Do You Need Boat Insurance?

Every state in the U.S. requires proof of insurance from anyone registering a motor vehicle, but this is not always the case for boats. Relatively few states mandate boat insurance as a requirement for registering a boat of any size or horsepower. That said, the risks that boat owners face are not that different from the risks of owning a car. Given the risks you face, boat insurance can be a wise purchase to help protect your investment. Many marinas also require insurance coverage to dock.

Learn more about boat insurance requirements below, and request a quote from Maritime Insurance International today.

Boating Risks: The Need for Coverage

There are many risks associated with owning a boat. A boat insurance policy could offer you coverage for the following:

Property Damage. An accident resulting in damage to or loss of your own boat or someone else’s property can be covered.
Bodily Injury. Boating accidents can lead to significant injury for you, your passengers, or others. Insurance can help to cover associated costs.
Uninsured Boaters. Incidents involving uninsured, underinsured, or hit-and-run boaters are not uncommon.
Personal Items. Loss of your own personal effects or those of a passenger while onboard or getting on/off your boat can be protected.
Towing Accidents. Accidents while towing your boat can be covered by some polices.
Marina & Storage. Loss of your boat to theft, fire, or serious weather events while it’s moored in a marina or in storage can be protected.

If you close your eyes and imagine what else could go wrong while moored, out on the water, or in transit to or from the water, you’ll probably come up with many more unfortunate scenarios that could hit you hard in the wallet. While boat insurance may not be required in your state, it can offer you important financial protection when you need it most.

Does My Homeowner’s Policy Cover My Boat?

The short answer is “Maybe, but probably not adequately.” If your homeowner’s insurance does cover your boat, it may only be a small amount of coverage for physical damage specifically. Liability may not be covered at all—and if it is, it’s probably only covered as an add-on for a relatively low amount. There may also be size and horsepower restrictions on the watercraft covered under your homeowner’s policy.

To summarize, even if your homeowner’s policy does offer some coverage for your boat, it can be wise to purchase a dedicated boat insurance policy for better coverage and protection.

What Kind of Boat Insurance Do I Need?

No boat is the same, and every boater’s insurance needs are different. At Maritime Insurance International, we offer a full range of coverage options tailored to meet your specific needs. Explore our policy pages below for more information:

Boats & Yachts

Commercial & Charter Boats

Speak with a knowledgeable marine insurance agent to help you determine the coverage options most suited to your needs.

What Does Boat Insurance Cost?

The premium you will pay for a boat insurance policy will depend on several factors, including

The coverages included
The deductible amount you choose
The maximum benefit amount for each coverage
The size, type, and value of your boat
And more

Actual Cash Value vs Agreed Value

One of the questions your insurance agent will ask you is whether you want to insure your boat based on “Actual Cash Value” or “Agreed Value.” This is an important consideration that will have an impact on your premium cost.

Actual Cash Value protection is based on the market value of your boat at the time of a covered loss. It deducts a certain amount of money from the vessel’s original value to account for depreciation.
Agreed Value protection is based on the declared value of your boat on the date you buy the boat insurance, with no depreciation after that point. The premium for an Actual Cash Value policy is lower than the premium for a comparable Agreed Value policy.

Get A Quote

Maritime Insurance International knows boats and boaters. With years of experience and offices across the East Coast, we’re dedicated to meeting the insurance needs of those who work or play on the water. Whatever type or size of boat you own, you can count on us to protect your investment.

Get a quote for the boat insurance coverage you need today.