Don’t Find Yourself Up the Creek Without a Paddle! Find Boat Insurance Today!
It’s a gorgeous summer day and you’re ready to take your new toy for a spin—a sleek, adventure-ready boat. You’ve lathered on the SPF and driven down to the docks, excited to spend a long day out on the lake. Whether your plans include cruising, water sports, or a relaxing afternoon fishing, you’ve been planning this all week.
But are you sure you have everything you need?
In 2020, the US Coast Guard reported over 5,200 boating accidents—a 26.3 percent increase from 2019. Property damage costs exceeded $62 million.
Making sure you have the proper coverage for your boat is crucial to safe and responsible water transport and recreation. Don’t allow a boating accident to sink you financially!
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 coverage are almost as numerous as fish in the sea! It’s easy to become overwhelmed at 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 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 is wildly customizable. You can often include extras in your policy such as insurance for your trailer, any boat accessories or specialized equipment, and coverage in case you break down or have an accident and need to be towed.
We know, it’s a lot. And figuring out exactly what coverage you should get while staying within your budget can be a stressful endeavor. But G&G Independent Insurance specializes in finding you the best policy for the best price. We’ll search over 50 different companies to help you find the perfect plan for you.
What Our Customers Say
Should I Bother with Boat Insurance?
In most states, boat insurance is optional. As of 2021, only Arkansas and Utah have watercraft insurance requirements based on the amount of horsepower your motor has. Depending on where you store and launch your boat, some marinas might have their own requirements.
If you’ve taken out a loan for your boat, or if your boat is a rental, boating insurance is almost always required as a part of the agreement.
Despite the fact that boat insurance isn’t necessarily a requirement, it’s always recommended. Boats are a large expense and boating always comes with a risk. It would be incredibly easy to lose your boat entirely, along with the money you put into it, all due to one accident.
Don’t risk all the work and money you put into your watercraft. Protect your property with insurance and no matter what happens, you’ll have 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’re all trying to make our budgets go as far as possible, so the cost of watercraft insurance may be the main thing putting you off deciding on coverage. But the good news is, cheap boat insurance is easy to find! Typically, policies range from a mere $17 per month to $42. That’s only $200-$500 annually.
Of course, your quotes depend on many factors such as 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 choose.
It’s easy to find affordable boat insurance. Allow G&G Independent Insurance to search multiple companies for you with just the click of a button!