Boat Insurance

Boat insurance covers all kinds of boats no matter the size. Boats are subject to damage and destruction due to the nature of its use and where it is used. There are a multitude of options available for any boat application. Insurance is available for pleasure boats as well as commercial boats.

There are no laws, state or federal, that require a boat owner to have insurance, but a boat that is financed may be required by the financer to have boat insurance with the financing company as the designated payee to cover their interest in the boat. Marina’s usually require boat owners to have boat insurance, including liability insurance as a condition to keep your boat at the facility.

Boat insurance coverage includes physical damage, damage to personal belongings and fishing equipment, rental reimbursement, and roadside assistance if the boat is being transported, on water towing. Boat insurance also includes bodily injury payments, damaged property costs and the cost of defending claims against the boat owner.

Boat owners may qualify for insurance discounts if they combine their boat insurance with their auto and homeowners or renters insurance, insure a boat that uses diesel fuel, have multiple boat coverage, are a claim free boat owner and take certified boating safety classes.

The amount of insurance necessary for a boat will vary depending on the size and cost of the boat, age and power type, the location of use and storage, along with the boat owners operating experience and continuing education of boating safety and operation. The financing entity for a boat that is financed may have minimum insurance requirements as well as a marina and off season storage facility.

When you are considering and comparing boat insurance, be sure to consider the losses that will be covered, the amount you will collect in the event of boat loss, what is available in the form of assistance and the level of service you will receive.

There are several factors involved that determine the premiums of your policy. Some of those factors include the cruising area you choose for your boat. An area that is exposed to hurricanes will have a higher insurance cost than inland lakes and rivers. Some boat insurers will consider boat owners vehicle driving record. If the boat owner has a clean driving record, they will most likely be a safe boating pilot. Continuing education in boating safety will always be taken into account. Keeping your boat in a secure location in both weather and storage will keep your boat out of destructive weather and keep your boat safe from vandals and thieves. Your deductible will also have a bearing on your premium. There are different policies available for boats. There is an all risk policy that covers the boat for all losses and damage included in the policy. There may be some exclusion such as losses due to extreme weather conditions or damage or loss as a result to the boat owner being in an impaired state. Typically, those losses exclusions can be negotiated.