Boat Insurance

Boat Insurance Policies

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About Boat Insurance 

Good boat insurance can provide great protection for the eye-popping number of 75 million Americans who take part in recreational boating each and every year. This is due to the fact that this popular form of recreation on the open water comes with risks. Purchasing a proper boat insurance policy before engaging in this pastime will safeguard you in so many ways while also being quite easy to obtain. 

Who needs coverage?

Boat insurance policies are like a hybrid homeowners’ and vehicle insurance policy. Those who own larger boats, like a high-end yacht, will benefit greatly from a policy that more resembles a homeowner's insurance policy while those who enjoy smaller recreational craft will be better served by coverage that is similar in format to a car insurance policy. At the very least, boat owners will likely need to purchase coverage that is meant for bodily injuries and property damage. This includes injuries that happen on the boat and injuries or deaths that might occur to other parties. 

Policies Components

Boat owners are well-served in learning the various aspects to their boat insurance that vary from their vehicle and homeowners’ policies. For most boat owners, coverage will not normally be in effect throughout the entire year. It is designed to become active during the seasons in which the boat is more utilized. Additional coverage may also be bought to safeguard the boat from any damage that may occur during the off-season. 

Another thing to keep in mind is how quickly a boat can depreciate in its monetary value. Just like purchasing a car, as soon as you power up the boat’s engine and take it out for its first cruise, it loses a portion of its value. This is where an “agreed value policy” can be very beneficial as it enables the boat owner to have the boat replaced for the full cash value of the price that was previously agreed upon before the policy was obtained. Though premiums are less expensive, “market value policies” have coverage that is limited to the presently appraised (and depreciated) value of the boat.

Additional coverage choices:

Boat owners need to ascertain where, when and how often they intend to use their boat when looking for the right policy. Some coverage only helps with freshwater locations while others can also be in effect to a certain distance beyond the coast on open water, etc. Owners are well served in lowering their premium costs by doing such things as enrolling in boating safety courses or by installing safety extras like engine kill-switches, and more. Find out more by contacting an insurance professional today.


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