What You Need to Know About Boat Insurance

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Did you recently get a boat? Let’s go over everything you need to know about getting the proper insurance for your new asset.

Few things are quite as fun as having your own boat and getting out on the water every chance that you get. Whether you have a relatively small boat that’s perfect for fishing on the lake, or you have a large yacht that you take out into the ocean for extended trips, you need to understand boat insurance. If this is your first boat and the first time you are getting insurance, it’s easy to feel a bit overwhelmed since there are so many things to consider.


One of the questions that most people have is whether their home insurance will cover their boat or not. Most of the time, it does not. Home insurance only offers a small amount of coverage on certain types of boats – small boats without engines – in most cases. Even then, not all policies will offer this coverage. Therefore, it is important to ensure you have separate, specialized boat insurance. However, you may still be able to bundle your boat insurance with your other policies for some savings. This is something to ask your insurance provider.

Do You Really Need Boat Insurance?

The answer varies by state. Some may not require you to have insurance. However, keep in mind that if you took out a loan for the boat, the lender is likely going to necessitate that you have insurance. Additionally, if you keep the boat in a marina, they may require you to have an insurance policy.

However, even if you weren’t required to have it, getting boat insurance is simply a smart idea. No matter how safe you might be, there’s no telling what could happen out there on the water. You want to be covered in any event, and you want to protect your boat. Insurance is always a good idea, and you can shop around to find some excellent policies that offer stellar coverage at a good price.

What Does Boat Insurance Cover?

When you are in your boat, you need to have coverage for you and the others on your vessel, as well as liability insurance for covering property and individuals who are not in your boat. The different types of items that a boat insurance policy could cover include collision damage, property damage, bodily injury liability, and comprehensive coverage, which can cover your boat in the event of theft or vandalism. Of course, it all depends on what kind of coverages you want to add to your policy.

How Much Does Boat Insurance Cost?

This is a very difficult question to answer simply because there are so many variables. It can depend on the state where you live, the size of the boat you have as well as the type and age. The place where you use the boat – inland waters or the open sea – can also alter the costs. Naturally, the items that you choose to have your policy cover will also affect the price. To get a better idea of what insurance would be for your boat, the best option is to contact several different insurance companies for quotes.

Now that you have a better idea of what boat insurance is and why you should have it for your watercraft, it is time to start looking for a company that can offer you a great policy. As with any insurance policy you are considering, make sure that you read the fine print, just so you know exactly what you are getting in terms of coverage and pricing.

Contact us today for reliable quotes on boat insurance and any additional information you may want to know to protect your assets.