“Why do I need boat insurance? I don’t plan on sinking my boat,” is a common thought amongst new boat owners, and is usually followed by regretting not having insurance. Of course, nobody plans on sinking their boat, but things may happen to your beloved watercraft that are out of your control. Insuring your watercraft isn’t just a way to protect your boat; it’s a way to protect yourself.
If your boat hits someone else’s property and you do not have insurance, then you are completely responsible for the bill. Marine insurance covers any incidents so long as they are due to non-recklessness or self-inflicted wear and tear.
What is Boat Insurance?
Boat insurance is a policy that covers your personal watercraft, or PWC, which is something that most home policies do not cover. If anything happens to the boat while it is on the water, or if the boat causes damage to someone else’s property, your insurance will help cover the costs.
The policy you select makes a huge difference. You definitely want an affordable policy that offers the highest amount of coverage. Boat insurance can offer compensation for:
- Items lost in a fire
- Destruction of your boat
Despite its name, boat insurance does not just apply to the traditional boat.
Who Qualifies For Boat Insurance?
It does not just apply to boats; if you operate any watercraft that travels over 25mph, you can use boat insurance. Vehicles that are covered by watercraft insurance include:
- Fishing boats
- Jet Skis
The exact coverage that your policy includes may vary based on what type of PWC you’re operating. However, most of them enjoy similar types of protection.
Types of Boat Insurance Coverage
Boat insurance secures you from being liable for a number of things. Here are some of the benefits you can enjoy if you have insurance coverage.
Theft Insurance for your Boat
Out on the open water, boats are constantly exposed. If your boat is stolen while you are away, boating insurance can help cover this loss. You can even have your boat replaced if it is non-recoverable.
Property Damage Insurance
Boat insurance covers any damages you may cause to property. Property damage covers a few different things, including:
- Self-inflicted property damage
- Damage to someone else’s property
- Damage to your property that’s not caused by you
Self-inflicted property damage refers to situations in which you accidentally cause harm to your boat, such as by bumping into rocks or logs. If the thing you crash into belongs to somebody else, then that’s damage to someone else’s property. For example, if you unintentionally crash into someone’s boat or dock, you are financially responsible if you lack coverage. On the flip side, it also protects you from the destruction of your own boat should someone else damage it.
Medical lawsuit Insurance
If you accidentally injure someone while operating your boat, you will be held responsible for their medical bills and legal fees—unless you have boat insurance. Policies covers almost any possible scenario; even if your dog bites a passenger, you are safely covered. Boating insurance takes care of all medical bills, legal fees, lost wages (for instance, if someone is out of work due to the accident) and much more.
Flooded Engine Boat Insurance
In the unfortunate occurrence that your boat sinks or gets flooded with water, it can cause irreparable damage to your engine. Fortunately, this is a type of engine issue that policy can help with. If your engine breaks down due to flooding or water damage, your insurance will cover it.
If someone hits your personal watercraft and they are uninsured, you need to have coverage. Since your boat insurance will bill the other party, you do not have to worry about anything. Moreover, if anyone is injured while on your boat due to the recklessness of the uninsured boat, they are covered as well under your insurance.
By this point, it’s pretty clear why marine insurance is necessary for any boat owner. However, you may still have some questions about the process, such as the costs involved. Finding a good plan with solid coverage that doesn’t cost an arm and a leg may sound difficult, but knowing where to go definitely facilitates the process.
Boat Insurance Policy Costs
Prices vary depending on who you buy your policy from. The average boat insurance costs between $200 and $500 a year, with different plans offering different levels of coverage. The prospect of contacting multiple companies just to find one that meets your needs may make the whole idea of getting coverage too exhausting. Fortunately, Insurance Navy can help you find a policy that’s both affordable and provides the right amount of coverage for your boat.
Our dedicated team at InsuranceNavy works with clients to help them find a plan that best suits their needs. We offer coverage across the U.S and Canada and will also provide coverage when your boat is within 70+ miles offshore, doing our best to give you the maximum level of protection. Most importantly, we aim to give boat owners honest and fair rates. Nobody should be paying an overly high amount of money for a basic policy. At the same time, nobody should be paying anything, no matter how small, for a plan that doesn’t actually provide adequate coverage in the case that an incident does happen. We make sure that you get your money’s worth.
Get Your Boat Insured
Any boat owner knows that insurance is essential if you want to be protected. Even if it may seem unnecessary, you never know when an accident could occur. InsuranceNavy provides the best policies around and gives amazing customer service, along with a broad network of the best companies. Call to get a boat insurance quote from InsuranceNavy and see for yourself!
Save with Common Boat Types
Below is a list of boats and personal watercraft we insure are:
- Bass and fishing boats
- Pontoon Boats
- Personal watercraft (including jetskis)
However, there are boats and personal watercraft we are unable to insure including:
- Boats over 50 feet in length or value at more than $350,000
- Personal watercraft worth more than $27,000
- Boats with max speed over 75 mph
- Boats that do not meet U.S. Coast Guard standards
- Boats used as residences
- Homemade boats with no serial number
- Houseboats with no motors
- Boats with more than two owners
- Steel or wood hulls
We offer free watercraft and boat insurance quotes at any of our offices. As well as over the phone, online or through our mobile app.