Boat Insurance

Things You Need To Know About Boat Insurance

The snap of mainsail and outbound fishing line while boating can be devastating. Millions of people across the U.S. participate in recreational boating every year. Since boat insurance is an odd duck in the world of insurance, getting the right insurance policy or insurer can be a challenge to most people.

Why you need boat insurance?

Unfortunately, most people assume that their home or auto insurance policies can stretch to cover their boats! Although it’s possible to get minimal coverage for small boats with small engines, expensive boats require boat coverage. Since your boat can go anywhere like your car it needs its separate policy. It’s also possible to consult with your insurer and ask whether you can bundle the boat policy with your auto or home insurance and save some quick bucks in the process.

Is there a difference between the boat policy from home or auto insurance?

If someone is accidentally injured on your boat, the boat policy will cover for liability and give you the option of replacement or cash value in case of total loss. Just like auto insurance, the boat policy that you purchase will cover for the bodily injury that your boat inflicts on other persons, damage on property, and the physical damage caused to your boat when you accidentally hit docks or other boats.

You also have an option of purchasing a comprehensive coverage that will cover your boat in case of vandalism, theft, natural disasters, fires, personal property like fishing gear, uninsured boater, or even roadside assistance whenever you need a tow. Interestingly, unlike the home or auto insurance, the boat policy allows you to suspend the coverage for certain periods when you’re not using the boat. Hence, if you get involved in accident when you’ve suspended the coverage, unknowingly, you will not get compensation.

Is your boat covered when out of water?

Yes. Your boat can be covered but not with the boat policy. It will be covered by your auto policy when attached to your car only to the limits therein. The homeowners insurance will also cover your boat if damaged when parked on your property. However, the home policy will not cover for vandalism or stolen property from the boat.






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