Boat Insurance Guide: Costs & Coverage
When it comes to your boat, it’s often best to separate your boat insurance from your homeowner's policy. Many homeowners’ policies limit or don’t cover marine-specific risks, such as salvage work, wreck removal, pollution or environmental damage; but there are exceptions.
While homeowners’ riders are normally adequate for these boats, be careful to ask the same questions you’d ask any other insurer about damages to your vessel and how they will be paid. Also, most homeowner’s insurance riders apply only to use in inland waterways, lakes and rivers. Coverage seldom extends outside a coastal inlet or along the beach. If you plan to boat “outside the inlet” you definitely need an experienced marine insurer.
You want to consider the following to make sure the policy you purchase meets your needs:
· Age of Boat
· Length
· Value
· Speed/Horsepower
· Condition (Does it meet US Coast Guard Standards in effect at the time it was built?)
· Primary residence (If the boat is used as a primary residence)
· Type (Inboard, Outboard, utility, cruiser, bass boat, saltwater fishing boat, performance boat)
· Homemade (Boats without a serial number are tricky but many kits are okay)
· Houseboats with no motor
· Ownership (more than 2 owners)
· Where it will operate (Ocean, lakes, bays, rivers, Great Lakes)
Kinds of Boat Insurance Policies Barrows Insurance Agency offers
Marine insurance covers a wide array of watercraft. You may be surprised to find what can be insured. Marine insurance policies include:
· Boat
· Personal Watercraft (PWC)
· Yacht - generally, vessels 26' and smaller are called "boats,” and "yachts" are 27' and larger.
o Yacht coverage tends to be broader and more specialized because larger boats travel farther and have more unique exposures.
· Sailboat
· Dinghy
· Boat & PWC Rental - Although this is generally not required, rental insurance will help cover any damage the vessel, as well as the operator and passengers.
· Boat Clubs - covers all members of club while operating a boat.
· Professional (ProAngler, Fishing Guides & Charters)
o These policies are very customizable and can cover items like travel to a tournament, equipment and more.
How much you’ll pay for boat insurance depends on the level of insurance coverage you want, as well as the size, horsepower, type and value of your boat.
You can choose your deductible, which is the amount deducted from your insurance check if you make a claim. A typical policy has deductibles of $250 for property damage, $500 for theft and $1,000 for medical payments, according to the Insurance Information Institute. Liability claims against you do not have a deductible.
Barrows Insurance Agency offer a variety of ways to save money, including discounts for:
· Having a diesel-powered boat.
· Not having made a previous boat insurance claim.
· Carrying other policies, such as car or homeowners, with the same insurer.
· Taking safety courses.
Our specialized business agents will guide you on the different types of coverage that fits your needs.