Boat insurance is very similar to car insurance.  Many of the same options and choices you have with your auto policy will be presented to you for your boat insurance.  These include collision and comprehensive coverage, as well as liability coverage.

Collision will cover you in case your boat collides with another boat or property and you are at fault.  Comprehensive will cover you for other types of loss such as storm damage, theft, fire, or vandalism.  Claims of these types are subject to a deductible that you choose when you take out your policy.  Liability insurance will cover you if another person is injured or killed due to an at-fault accident with your boat, or another person’s personal property is damaged.

In addition, some boat owners should also carry equipment coverage which helps you pay for your gear if it is lost, falls overboard or gets stolen.  This coverage is usually an add-on, but is important for fishermen.

What Effects You Premiums

If you’re a first time boat owner, you may be surprised to discover some of the many things that affect your boat insurance rate.  These include:

  • Location – coastal regions vs. inland regions
  • Navigation area
  • Type of boat, length, and value
  • Years of boating experience
  • Claim history
  • Motor vehicle record
  • Owner’s age
  • Marital status
  • Speed of vessel
  • Age of vessel
  • Outboard motors vs. inboard motors

Getting the Right Coverage

All boaters expect their insurance to cover damage, theft, and bodily harm.  But policies can include even more benefits such as emergency towing, tournament fee reimbursement, and trip interruption.  It is also important to talk with our insurance professionals about whether to choose an actual cash value policy which is based on the replacement cost of your boat minus depreciation, or agreed amount value that does not factor in depreciation.

Call us now to discuss your boat insurance needs.