Boat & Boating Insurance
Things to Consider When Purchasing Boat Insurance
Insuring your boat is an absolute must in protecting your investment. Insurance gives you the financial ability to repair or replace your boat should the need ever arise. Most insurance companies divide boat insurance in two categories, small boats measuring 29’ or less and large boats measuring greater than 29’.
Boat insurance rates vary between agencies, so it is always wise to request a rate quote from more than one agency. Each quotation should address and include a provision for the type of coverage, who is covered, coverage amounts, limits and deductibles all of which will differ depending on the size of your boat. You need to check each policy or quotation very carefully. Does the policy include all your boat accessories, such as the trailer, safety equipment, and the motor of the boat?
For the best boat insurance, small boats need “all risk” policies in order to have the most coverage possible, however, expect a few exclusions such as manufacturer defects and damage from animals, ice, or freezing.
Typically, anyone can operate the boat under a small boat insurance policy, but read your policy carefully for any exceptions. The amount of insurance should be at “agreed value” which is equal to replacement cost. Standard coverage and deductibles include $500 limit for uninsured boater’s liability, no deductible, $1,000 limit for personal effects with a $250 deductible, and $10,000 to $300,000 for assistance and towing with no deductible and medical payments with no deductible.
Boat insurance policies are significantly different with large boats, offering a more specialized coverage plan due to increased travel situations and exposure risks. Negotiated rates should include coverage for the hull, protection and indemnity, and replacement cost coverage.
Always insure your boat for the purchase price plus any additional equipment. Normal deductibles are set as a percentage of the insured value such as 1%. Therefore, a boat insured for $200,000 that carries a 1% deductible would have a deductible equal to $2,000. Standard coverage and deductibles include $1,000 limit for uninsured boater’s liability, no deductible, $5,000 limit for personal effects with a $250 deductible, and $10,000 to $300,000 for assistance and towing with no deductible and medical payments with no deductible.
Boat insurance agents by state.
Boating Insurance information.
Ensure your valuable boat is covered for flood, fire, and accidental damage by investing in a sound boat insurance policy. If you have a motorhome to tow your boat, it is prudent to maintain RV insurance that includes coverage for any damage to the boat.
Boat insurance agents are listed by state, then by city. Choose a state to begin your search for local boating insurance agents for rates and quotes.
We recommend you use the above information as general in nature. It is in no way intended to represent specific details for insurance decisions. Do your own due diligence before acquiring boat insurance from any provider.
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