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What to know about boat insurance

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What to know about boat insurance

For many, a beautiful day out on the water is food for the soul.

The sun, the gentle mist from the wake on the water – boating is a fun outdoor adventure. But a boat is also an investment, and it’s important to protect your investments.

Learn about the basics of boat insurance so you can get out on the water with the confidence you get when you have the coverage you need.

Are you required to buy boat insurance? 

Boat insurance isn’t often required by law, but circumstances may require you to buy a policy. For example, many marinas require insurance to moor your boat.

What kinds of boat insurance policies can you buy?

You can buy insurance for canoes and kayaks up to sailboats and yachts. Some smaller boats may be covered under your homeowners insurance, but larger boats require a separate policy.

The two main types of boat insurance are:

  • Actual Cash Value: These policies are typically less expensive, but you may receive less if you need to make a claim. This type of boat insurance considers depreciation in the calculation.
  • Agreed Value: This type of insurance is more expensive upfront but will cover the boat’s value when the policy begins, rather than its depreciated value.

What does boat insurance cover?

  • Property: If your boat is in an accident or stolen, your policy’s property coverage can help with the expenses.
  • Liability: Like car insurance, liability coverage helps cover expenses if you cause an accident.
  • Medical: If you or anyone on your boat needs medical care, medical coverage can help foot the bill.
  • Uninsured: If you are in an accident with someone uninsured or underinsured, this coverage can help you with your medical bills.
  • Optional Add-ons: You can add coverage for things like towing and your boat trailer.

How much does boat insurance cost?

The price of boat insurance depends on your boat size and the coverage you choose. Average annual premiums range from $200 to $500.

Get in touch with any questions about finding the right coverage fit so you can enjoy smooth sailing.