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Boat Insurance

Boat Insurance Policies

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Owning a boat can provide many years of enjoyment for your friends and family members. A boat price can range from $20,000 to millions of dollars. It is truly one of the larget transportation investments that you will ever make.

Since owning a boat is a considerable expense, it is vital that you get sufficient insurance coverage to protect your boat in the event of loss, theft or damage.

Boating insurance should be purchased from a company that specializes in insuring marine properties. These insurance companies have a unique knowledge about boat types and the insurance that will adequately cover them.

Although a boat operates on the open waters, there are dangers and liability risks associated with owning a boat. For instance, you might crash into another boat or the pier while operating your boat. Or your boat could get stuck aground and have to be towed. In such cases, boat insurance prevents you from having to pay for the major expenses associated with these accidents.

The cost and coverage varies depending on your insurance carrier. However, the average cost for insurance is approximately 1.5 percent of the boat's value.

Insurance for boats often includes:
Repair or replacement costs due to collision or damage.
Property damage to your boat, another boat, docks, piers or structures.
Bodily injury liability such as lost wages, medical bills, legal expenses and pain and suffering.
Roadside assistance, damage caused by uninsured boaters, oil spills and medical bills are additional coverage options.

Boats that may be challenging to insure include:

  • Houseboats and live-aboards that are used a primary residences
  • Hovercrafts
  • Boats without serial numbers
  • Motorless boats
  • Boats that contain wooden hulls
  • Boats with multiple owners
  • Amphibious land boats
  • Airboats

Knowing about the important elements of boat insurance enables you to confidently purchase coverage that will meet your needs.


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