Purchasing a boat is not cheap. A sailboat can cost you several thousand dollars while a luxury yacht can cost several million dollars. There are also maintenance costs, dock fees, and other miscellaneous costs. A boat is an investment that you will want to protect, and the best way to do this is by having boat insurance.
Boat insurance covers most types of watercraft including trawlers, cabin cruisers, bowriders, catamarans, luxury yachts, and many more. This type of insurance typically does not cover small watercraft like kayaks and canoes.
Boat insurance can cover collision damage, property damage, and bodily injury liability. It also provides comprehensive coverage for theft or damage that is not caused by a collision. You can include additional coverage options for roadside assistance, medical payments, oil spills, and theft or damage to fishing equipment. Several factors can determine how much insurance you will need and how much it will cost. These include:
You may be required to have boat insurance depending on the state where you live. Marinas will typically require you to have insurance to dock your boat. Lenders will also require you to have insurance if you are financing the purchase of a boat. If you are required to have insurance, then you will generally need to have some liability coverage. You need to talk to your local insurance agent to determine the right amount of boat insurance you need. Your agent can also explain what your insurance will cover and what it doesn’t cover. For instance, some policies do not cover damage from hurricanes, tornadoes, or tropical storms. Some policies may not cover engine or machinery damage. Your insurance agent can explain what is covered in your policy so that you can be sure your boat is financially protected.
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