Boat & Yacht Insurance Coverage
How Much Is Boat Insurance?
Boat insurance costs will vary based on the state where you use your boat and the coverage options you select. For instance, agreed value policies will generally cost more than actual cash value policies. If keeping costs down is a priority, choosing a higher deductible can reduce your policy premium. Depending upon the state where the boat is used, policies can be purchased at a very reasonable price.*
Why Do I Need Boat Insurance?
You need boat insurance for many reasons. Boat insurance covers loss or damage to your boat and helps protect you financially for injuries or damage caused by covered mishaps. In addition, liability coverage can help protect you if you cause injury to others or their property while using your boat. Medical payments coverage provides reimbursement for injuries to you and your guests. Boat insurance even covers on-water towing.
More Inclusive Basic Boat Insurance Coverage
Get basic boat insurance coverage with protection for which other carriers may require additional premiums such as mechanical breakdown, uninsured boater, personal property, medical payments, commercial towing reimbursement, fuel spills and dinghy coverage.
Uninsured Boater Coverage
This provides coverage for incidents when another boater may not have insurance coverage. As long as you've chosen sufficient limits on your policy, uninsured boater coverage can help cover your medical bills and bodily injury resulting from an accident with someone who does not have insurance. Coverage extends to you, your family and your passengers. The requirement for uninsured boater coverage varies by state.
Flexible Coverage Options
You choose between agreed value or actual cash value coverage. Agreed value provides “replacement value” on covered partial losses involving your vessel. Actual cash value earns you a premium discount. In the event of a loss, settlement is based upon a depreciated value.
Towing and Assistance Reimbursement
Get reimbursed for transportation of your boat to a repair facility when it’s inoperable, as well as for gas delivery and roadside assistance.
Personal Property Coverage
Protects personal property on the boat including but not limited to fishing equipment, clothing and boating-related equipment such as life vests.
Physical Boat Damage Coverage
This coverage provides protection in the event of a collision such as with a submerged object or another boat.
This helps cover costs of bodily injury or damage to the property of others.