Boat Insurance: You Could Find Yourself in Deep Water Without It

It's summertime, and you can't wait to cast off for a weekend adventure on your new boat or personal watercraft. Nothing beats the experience of a brisk wind on your face as you glide through the open water on a hot summer day. But before hitting the launch ramp, you’ll want to make sure that experience isn’t dampened by the threat of an uninsured boating incident, and the harm it may pose to you and others on the water.

In 2019, the U.S. Coast Guard reported more than 4000 boat-related accidents, involving over 600 fatalities and nearly 2600 injuries, as well as approximately $55 million in property damage. Make sure you have the right insurance, with provisions that cover all your needs. While some small boats may be covered under your homeowners or renters insurance, other vessels may require a separate policy.

Customarily, boat insurance covers theft/damage to the boat, personal property and bodily injury. Reimbursement can be based on actual cash value (depreciated value) or agreed amount value. In addition to protection for physical and liability damage, you should consider the benefits of other types of coverage.

On-Water Towing and Labor. Being stuck at sea can quickly become a life-threatening situation. But you can purchase coverage to pay for towing or assistance to repair a disabled vessel on the water.

Uninsured Boaters Liability. You’re probably well aware of the risk of having your car damaged by an uninsured motorist. And you should have the same concerns when you’re operating a boat. Uninsured boaters liability pays for injuries sustained by a covered person due to someone else not having insufficient (or any) coverage of their own.

Replacement of Personal Effects. Policies can limit coverage for belongings on your boat. But you can secure additional protection for personal items not fixed to the craft.

Additional Coverage for Navigational Areas. Depending on the extent of your wanderlust, you may want to consider this form of optional coverage that includes navigational areas such as the Bahamas, Canadian Waterways and U.S. territories.

Roadside Assistance for Trailered Boats. Your boat problems may occur before or after you hit the high seas. But you can transport your boat worry free with roadside assistance that can pay for towing, tire-changing assistance and fuel delivery.

Fishing Equipment Coverage. If you’re an angler, you want to have ample coverage for all your gear. Don’t let the big one that got away be your favorite fly rod.

It’s important to understand any exclusions or limitations to your coverage such as wear and tear, damage caused by insects or animals, mold or equipment not permanently attached to the boat itself. And be sure to ask about any multipolicy, claims-free or other discounts you might be entitled to for completing safety courses or having certain emergency or communications equipment on board.

Boat insurance can keep you afloat in troubled waters. We Insure offers boat insurance through our partnership with top-rated carriers and can offer a variety of specialized coverages for sport and fishing boats, sailboats, yachts, cruisers and jet skis. Contact your agent today for a fast and free quote.

Sources

https://www.iii.org/article/boat-insurance-and-safety

https://uscgboating.org/library/accident-statistics/Recreational-Boating-Statistics-2019.pdf