Boat Insurance

Boat Insurance Policies

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Deciding whether to carry insurance on your boat in most circumstances is based on your own personal preferences. If you’re in the process of purchasing a boat, you might want to consider these tips about insurance before making decisions.

What it is:

Boat insurance can provide financial protection to boat owners against damages from accidents, losses, theft and liability claims. Boat owners buy insurance by purchasing boat policies to provide the coverage they want or need, or to meet some legal requirements in some circumstances.

Who it's for:

Many marinas require that you carry a minimum amount of liability coverage to protect them in the event of an accident while using their facilities.

If you currently have a loan on your boat, banks and other lending institutions usually require insurance coverage to protect their investments. Most people voluntarily choose to purchase insurance on their boats for the financial protection and peace of mind it provides.

How it works:

Boat owners can research policy options themselves or meet with an agent to learn about and choose coverage options. Once a policy is purchased, the customer makes regular payments or premiums to the insurance company. If they have an accident or incur a loss that is covered by their policy, they make an insurance claim to the insurance carrier. The carrier pays the claim based on policy limits.

Different types of coverage:

• Comprehensive pays for theft, vandalism and some types of damages not caused by collision.

• Bodily injury coverage pays for injuries to other people caused by your boat such as legal expenses, lost income and medical bills.

• Property damage pays for damage to structures, property, boat docks or other people’s boats.

• Collision pays for damages caused by an accident.


Major Benefits:

One major benefit of purchasing a policy is knowing that if your boat is severely damaged or stolen it will be repaired or replaced. In addition, boat owners like the idea of some financial protection in the case of accidents or law suits.

It is smart to determine where you’ll be doing most of your boating, the value of your boat and what your insurance coverage needs are before purchasing boat insurance.



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