How can I find insurance
for my boat?
As a responsible boat owner, it's important
to make sure you are properly insured before you head out on the water.
Fortunately, there are literally hundreds of insurance companies throughout
the U.S. that specialize in marine insurance. Many of the nation's
major insurers provide policies for boats, yachts, and other watercraft
in addition to standard life, auto, and homeowners insurance.
Insuring your boat with the same company that issued your auto, life, or home insurance can have certain advantages. For instance, you may be eligible for a multi-policy discount. If your current insurer doesn't offer insurance for watercraft, you'll need to do some research. You can find many listings simply by looking in the Yellow Pages or on the Internet, or you can ask your insurance agent for a referral. Before you contact an insurance agent about boat insurance, make sure you know what type of policy you need. In the insurance world, watercraft are typically divided into three categories:
A boat policy is a package contract, similar in many ways to automobile insurance. While there may be some variation in boat policies, the main types of coverage are physical damage and liability coverage. Many boat policies also include legal defense protection, medical payments coverage, and uninsured boater coverage.
A yacht policy is very similar to a boat policy, in that it provides coverage for physical damage to your vessel and for personal liability claims against you. However, in a yacht insurance policy, these coverage's are called "hull insurance" and "property and indemnity coverage." Yacht owners can also purchase optional coverage for legal defense, medical payments and uninsured boaters. In addition, yacht owners have the option of purchasing a hurricane protection endorsement, which will pay to haul your yacht out of the water if a hurricane is approaching and put it back in the water after the hurricane has passed.
If you own a personal watercraft, you might actually have a difficult time insuring it. Many insurers refuse to insure these craft, because they pose a much greater liability risk than other types of watercraft. According to some statistics, 45 percent of all boating accidents involve personal watercraft. However, certain insurance companies now specialize in insuring personal watercraft, because of their ever-increasing popularity. If you own a personal watercraft, make sure you purchase an insurance policy that includes bodily injury, property damage, liability, and theft coverage.
What If Someone Gets
Hurt While On My Boat?
Liability insurance protects you and your family who are members of your
household if you're legally liable for injuries to other people either
on or off your boat, or if you accidentally cause damage to someone else's
property. Your watercraft policy will also pay the costs to defend you
in a lawsuit that may be brought against you.
How Can I Cut Costs On My Watercraft
Insurance?
Through our various insurance carriers, they recognize the value of boat
safety courses, protective devices, Courtesy Marine Examination (CME's),
and more with many other discounts (subject to individual qualifications
and state availability) on certain coverage's:
