Boat Insurance Coverage: What You Need to Know

boat insurance coverage

Although most people budget for renter's insurance, homeowner's insurance, etc., not everyone understands the benefits that having boat insurance coverage can provide.

Since there are thousands of boating accidents each year, it's not impossible for you to find yourself in a situation where your coverage comes into play.

Not sure where to start? Don't worry, we’ve got you covered.

Let's take a look at everything you need to know.

What's Covered By Boat Insurance?

In general, you'll find that boat insurance covers most types of incidents that can occur while boating. These include:

  • Damage from collisions
  • Bodily injury
  • Property damage
  • Comprehensive coverage (this comes into play during circumstances like vandalism or theft)

How much money you're compensated depends on your policy. These include the total value of your boat, your deductibles, limits, etc.

How Much Does It Cost?

As with your insurance coverage, there's a handful of factors at play in determining how much you'll pay each month. A few of the most notable are:

  • The state you currently live in
  • If you're using it for inland waters or on open seas
  • Whether or not you have additional coverage options
  • The boat's size and age

If you're only looking for the bare minimum in terms of coverage, it's not impossible for you to end up paying less than $100 per year. As you may expect, more thorough coverage will result in more expensive payments.

Those who've taken a course in boating safety will receive discounts from many different providers. You'll also find that your quote may vary significantly among insurance providers.

Working with an independent agent can ensure that you find the best provider for you in terms of price and coverage options.

How Much Coverage Do I Need?

This will depend on what type of boat you have, especially its total size and speed. For example, smaller speedboats will need higher coverage for personal injury due to the fact that they're inherently more dangerous than a larger boat used only for cruising.

Similarly, this type of boat will also need more coverage when it comes to property damage.

In general, it's a smart move to purchase at least $1,000,000 in coverage to ensure that you're properly protected. If your boat happens to be notably powerful and fast, it's recommended to purchase even more.

In general, though, you'll want to purchase a coverage option that can thoroughly cover any damage that your boat is at risk of causing. Those who typically take large groups of people out onto the water with them will need more coverage than those who typically sail alone or with a partner.

Justifying Boat Insurance Coverage Can Seem Difficult

But it doesn't have to be.

With the above information about boat insurance coverage in mind, you'll be well on your way to getting the coverage option that's best for you.

Want to learn more about how we can help? Feel free to get in touch with us today.

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