Affordable Boat Insurance Coverage

There’s nothing quite like hitting the open water on your boat, just cruising around and enjoying the day. But what happens when the voyage takes an unexpected turn? Boating accidents can happen fast and are not as uncommon as you may think.

Suppose you have the unfortunate experience of being caught up in one. In that case, you will want to be protected with an affordable boat insurance quote.

Boat and watercraft insurance coverage can give you the peace of mind needed when being the captain of your vessel. It provides financial assistance following various incidents and can protect the investment you’ve made in your boat.

This serves as your guide into boat and watercraft insurance options, covering FAQs and topics ranging from what a personal watercraft is to how much a boat insurance quote usually costs.

What is Boat Insurance?

Boat insurance is a type of insurance coverage designed to protect your watercraft. It offers coverage for you and your watercraft following an incident on or off the water, similar to car insurance.

It can be valuable assistance after an accident and helps to replace or repair various aspects of your personal watercraft. Whether you use your PWC in a fishing tournament or just a weekend vacation out on the water, Insurance Navy has you covered. The full extent of the coverages, cost, and what is protected is explored in deeper detail throughout this piece and in our FAQ.

What is a Personal Watercraft?

A personal watercraft is a machinery-operated water vessel less than 13 feet long and driven by standing on, not in. Any recreational boat, jet ski, and wave runner fall into the category. Those all are classified as personal watercraft and are eligible for personal watercraft insurance.

Personal watercraft come in many shapes and sizes and can accommodate multiple passengers. As long as what you own is considered a watercraft, it will usually be regulated as any other vessel on the water.

Affordable Boat Insurance and Watercraft Coverage

Watercraft insurance provides coverage for a variety of vessels. It’s essential to protect your investments in your personal watercraft. Listed below are the personal watercraft for which you can purchase insurance coverage:

Powerboats and Motorboats

If you’re looking for a fast and reliable motorboat, look at the Powerboat. This boat is perfect for anyone who wants to hit the open water and experience all it offers.

A Powerboats' inboard motor or outboard engine provides plenty of power and torque, making it easy to get up to speed quickly. Its durable construction ensures it can withstand even the roughest conditions. Other names include Speedboats or motorboats.

Pontoon boats

Are you looking for a leisurely way to spend your days on the water? Look no further than a pontoon boat. These boats rely on sturdy pontoons to stay afloat, perfect for fishing, tubing, and relaxing in the sun. We cover all kinds of Pontoon boats, from luxury to simple ones.

Fishing boats

Fishing boats are a fisherman’s best friend. With all the technology and features that these boats come equipped with, fishing is easier and more efficient than ever before. There is a perfect fishing boat for every fisherman, regardless of size or budget. Also commonly known as bass boats

Sailboats

Sailboats are finely tuned machines that offer an unparalleled experience sailing the open seas. Whether you’re looking for a sleek and fast monohull or want to take on the challenge of a catamaran or trimaran, sailboats are the perfect way to explore all that nature has to offer. With various keel and mast configurations, there’s an ideal sailboat for everyone.

Personal Watercraft (PWC)

Whether racing around tight turns or cruising along at a more leisurely pace, a PWC is a great way to enjoy the open water.

PWCs have inboard motors and water jet pumps. These vessels have plenty of power and maneuverability, making them perfect for zipping around lakes, rivers, and oceans. Some major PWC brands include Sea-Doo®, Yamaha WaveRunner®, Kawasaki JET SKI®, and Honda AquaTrax®.

Some insurers may offer coverage for other vessels like powerboats and yachts. It would be best to shop around to get a complete idea of what can be protected by watercraft insurance.

The cost to insure your vessel may be directly impacted by the type of watercraft you want to purchase a policy. Keep this in mind as you are shopping and getting a quote.

What Does Boat Insurance Cover?

There are a variety of instances in which boat insurance provides coverage. Boat insurance offers service to both you as the operator and the boat itself. A standard affordable boat insurance policy usually provides you coverage in the following listed incidents:

Repair or replacement of boat

Like car insurance, boat insurance coverage typically offers collision and comprehensive coverage when driving your boat. Your boat will be covered for repairs or replacement following a wreck or damage you experience when not on the water (ex. vandalism to the boat’s hull, windshield glass, or theft).

It will also protect your vessel from other common damages that property or home insurance usually covers, like wind and fire. Ensure you inquire how much you will receive if your boat needs replacing from a total loss. Your vehicle insurance policy coverage will likely be either actual cash value or agreed value coverage. This policy can quickly pay for repair or replacement if you have an accident in your boat.

Replacement of personal belongings

Suppose an accident occurs and your items within the boat suffer damage. In that case, boat insurance can help cover the reimbursement costs to replace them. It includes cell phones, jewelry, flotation devices, and water skis.

Damage to another boat

Property damage liability is typically included in boat insurance, not unlike car insurance. Property liability coverage protects you if you damage another boater’s watercraft or dock.

Injuries to another boat operator

Bodily injury liability insurance is another standard coverage of boat insurance. It will cover medical expenses and legal fees if you injure another person in a boating accident. Some policies will even cover injuries to pets on a PWC. Water safety is paramount in avoiding costly accidents in your motorboat.

