You're eager to test out your new toy, a sleek, adventure-ready boat, on this picture-perfect summer day. You've slathered on the SPF and driven down to the docks, eager to spend a full day on the lake. You've been organizing this all week, whether your plans involve a cruise, water activities, or a tranquil afternoon of fishing.
But are you certain you have everything you need?
Over 5,200 watercraft accidents were recorded by the US Coast Guard in 2020, up 26.3 percent from the previous year. Over $62 million was spent on property damage.
Safe and prudent boating and pleasure depend on having the appropriate boat insurance coverage for your vessel. Don't let a boating tragedy ruin your finances!
What Does Boat Insurance Cover?
Before you set sail, it’s important to protect your boat. You wouldn’t intentionally put your boat in any danger, but even the most seasoned sailors experience accidents. Boat insurance can usually be applied to smaller vessels such as fishing boats, motorboats, and sailboats. There are, however, more specialized insurance policies for larger vessels such as houseboats and yachts.
The types of insurance coverage are almost as numerous as fish in the sea! It’s easy to become overwhelmed by the options.
Some types of insurance you may see for watercraft include:
Property Coverage
Finances to repair damages or replace in case of land. Coverage typically applies whether the boat is in the water or on land, meaning if it’s in storage or on your trailer, it’s still covered. Property damage is usually broken into two types of coverage: Cash Value Coverage (based on an estimated value of the boat at the time of the accident/theft—taking into account value depreciation since it was bought) or Agreed Value Coverage (a set value agreed upon at the time of purchase). Property Coverage typically doesn’t cover general wear and tear.
Liability Coverage
Covers you in case of damage to someone else’s property or person. If you end up in an accident that causes damage to someone else, liability coverage will make sure you’re financially covered.
Uninsured Watercraft Coverage
If your boat or person is damaged or injured by someone else and they don’t have the proper coverage, Uninsured Watercraft Coverage will make sure you’re not paying out of pocket for their mistakes.
Fuel Spills or Wreckage Removal
If you’re in a serious accident that leaves behind environmental damage like fuel or wreckage, this coverage will help cover the costs of cleanup.
Consequential Damage – Want extra protection against general aging? Protection against wear and tear, rust, mold, etc. can be added with Consequential Damage Coverage.
Cruising Extension
Most policies only cover you so long as you’re in the country. Cruising Extension Coverage can protect you if you choose to take your boat out of US waters.
All Risk
A generalized insurance policy that includes any damage that isn’t on the policy’s exclusion list. Typical exclusions include wear and tear, dents, marring, damage caused by animals, design and manufacturer defects, or ice and freezing.
Extra Coverage
Boat insurance can be highly customizable. Additional coverage options can include insurance for your trailer, boat accessories, specialized equipment, and even coverage in case your boat breaks down and needs to be towed.
It can be a lot to navigate, and choosing the right insurance coverage to meet your needs while staying within your budget can be stressful.
But at G&G Independent Insurance, we specialize in finding the right coverage for you at the best price. We work with over 50 top-rated insurers to find the perfect plan that matches your needs, whether you're a weekend cruiser or a seasoned sailor.
What Our Customers Say
Should I Bother with Boat Insurance?
In most states, boat insurance is optional. However, it’s always a good idea to check local regulations, as some states or marinas may have their own specific requirements.
If you've taken out a loan for your boat or if your boat is a rental, boating insurance is typically required as part of the agreement.
Although boat insurance isn’t required in every state, it’s highly recommended. Boats are a significant investment, and boating always carries some level of risk. A single accident could lead to losing your boat entirely, along with the money you’ve invested in it.
Don’t risk the time and money you’ve put into your watercraft. Protect your investment with boat insurance, and no matter what happens, you’ll be ready for smooth sailing.
What About in the Off-Season?
You may think that you can pause or temporarily cancel your insurance during the months that you’re not on the water. While you can it’s not advised. Boat insurance covers you for more than just damage while it’s in the water. Most policies protect against damage while in storage, and against theft.
If your boat was financed through a loan, it may be conditional upon year-round coverage, so be sure to make note of your loan contract.
Always speak with your insurance company to see if they have discounted rates for the off-season. You may be able to get a lower annual rate if your boat spends a good portion of the year in storage.
How Much Does Boat Insurance Cost?
We all want to stretch our budgets as far as possible, and the cost of boat insurance may be the main factor holding you back from getting coverage. The good news is, affordable boat insurance is within reach! Typically, policies range from as low as $17 per month to $42, which is roughly $200–$500 annually.
Of course, your quotes will depend on several factors, including the type, size, age, and horsepower of your boat, how long it will be stored, where and how it will be stored, and the amount and types of coverage you select.
At G&G Independent Insurance, we partner with top-rated insurers to find the best rates and coverage for you. Don’t wait — secure your boat today with a free, no-obligation quote! Click below to get started and sail with confidence knowing your investment is protected.
