What to Know About Boats And Watercraft Insurance

Hunting for the correct boat insurance is far less enjoyable than spending time on the water. However, acquiring the proper boat insurance plan can allow you to enjoy the summer months worry-free, knowing that your boat is adequately insured.

Read on to learn more about boat insurance.

Now Is Your Time to Protect Your Boat and Your Crew

A collision can not only result in damage to your watercraft but also injure the people on board. Boat insurance policy protects you from paying expensive medical bills for those injured and ensures your watercraft will be repaired with little to no out-of-pocket.

Why Is Boat Insurance Necessary?

Water bodies are not the safest place. A boat insurance policy will protect you and your boat from any damage incurred on water. Also, it’s necessary as your homeowners insurance may not cover your boat.

Basic Things to Know About Boat Insurance

If you are involved in a covered accident and have the necessary insurance, you are generally responsible for paying the deductible, with insurance covering the remainder.

However, if you do not have insurance, you may be forced to pay out of pocket for the entire cost of repairs to both boats, legal fees, and sometimes the other party’s medical expenses.

What Are Covered Under Boat Policy?

Boat insurance covers the cost of repairing your watercraft if it is damaged by a covered event such as a crash, inclement weather, theft of the vehicle or vandalism.

Watercraft That Are Covered by Boat Insurance

Boat insurance covers any watercraft with an engine capable of exceeding 25 MPH, such as yachts, ski/fishing boats, sailboats, and jet skis.

Get on Board with Reasonable Coverage

The average cost of boat insurance is $200 to $500 per year, while insurance for a large or costly boat might cost 1-5 percent of the boat’s worth.

How Can I Compare Boat Insurance Quotes

Boat insurance premiums varies amongst insurance providers. Free estimates can occasionally be found online through an insurance company’s website, but not all boat insurance companies provide them.

You can instead contact the insurance company directly.

Boat Insurance Coverage Types

While there are many specialty coverages, the most basic coverages include:

  • Personal liability
  • Personal property
  • Medical payments
  • Uninsured watercraft
  • Towing assistance
  • Watercraft physical damage

Basic Boat Insurance Coverage Limits and Deductibles

The following are standard coverages with standard deductibles and average limits:

  • Medical payments, $5,000
  • $1,000 Personal limit effects, $250 deductible
  • Uninsured boater’s liability, between $300,000 and $500,000
  • $500 to $1000 limit towing and assistance, no deductible
  • $1,000 limit fishing equipment, $250 deductible

Be Safe on the Water

The easiest way to mitigate damage is through preparedness. Attending a certified boating safety course is always recommended.

Boat Insurance FAQs

  • Do I need insurance if my boat isn’t expensive?

    Yes, you can be legally liable for medical expenses in the event of bodily injury caused by an accident due to your boat.

  • Should I keep my policy during the off-season?

    Yes, this will keep you covered in the event of theft or damage caused while in storage.

Boat insurance is necessary to protect yourself out on the water. One uninsured accident can cause a lifetime’s worth of debt. You wouldn’t think twice about insuring your car, but why not your boat? It’s an important decision, and we’re here to help. For more information, contact us today here at Burton A. Harris Insurance Agency!