Boat Insurance Policy Coverages
Before You Buy Guide: Diving In to Watercraft Insurance
Before you buy watercraft insurance, get some information about common boat insurance coverages. Find out more about what coverages boat insurance companies provide now.
As the weather warms and boaters ready boats for the season, it’s a good time to evaluate boat insurance needs. Most states require that owners carry boat liability insurance. This is just the bare minimum available and doesn’t cover the multitude of other problems that can arise on the water. Boat insurance coverages vary by boat insurance company. Some boat insurance coverages are included in the policy, and some can be added for an additional premium.
Boat Liability Insurance Coverages
Liability and bodily injury coverage provides boat owners with liability insurance coverage when there is damage or injury to something or someone else. Medical payments provide boat insurance coverage for bills that arise as the result of a covered accident on a boat. Stand-alone boat liability insurance coverage is also available.
Comprehensive and Collision Boat Insurance Policies
Comprehensive and Collision boat insurance policies are available from most boat insurance companies. Almost 800 boats are stolen each month in the U.S., so proper theft coverage is a must-have. Covered losses on boat insurance policies also include fire, vandalism and malicious mischief and most other perils.
Additional Boat Insurance Policy Coverages Keep Worries at Bay
Adding replacement cost for personal effects and/or a watercraft to a boat insurance policy means that depreciation isn’t taken from a watercraft or personal effects’ value in the event of a loss. Claims payouts vary by boat insurance company but are usually actual cash value or agreed value. Replacement cost for boat insurance isn’t available from every insurance company.
Extra Boat Insurance Coverages Keep Insureds Afloat
Uninsured boater’s insurance coverage pays for damages incurred by an uninsured boater in the event of a covered loss. Roadside Assistance provides boat owners with towing to the nearest qualified repair facility when a trailer or tow vehicle is disabled. Trailer insurance also covers the boat’s trailer, too. If the boat will be used outside of the U.S., additional coverages may need to be purchased. The boat insurance policy often includes Canada and Mexico coverage, but may have to be purchased as an additional endorsement.
Watercraft Insurance Costs and Discounts
The watercraft insurance policy can easily cost $500-$800 annually. Insureds can cut policy costs by taking boating safety courses, or with installed protective devices like a ship-to-shore radio or burglar alarm. Watercraft insurance policy discounts available vary by boat insurance company. It costs even less for personal watercraft insurance. Learn more about personal watercraft insurance to get coverage for your Jet Ski or personal watercraft.
Talk back with a writer: tell Lisa Nichols about your experiences with watercraft insurance.
Get more tips before you buy insurance on this topic's homepage.
