Boat Insurance

The Numerous Coverage Options of Boat Insurance

Insurance must cover boats in addition to homes and cars. Damages to boats occur during daily fishing trips, water sports activities and sailing vacations on the open sea. Boat insurance provides financial security to all boaters who risk getting into accidents on the water. Most policies are affordable and cover all types of boats from fishing vessels to luxury yachts.

Different Types of Coverage

Insurance options depend on the type of boat covered along with its age and condition. The types of damages covered include the boat itself, contents inside and equipment, such as lights or anchors.

Agreed vs. Actual Cash Value

Receive money based on the value set for your boat in an agreed value policy. In an actual cash value policy, receive money based on your depreciated boat’s value.

Coverage for uninsured/underinsured boat operators is available. Protect your assets in case an unauthorized person operates the boat and crashes it.

Liability insurance protects you from lawsuits brought forward by other boaters. An underwriter can help you choose the right amount that varies from $10,000 to $1,000,000.

Yacht insurance is more detailed than general boat insurance. A yacht is longer with more amenities than the average vessel, so coverage for yachts is more detailed.

Different insurance companies provide customized coverage choices. Pay separately to cover a wreck removal or pollution damage. Pay lowered deductibles for personal contents or extend your liability coverage.

Some insurance policies do not cover problems that occur beyond certain navigational ranges. Boaters are encouraged to review the policy before they embark on long-distance trips.

Getting Insured

Most people are surprised by the large number of insurance options available to them. Insuring a luxury yacht for a million dollars is similar to insuring a home. First, check your homeowner’s insurance because you may receive minimal coverage for small boats or damages that occur on your property. The average policy does not cover vessels that cost more than $10,000.

Most people start by requesting an online quote. Use the insurance company’s website to determine the right policy you need or consult one on one with an agent.