10 Things to Consider When Evaluating Boat Insurance

Are you a new boat owner? It’s not unusual to assume that your boat is covered by your homeowners insurance. That might be true for a very small boat, but not for something with a hefty price tag. 

The first thing that usually comes to mind when buying boat insurance is accident coverage; protecting your passengers is every boat captain’s priority. However, there are things that boat owners need to know about insurance that stretch beyond passenger safety. 

It’s important to thoroughly investigate and evaluate requirements and options to ensure that you and your boat are properly covered. 

First time owner? Upgrading a PWC to a ski boat? Maybe you’re trading up your little aluminum 2-seater for an ocean-worthy bass boat. First boat or last, here are some things you’ll want to consider. 

1. Boats have marine-specific risks like pollution and environmental damage, wreck removal and salvage work. 
   
2. Are you using your boat in fresh water, salt water or both? Premiums might be different. 
   
3. Did you take the proper boater education classes? You could be eligible for a discount. 
   
4. Do you need towing insurance? If you break down in the middle of a narrow body of water, you might be able to paddle to shore; but not in a big lake, gulf, or ocean. 
   
5. Are you leaving the US? You might need additional coverage if you’ll be navigating the island waters. 
   
6. Wear and tear isn’t covered by standard policies, but your boat might qualify for consequential damage insurance. 
   
7. Ask your agent about the difference between “agreed value” and “actual cash value.” 
   
8. Did you know that the higher the deductible, the lower the premium? 
   
9. Marine insurance (boat insurance) is available for boats, PWCs (personal watercraft like jet skis), sailboats, yachts and other floating craft. Insurance is also available for professional applications like charter boats, fishing expeditions and more. 
   
10. “All risk” policies don’t cover everything! Ask your agent for details. 

Those are just a few things to think about when deciding which boat insurance is best. Your insurance agent can properly inform you of your options and help you select the insurance coverage that’s right for you.