Do I Need to Insure My Boat?

You’re wondering if you need boat insurance and the answer is yes. A boat, just like your car or any other vehicle, needs to be insured.

Some boat owners think their homeowners insurance will cover their boat, but it typically won’t. If your boat is small and doesn’t have an engine, your home insurance policy may provide a minimal amount of coverage, but if the boat is worth several thousand dollars or more, your home insurance policy will not adequately protect your boat. In most cases, a boat requires a separate insurance policy.

What Boat Insurance Covers

Boat insurance usually includes coverage for bodily injury that your vessel inflicts, as well as property damage your boat causes to other objects, like a dock or another boat. Should your boat suffer damage from hitting something underwater or running aground, boat insurance will typically cover the loss.

Similar to car insurance, you can purchase comprehensive coverage for your boat. Comprehensive coverage includes personal property coverage for things on your boat, like fishing gear, and it also covers theft, vandalism, and damage from fire and flood. Some comprehensive coverage includes towing assistance and uninsured boater insurance.

When your boat is hitched to your vehicle and in transport, you’ll use your car insurance policy. If your boat is damaged while parked on your property, your homeowners insurance may provide some coverage.

Advantages of Bundled Insurance Policies

If you bundle your boat policy with your homeowners or auto insurance policy, you could save money on all three premiums. Additionally, you’ll enjoy the convenience of paying one bill instead of two or three and, when you need to make a change to your policies, like when you move, you’ll only have to make one call.

How to Save Money on Boat Insurance

Bundling boat insurance with your other insurance services is a great way to save money, but there are other things you can do that might reduce your premium. Equipping your boat with the latest safety gadgets and taking a boating safety class are two things you can do if you’re looking for a discount. If you want to save money on boat insurance without sacrificing coverage, it’s important to compare various insurance policies before you sign on the dotted line.

When you are shopping for boat insurance, it is important that you understand how to find the best coverage for the best price. An experienced agent can help you find a boat insurance policy or a bundled policy to ensure your boat has the coverage it needs.