Boat Insurance
Boat insurance is a type of insurance policy designed to provide coverage for boats and watercraft, including sailboats, motorboats, fishing boats, and personal watercraft. The purpose of boat insurance is to provide financial protection to boat owners in case of accidents, theft, or damage to the boat or its equipment.
Whether you own a sporty Bass Cat boat, pontoon, power-boat, jet-ski, or sail boat, we have lots of options to cover your watercraft. If you have a Homeowners’ Insurance Policy, it will usually provide only limited coverage for a small boat. Typically, no more than $1,500 is available to pay for theft or physical damage to the boat, its outboard motor, trailer, and any other equipment or accessories.
Coverage for theft is often limited and frequently requires that the boat be on the property where you live when the loss occurs. Additionally, your Homeowners’ Liability Coverage may not apply to your boat, depending on its features (size, engine type, etc.), therefore you will want to have a separate “boat insurance” policy for your boat.
Boat insurance coverages include:
- Navigational Area
- Agreed Value Coverage
- Bodily injury liability – covers damages and injuries you cause if you hit another boat, person, dock, buoy, or something else. Liability boat insurance also pays to repair or replace any watercraft, object or other property you damage while boating. And may cover legal expenses if you’re sued.
- Medical Payments
- Physical Damage Coverage
- Injury
- Fuel Spill Liability and Wreckage Removal
- Personal Effects
- Unattached Equipment Coverage
- Emergency Assistance
Boat insurance typically includes the following types of protection:
- Liability coverage: This coverage helps pay for damages or injuries that you may cause to others while operating your boat, such as in an accident.
- Property damage coverage: This coverage helps pay for damages to other boats or property that you may cause while operating your boat.
Collision coverage: This coverage helps pay for damages to your boat resulting from a collision, regardless of who is at fault. - Comprehensive coverage: This coverage helps pay for damages to your boat resulting from incidents other than a collision, such as theft, vandalism, or damage caused by severe weather.
- Personal property coverage: This coverage helps pay for damage or loss of personal belongings on board your boat, such as fishing equipment, electronics, or clothing.
- Uninsured/underinsured boater coverage: This coverage helps protect you if you are involved in an accident with someone who does not have enough insurance coverage to pay for the damages.
Boat insurance is important for boat owners as it provides protection against financial losses resulting from accidents, theft, or damage to the boat or personal belongings on board. It is important to review and compare policies from different insurers to find the best coverage for your needs.
There are several scenarios where you may need to use your boat insurance. Here’s an example:
Let’s say you’re out on the water in your boat and you accidentally collide with another boat. The other boat sustains significant damage, and several passengers on that boat are injured. In this case, you may be held responsible for the damages and injuries caused. If you have liability coverage under your boat insurance policy, your insurance company would help pay for the damages and medical expenses for the injured passengers.
In addition to liability coverage, if your own boat also sustained damages in the collision, your collision coverage would come into play to help pay for the repairs to your boat. If the other boat involved in the accident was uninsured, your uninsured boater coverage would help protect you from financial losses resulting from the accident.
Overall, boat insurance is important for protecting yourself and others from financial losses in case of accidents, theft, or damage to your boat.