Buying Boat Insurance 101: What You Need to Know
Here at Maritime Insurance International, we strive to make buying boat insurance as easy as possible. We understand that you may have some questions, and our team is always happy to walk you through your options. Read on for a simple guide to boat insurance, and contact us today to request a quote.
Do You Need Boat Insurance?
Unlike car insurance, boat insurance is not required in most states. Whether or not your state requires you to insure your boat, however, insurance is still a good idea in many cases. With proper coverage, you can protect your investment and even cover expenses following an accident.
Here are some cases where you may need boat insurance:
- State Requirements. Some states require boat insurance. Be sure to check your state’s policies.
- Marinas. If you dock or park your boat at a marina, the marina may require you to insure your boat.
- Boat Financing. Many banks will require insurance when financing, especially if the boat is being used as collateral.
- Boat Value. A common question is whether or not home insurance policies cover boats. The fact is that some home policies do and some do not. For those that do, however, they typically only provide limited coverage—up to $1,000 in most instances. If your boat is worth more than the coverage offered by your home insurance policy, purchasing a dedicated boat insurance policy is a good idea.
- Peace of Mind. An insurance policy can be a great way to ensure your own peace of mind. Don’t let a boat accident or other incident cause you to lose your investment.
What Coverage Do You Need?
When buying boat insurance, you will have the opportunity to select your coverage options. Here’s what you need to know.
Many boat insurance policies will provide the following coverage:
- Collision Damage
- Bodily Injury
- Property Damage
- Passenger Liability
When purchasing your policy, check for additional coverage options, like:
- Tow & Wrecking Coverage
- Emergency Service
- Boat Rental Coverage
- Fishing Equipment Coverage
- Fuel Spill Liability
- And More
Boat insurance does not cover:
- Normal Wear & Tear
- Defective Parts
How Much Does Boat Insurance Cost?
Boat insurance costs can vary. There are a range of factors that may impact the premium you will pay for your policy. Here are some of the most common factors:
- Type of boat you need covered
- How old your boat is and its condition
- Size of your boat
- Value of your boat
- Where you will use the boat
- Your selected coverage levels and deductibles
Ask About Discounts
When shopping for boat insurance, keep in mind that some providers do offer discounts. Some of the most common discount opportunities include:
- Boating Safety. Some providers may offer a discount if you take a boating safety course, as this can be seen as a reduction in liability.
- Bundle discounts may be available when purchasing multiple lines of insurance through the same provider.
- Zero Claims. Some providers offer discounts for individuals who have not previously filed a boat insurance claim.
- Driving Record. Some providers may even provide a discount for a good driving record.
Trust Maritime Insurance International
Maritime Insurance International provides boat insurance for commercial vessels and personal watercraft. As an independent insurance provider, we provide access to a full network of providers and a wide range of coverage options. Whether you need to insure a luxury yacht, charter vessel, or your family boat, we can help.
Ready to request a boat insurance quote? Get started here:
Have a few more questions? Speak with one of our knowledgeable agents for assistance:
© Copyright 2020