Watercraft Insurance

Understanding the basic components of Watercraft Insurance will help you determine the best coverage for your situation. Please keep in mind that unlike other insurances, there is no grace period for coverage on watercraft. Policies must be in place prior to possession and you should speak with your insurance agent in advance to make sure that the coverage you desire is available for your particular watercraft.  

Hull Value
In the event of physical damage to the boat this protection will help cover the cost with limits of coverage based on the cash value of the boat. Replacement-cost coverage may also be available at a premium.

Liability
If you or someone driving your boat is at fault in an accident, this helps pay for someone else’s injuries. Property Damage Coverage helps to pay for physical damages to someone else’s vehicle or property if you or someone driving your vehicle is at fault in a collision.

Additional Coverage

You may want to consider additional options depending on your policy:

  • Towing— boat to shore
  • Salvage tows—towing from obstruction such as a sand bar
  • Accessories—fishing tackle, life preservers, etc.
  • Uninsured boaters—coverage for damages caused by a boater without insurance
Factors affecting watercraft insurance costs:
  • Hull value
  • Age of the boat
  • Length of boat
  • Type of motor
  • Navigational limits
  • Length of time in storage
  • Auto driving record
  • Past claims
  • Amount of coverage
  • Amount of deductible

Reduce the cost of your boat insurance with:

  • Certified safety courses
  • Radar unit
  • Ship-to-shore communication
  • Marine radio
  • Depth finder
  • Vapor detector
  • Vessel theft alarm
  • Automatic fire extinguishing system
  • GPS or Loran system
  • Higher deductibles

Jet Skis and Wave Runners
Insurance for ­­certain types of personal watercraft may be difficult to obtain as a result of the high number of losses associated with them. Check your homeowners policy, or contact your agent, to ascertain whether or not you have personal liability coverage if you are thinking about renting a personal watercraft.