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Boat Insurance

Facts About Boat Insurance

There are many ways in which you can enjoy owning a boat. You can use it for fishing, waterskiing, or just relaxing and spending time with family and friends. Considering the cost and importance of your boat, you need to protect the investment. This is why you need boat insurance to provide financial assistance in the event of loss or destruction to your boat. This coverage is for most watercraft with motors, such as paddle boats, yachts, leisure crafts, fishing boats, and pontoon boats. Coverage usually excludes kayaks and canoes.

How it Works

This coverage is similar to insurance for your car or home. The only difference is that boat insurance is specifically for a boat and the things that can go wrong with it. This includes accident, theft, or any other loss that is included in your policy. When a covered event takes place, you file a claim, pay a deductible, and then the policy will do its part.

For example, your policy could provide financial assistance if you were in a crash with another boat. You might also have coverage if your boat were to break down and need a tow. Several different types of events might be covered, depending on your policy.

If you are at fault for a mishap, then liability coverage will cover the harm up to policy limits.

If the other person is at fault, then their insurance would cover the damages. But it is possible the other person might not have any or enough insurance. If that happens, you will have to pay for your own expenses. An exception is if you have uninsured/underinsured coverage for your boat.

Several options are available for boat insurance. They include:

  1. Comprehensive coverage to help in case your boat is stolen, damaged, or vandalized.
  2. Collision damage that helps pay for a replacement or repairs to your boat.
  3. Property damage or liability coverage to pay for damage you cause to another person’s dock, boat, or other structures or property.
  4. Bodily injury to pay for damages you cause another person while in the operation of your boat, including medical bills, pain and suffering, lost income, and legal fees.

You may also purchase additional coverage for your boat. What is available will depend on your insurance company, but generally speaking, you can get coverage for fishing equipment, personal property, oil spills, and roadside assistance. Speaking with one of our insurance pros can help to answer any questions you may have and determine the right amount of coverage for your family’s peace of mind.