In the event of something bad happening to your boat you will want to be sure you are safely covered.
Boat insurance isn’t actually a legal requirement in most states. However, this doesn’t mean it is not worth having. When investing thousands of dollars into something like a boat, it is generally recommended to insure it.
A few states do require you to have at least liability cover on some types of boat. Things like powerboats that have more than 50 horsepower, personal water crafts (PWCs) or boats kept in state-run marinas.
Take a look to see if you are legally required to insure your boat at BoatUS.com.
Even if the state doesn’t require you to have boat insurance, your bank will require it if you have a loan on the boat. Generally, you won’t be able to get a loan on your boat without providing your bank with proof of insurance that covers the value of the boat in the event of a loss.
The majority of marinas will require proof of liability insurance before accepting a contract for a slip or mooring.
The more your boat is worth, the more important it is to insure it to protect yourself from financial loss.
Even if your boat is not worth very much, you should still consider insuring it. Small powerboat collisions can still cause serious injury. Even if you are not liable for the injuries, you may well still end up spending a lot of money in legal fees defending yourself.
Liability insurance policies are not that expensive and we highly recommend considering having one.
How much should I expect to pay?
Like all things you insure, boat insurance can vary in price depending on the type of boat you have and the insurance cover you require. However, the price will also vary depending on a few factors;
- How big your boat is
- How old your boat is
- Where it is your boat will be kept
- What your boat is made out of
- What you plan on using the boat for (charter, pleasure etc)
For some insurance companies, the price can be reduced if you have qualifications in sailing such as being a qualified skipper or helmsman for example. Also, just like car insurance, you can gain a no claims bonus from previous policies.
There are many insurance companies out there. Some of them are very clear and explain easily what you will or won’t be covered for. Others are more tricky to navigate and there may be a lot of things hidden in the small print.
Be sure to take your time when choosing a policy and make sure you fully understand what you are and are not covered for.
Sail boat insurance
To insure your sail boat we recommend ASA – American Sailing Association. They offer a range of exclusive benefits such as emergency towing assistance of up to $1,200 at no additional cost. This is twelve times the amount of a standard policy.
They also have medical payments coverage of up to $5,000 at no additional cost. This is twice the amount of a standard policy.
For your yachts we would recommend using a company such as Progressive Insurance. They offer a range of benefits including something called, ‘Sign & Glide’. This pays for on-water towing, delivery of fuel and jump starting your boat.
They will also offer you a discount on your policy if you complete a state-approved safety course.
Fishing boat insurance
For fishing boat insurance we recommend using Markel Insurance. They offer fishing equipment coverage that provides replacement costs for rods and reels, lures rigs and line, tackle boxes, depth finders and more.
They also offer fishing tournament fee reimbursements, as well as liability protection for those of you that fish for your career.
We would recommend using BoatUS, regardless of the boat you have as they offer a lot of benefits for all types of vessels. Please always carefully consider your options when choosing insurance and if you feel necessary, seek independent advice.
We hope you found this information helpful. Take a look at the following websites for further information about boating.
United States Sailing Association
As always, if you have any tips or advice, please feel free to share it in our comments below. We love hearing from you!