first, the type of boat you have, second, what you use it forfishing, sports, recreation with family or friends, etc., third, how protected you want your boat to be, and fourth, how much are you willing to pay.
If your intention is purchasing a well-rounded boat insurance policy, it should at least feature some type of liability coverage, collision, and medical payments. These three options will cover damages caused to property, physical damages to your boat, and medical expenses for you or passengers. Adding extra coverage to your policy such as towing and roadside assistance can also come in handy. Keep in mind that sometimes companies include services in their policies that others offer for an additional cost. In order to find the best policy and price, you should at least get three quotes from different companies and compare what coverage and services they feature in their policies.
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