Learn Why You Need a Boat Insurance and Why It’s Worth It

Optional Boat Insurance Protection

If you employ specialized equipment on the water, be sure it’s also financially covered. Many insurance providers may allow boat owners to add coverage for things like:

 
  • Trailers
  • Fishing tackle
  • Additional boating accessories
  • Personal belongings taken on board

Check to determine if your insurance covers fuel spills and wreckage cleanup if your watercraft is involved in an accident on the lake.

Furthermore, certain insurance providers may provide boaters with “waterside” or “roadside” assistance coverage. If your boat breaks down on the water or you require mechanical assistance when stranded at the dock, roadside assistance can provide services to get your boat back up and running.

Size of Boat Insurance

To calculate coverage requirements, insurers frequently consider the boat’s worth, length, and engine size, among other factors.

Small boats. If you own a small boat, such as a Sunfish sailboat, your homeowners or renters insurance policy may cover it under the personal property section.
However, check with your agent to determine if your home insurance covers a small boat.

 

Boats. Regular boat insurance coverage typically covers pontoons, skiffs, and other boats under 26 feet in length.

Yachts or larger boats. Yachts are vessels longer than 26 feet in length, and many insurance firms offer comprehensive plans for these vessels. Chubb, Hagerty, and Markel are three businesses specializing in boat insurance.
To calculate coverage requirements, insurers frequently consider the boat’s worth, length, and engine size, among other factors.

What Your Boat Insurance Doesn’t Cover

Although boat insurance protects your watercraft against many disasters, it does not cover the following risks:

  • Overuse
  • Damage caused by insects or aquatic life
  • Mold contamination
  • Normal wear and tear
  • Defects in the construction of watercraft or incorrect design