Compare The Best In Boat Insurance

Do you own a boat? Find out why you may need or want boat insurance and what types of coverage are available.

There are few things more fun or relaxing than a day spent on the water, at least if you are an avid boat enthusiast. If you are a boat owner, you can enjoy that feeling whenever you want. You can even bring your friends, family members, or pets along for the ride. However, that is only true if your boat remains in your possession and in good working order.

There are many situations that can adversely impact the enjoyment you get from owning your own boat. For example, you might get into a boating accident or experience an equipment malfunction. In such instances, repairs can be time consuming and costly. Boat insurance can help you minimize the stress that can occur when those problems arise. There are many types of boat insurance coverage available. Use the information provided below to find the perfect boat insurance policy to suit your needs.

What is Boat Insurance?

Boat insurance is similar to car insurance. It provides insurance coverage that can protect you from liability. For example, boat insurance may provide coverage if someone is injured as a result of your boating practices. Boat insurance also often covers certain boat repairs. The purpose of having boat insurance is to give yourself peace of mind. When you have a good boat insurance policy, you can go out on the water with confidence. That is because you know you and your boat are financially protected. However, boat insurance policies do vary. You need to make sure you select one with the coverage you want.

What Does Boat Insurance Typically Cover?

One of the most important aspects of a good boat insurance policy is accident coverage. According to U.S. Coast Guard data, boating accidents are on the rise. From 2019 to 2020, there was a 26.3 percent increase in such accidents. Accident coverage typically includes liability coverage in case bodily harm is caused to a passenger on another boat during a boating accident. Certain coverage also covers injuries incurred by passengers on your boat during boating accidents.

Another important feature of some boat insurance policies is partial or full coverage for damage your boat incurs. Some policies only cover damage incurred during boating accidents. Other policies provide more extensive repair coverage. For example, some policies provide assistance covering the costs of repairs after damage caused by severe weather.

A third section you may find on a boat insurance policy pertains to theft. If you have theft coverage, your insurance company reimburses you for a certain amount if your boat is stolen. However, that amount may not cover the full cost of the boat. Additionally, not all boat insurance policies include theft coverage. Make sure you check for such coverage when choosing an insurance company, if possible theft is a concern.

Why is Boat Insurance Important?

Boat insurance is important for many different reasons. As mentioned above, it protects you from accident-related liability. It can also eliminate at least some of the financial burden after a theft. Here are some other reasons investing in boat insurance is usually a good idea:

  • It is required by law in some U.S. states, including Arkansas and Utah.

  • Many marinas require you to have it before you can keep your boat in their docking areas.

  • If you want to finance the purchase of a boat, the lender typically requires you to purchase boat insurance.

  • If you live in an area that is prone to hurricanes or other severe weather, boat insurance is typically vital.

  • Boat insurance often covers the costs associated with towing the boat back to shore if it breaks down, much like certain car insurance.

When Should You Add Extra Boat Insurance Coverage?

When a boat is damaged, insurance coverage usually only partially or fully covers the boat itself. However, you may wish to ask your insurance company about additional coverage for other items. Otherwise, you must pay out-of-pocket to replace personal items like clothing, jewelry, or eyeglasses that are damaged, destroyed, or lost during boat accidents or robberies. Optional added coverage for such items is typically available, but your insurance company may not volunteer that information without being asked. 

You must also consider unique situations when looking for additional boat insurance coverage. For example, you may want more extensive weather coverage when boating frequently in an area known for bad weather. Similarly, you need special coverage if you live on a houseboat. Such a living situation requires you to make sure all of your personal property is as protected from fire, flood, or theft as the boat itself.

What Are Some Top Insurance Companies Offering Boat Insurance?

There are many companies across the United States that offer boat insurance. Each offers unique policy options. You must review those options carefully before selecting a policy that is right for your boat and your personal situation. To begin your search for the perfect boat insurance policy, consider the following:

  • Progressive offers an average annual rate of $344 for boat insurance in medium-cost states. It offers policies for multiple types of watercraft, including sailboats and pontoon boats. While the average rate for yearly boat insurance through Progressive is about $344, Progressive is currently advertising boat insurance plans for as little as $100 a year. This is easily the best deal on the market from a major insurer.

  • Geico provides completely customized insurance quotes for each client. Its pricing is based on boat types and uses, such as commercial or recreational. It also offers various discounts and insurance bundling deals.

  • Allstate charges an average of $25 per month for boat insurance, which is equivalent to $300 per year. However, its actual policy prices vary. It also offers a wide array of optional extra boat insurance add-ons, such as emergency services coverage.

  • State Farm is the largest auto insurance provider in the United States. It also offers various boat insurance policies, which you can bundle with your auto insurance, if desired. Options like boat rental insurance are also available through State Farm. Much like Geico, you must contact a State Farm agent to get a quote based on your specific vessel and situation.

  • Nationwide is a general insurance company that offers several bundle deals, as well as boat insurance discounts. It also offers coverage options for many types of watercraft, ranging from WaveRunners to commercial fishing vessels. Its insurance quotes are customized and provided on a case-by-case basis.

How is the Total Cost of Boat Insurance Determined? 

The best way to figure out what boat insurance costs from various insurance companies is to request quotes. However, you can get a sense of potential costs ahead of time by considering determining factors. Those include boat size, type, and geographic location. The age of the boat, the type of engine, and your personal experience level as a boater can also impact your insurance rates.