Towing

If you end up stranded on the water and need emergency service, your insurance coverage can assist with a tow. Whether you’re out of fuel or have mechanical problems with your personal watercraft, roadside assistance is there to help. It’s just like roadside assistance for a car when you break down on the side of the road.

Pollution

Sometimes accidents can cause fuel spills; other times, your boat has a leaking tank. Whatever the situation is, some boat insurance policies will cover you for fuel spills.

Dock damage

If your dock deck suffers damage caused by you or another boater, your insurance coverage will help cover repair costs, as it does for your boat.

The list explored above is just what a basic boat insurance policy may cover. Insurance companies may offer customers additional coverage like boat lifts and fishing equipment. When shopping for an affordable boat insurance policy, it would be best to inquire about any add-ons from the company in case one of them can offer you crucial coverage.

Boat Insurance and Watercraft Insurance Cost

Like other types of insurance, rates vary from one person to another. Premiums are based on personal factors, and boat insurance is no exception. You can have a hand in and customize some factors, while others are out of your control.

Your annual premiums depend on your state, the size of your boat or watercraft, the type of navigable waters you operate in, how many boats you are insuring, and the motor(s).

There are also other personal factors and risks insurers take into consideration, like your boating record and credit score. As for the average, affordable boat insurance coverage could cost anywhere from $100 to $500 annually. However, some policies can cost in the thousands. Keep this in mind when you start budgeting for your policy.

Discounts For Boat Insurance Policies

Depending on the features of your boat, your policy rates may be pricey. Thankfully, there are some discounts to help lower your annual premiums.

Below are some ways to get a discount on your policy rates. Contact your agent or company for even more ways to save money. They may know about hidden discounts you qualify for but are not disclosed online.

Bundle policies with your Marine Insurance

Bundling can be a very effective way to lower the cost of insurance coverage and get discounts. Bundling means that you have multiple different types of policies under one company.

For example, you could bundle your boat and homeowners policy with a single company. It simply means you have more than one policy with the same company. As a thank you for doing so, insurers will give you discounts on your coverage rates.

Insurance Claims record

Being a safe boat operator can pay off in the long run. Having a claims-free record keeps your premiums low, and some companies may give discounts for being a safe and smart boat owner.

At the time of your policy renewal, if you didn’t file any claims during the previous period, you may receive a discount from the company.

Take a Boating Safety Course

Completing a boat safety course shows your insurer that you are taking steps to be a safe boat, which makes you less of an insurability risk. Discounts on your bill can follow as a reward.

The National Association of State Boating Law Administration can help you find the proper boat safety course to take in your state.

Operate your Boat in freshwater, not salt

Boating in freshwater instead of saltwater is a little thing that can get you discounts on your policy premiums.

Operating in salt water, like an ocean, tends to corrode the boat’s engine and cause other harm to the exterior. Removing the salt can help your boat if it is adequately prepared for it.

By sticking to operating in fresh waters like a lake or river, your insurer may believe you are doing less harm to your boat.

Insurance Payment Upfront

At the start of your policy’s period, if you pay the company for the entire year upfront, you may receive a bit of a discount on your bill. Typically, you have to pay for all 12 months of coverage at once to receive a break on the fee.

Do You Need Boat Insurance or Watercraft Insurance?

Whether or not you need this marine insurance coverage depends on various factors. Some states require boat owners to carry liability coverage to operate a watercraft. Other states don’t have any laws stating such. Check your state’s rules and regulations when going to purchase your watercraft. If your state does not require liability insurance, where you store your boat or watercraft might.

Many docks and marinas require boaters to carry insurance to store their vessel with them. If you have taken out a loan to purchase your boat, you may need to carry insurance per your lender’s request. If you are still determining what you need as a boat owner, check the boating terms and conditions with your state, dock, or marina.

Even if you are not required to carry boat insurance, it can benefit you greatly both on and off the water. Being caught in a boat accident without insurance can be very detrimental to you and your finances. It is always better to be overprotected than underinsured or uninsured.

Boat Insurance During The Off-Season

It is tempting to cancel your boat insurance policy during the off-season. If you live in a place that experiences fall and winter, it may seem wasteful to keep your boat insured. At the same time, it sits unused, but damage can still happen when your boat is in storage.

Events like extreme weather, theft, vandalism, and fires can still harm your boat. Even if your lender or storage company does not require you to carry insurance, keeping your policy active during the colder months will be beneficial. You never know what can happen when you are not using your boat and want to be covered.

Get a Free Boat Insurance Quote Today

Are you interested in boat and watercraft insurance? Reach out to one of our expert agents to customize a free quote.

Ensure you let us know the type of watercraft you want to insure, any valuables you wish to include in the policy, and the names of everyone planning to operate the vessel.

Getting a Boat Insurance Quote with Insurance Navy is easy!

By providing us with this information, we better understand the coverage you need. You can get a quote from us either at one of our many locations or online via our website and mobile app.

We are also just one call away. We have live agents standing by in our call center. Get your boat insured today and sail worry-free tomorrow.

Affordable Boat Insurance is only a call away!

Receive a Cheap Boat insurance quote online or call Insurance Navy today at 888-949-6289

* This Product may only be available in some states; please call an agent for more information.