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Boat Insurance

Boat Insurance Overview


Boat insurance coverage is a specialized kind of motor vehicle insurance that is tailored to boat owners so as to protect them from the many potential financial repercussions of damage and/or injury that can occur anytime while enjoying the pleasures of boating. In some cases, similar to car insurance, boating insurance is a legally required.

Who needs it?

Good boat insurance is akin to a hybrid homeowner and vehicle insurance policy. Those with bigger boats, like a 100ft yacht, will benefit most from coverage that closely mimics the form of homeowner’s insurance, while those with smaller vessels will be better off with coverage that is similar to an car insurance policy. At the very least, it will likely behoove boat owners to buy coverage that is for bodily injuries and property damage. This includes coverage for injuries that happen on the boat or deaths that might befall other related parties.

Policy Aspects

Boat owners are benefited in learning the various aspects of boat insurance coverage that are different from their auto and homeowners policies. For most boat owners, coverage is not designed to be in effect for the entire year. This coverage is usually being least needed during the off-season when one keeps the boat out of the water during the winter. Supplemental coverage is also offered for any damage that might occur during these off-season interludes.
Another aspect of insurance education is the understanding of how quickly a boat can depreciate in its monetary value. Just like buying a car, as soon as the boat hits the water gets under way, it will quickly decrease in its value. This is how an “Agreed Value” policy can be helpful as it this kind of coverage that provides the boat owner with the money to fully replace a destroyed boat that was previously agreed upon before the policy was put into effect. “Market Value” policies provide coverage that pays out for the current appraised value of the boat, which takes into consideration depreciation. This can mean a lower compensation, but it also can mean less costly premiums too.

Additional Coverage

Boat owners are encouraged to decide where, when and how often they will likely be using their boat when looking for the best policy for their needs and budget. Some policies will cover freshwater locations while others are written for vessels that venture out beyond the coast in the open sea. Owners are encouraged to exploit the many ways to lower their costs like enrolling in a boating safety course or by installing safety measures such as an engine kill-switch, and more. Speak with an insurance professional for more on how to secure the best boat insurance policy for your needs.