Boat Insurance

Boat Insurance is insurance that covers a boat owner in the event of loss or damage to their boat. Most policies cover those boats with motors, including leisure crafts, fishing boats, paddle boats, pontoon boats and yachts. However, it does not normally cover personal watercrafts, kayaks and canoes. The insurance is applicable for any individual who owns a boat, and the amount of insurance depends on factors such as the age of the boat, the boat’s value, motor size and how the boat is used.

This type of insurance works by providing coverage for a variety of incidents, dependent upon the specific type of coverage selected. Therefore, a boat owner who experiences a theft, accident or other covered loss can file a claim and receive a payment that covers the loss. The insurance policy may include collision damage coverage, property damage liability and bodily injury liability. In addition, comprehensive coverage is available which provides compensation when a boat is stolen, damaged or vandalized in a non-collision incident. Other coverage options for boat insurance may include coverage for personal property and roadside assistance, fishing equipment and medical payments, as well as injuries and damages from incidents caused by underinsured or uninsured boaters.

This insurance is beneficial because it covers boat owners from potentially significant out-of-pocket losses related to boat accidents and damage. The insurance is also beneficial because it covers boat passengers in addition to the owner in the case of an accident. The boat passengers are covered in the policy under the liability portion. In addition to being a wise option for most boaters, this insurance is often required for a variety of reasons. Many states require that boaters have liability coverage, and marinas might require the insurance for owners to dock their boats there. Furthermore, when taking out a loan to purchase a boat, lenders will usually require that the insurance is purchased.


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