Boat Insurance Coverage Options And Prices

Boat Insurance Coverage Options And Prices – If you’re planning to buy a powerboat or boat in the coming months, there’s a good chance you’ll also be looking at boat insurance. If this is the case, you may have some questions about boat insurance companies and whether you need additional coverage. Well, you’ve come to the right place! In this article, you will find answers to the top 9 most frequently asked questions about boat insurance.

Legally, only two states require some form of boat insurance coverage (and in one of these states, only boats with engines producing more than 50 horsepower). Some states have additional insurance requirements for boaters who meet certain criteria; Make sure you verify boat insurance requirements with your individual state marine board or other governing body.

Boat Insurance Coverage Options And Prices

It is common for your bank or marina to place insurance requirements on your boat. If you have a boat loan that uses the boat as collateral, the bank will definitely require boat insurance coverage. According to the Global Marine Insurance Agency, some lenders may “enforce” a marine insurance policy on your boat if proof of insurance is not provided. Many marinas require you to maintain current boat insurance in order to keep the boat at their facility.

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Beyond any binding contracts or laws, your risk tolerance may be a determining factor in whether you decide to insure your boat. As with any potentially risky activity, having an insurance policy can cover the risks of boating on the water. In general, boats are a serious investment and can be a significant expense in the event of an unexpected repair or accident. Make sure you are educated and aware of the risks involved in the game before deciding either way.

Currently, only two states have boat insurance laws—Arkansas and Utah. In Arkansas, all motorboats and all PWCs powered by engines over 50 horsepower must be covered by a liability insurance policy. The policy must provide at least $50,000 in liability coverage, and it is illegal to operate a PWC without the required insurance.

In Utah, all motorboats and PWC are required to carry owner’s or operator’s liability insurance when operating on Utah waters. Motorboats and airboats with engines less than 50 horsepower are exempt. It is illegal to operate a PWC on Utah waters without the required insurance.

There are some states that require insurance for boats used in some state parks or kept in some state-operated marinas—check with your state’s marine board or alternative governing body to see if you’re affected.

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Like many other insurance policies, boat insurance can generally be divided into a few types: liability, uninsured motorist, and collision/comprehensive coverages.

Liability insurance is a minimum standard required by most states, banks and marinas. The boat insurance experts at recommend purchasing at least $1,000,000 in liability insurance. The faster, more powerful boat you have, the more dangerous and potentially damaging the recommended liability coverage will be.

With uninsured/underinsured motorist coverage, the standard minimum is $10,000. Make sure you consider any potential injuries and damages you may need to cover if you or one of your passengers is injured or your vessel is seriously damaged.

The final types of boat insurance we cover are collision coverage and comprehensive coverage. These types of coverages should be specifically based on the value of your boat. Check with your lender (if you lease or finance your boat) or your marina (if you rent a boat slip) to see if insurance policies are available.

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Beyond any state law or binding agreements with your lender or marina, the answer to this question may depend on your personal tolerance for risk. As discussed in previous questions, some states have minimum requirements for liability insurance coverage. Check with your state government to see if you meet the coverage threshold. The amount of boat insurance you need depends on a number of factors, including the boat’s value, motor size and age. Like any other vehicle, high-performance boats carry a high level of coverage to cover the damage they can cause.

The best type of boat insurance is insurance coverage that adequately meets your legal and contractual obligations and allows you to feel comfortable about your risk exposure. Because every individual’s situation is different, it’s important that you decide which coverage factors are most important to you and your family. Take the time to research your options and talk to multiple insurance brokers or agencies. has an excellent review of boat insurance providers.

As with almost anything you buy, the more research and price comparison you do—the higher the likelihood you’ll find the boat insurance quote that’s right for you. Here are some tips to ensure you’re getting your money’s worth and keep your costs down:

According to, the cost of boat insurance typically ranges from $300 to $500 per year. Depending on the type of boat and your personal profile, your insurance costs could be significantly higher. “The type of boat, its length and the expected use of the boat will largely dictate your boat insurance rates. Whether you have a speed boat, a small fishing boat or a yacht can make a big difference in what you pay. Another insurance comparison resource tells us that 1.5% of your boat’s current market value is a good approximation for your annual premiums.

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Many insurance companies offer competitive boat insurance rates. Shop around to make sure you’re getting the information you need to make the right decision. Sites like and offer reviews for many different insurance companies and are great places to start your research. Talk to other boaters; Find out which features are important to them and why. Do your homework by researching the different companies’ offerings and you’ll be ready to make a decision that best suits your needs.” L’Oreal helped me step by step through the process of obtaining homeowners insurance. As a first-time home buyer, it was exactly what I needed. Her responsiveness, knowledge and care made it easy for me to get insured. .highly recommend!”

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Most states do not require boat owners to purchase boat insurance. If the boat is being financed, the lender may require the owner to have coverage. Additionally, if the boat is kept in a marina or storage facility, the facility may require insurance on the watercraft.

Boats in storage may not be covered by homeowners insurance. However, if your homeowner’s policy covers your boat in storage, the Insurance Information Institute says that only boats like yachts, small boats and small boats are covered. It says the coverage will be less.

Boat insurance covers damage to the hull, furnishings, motor, sails, trailer and more. If you cause an accident, your boat insurance covers damage you cause, injuries/death to another person and damage to someone else’s boat.

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It’s a good idea to have insurance in the off-season, as accidents like fire and theft can happen at any time. If you don’t have boat insurance, you may have to pay to repair or replace your boat if it is stolen or damaged.

Unfortunately boats are not covered under home insurance policies. A boat requires a separate insurance policy depending on its value and risk exposures.

Boat insurance is a promise to pay in the event of a covered loss. If you damage your boat or cause injury or damage to another person, the insurance is there as long as the damages are covered

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