8 Important Things to Know About Boat Insurance

Having a boat can be a source of a lot of enjoyment for you and your family. You can fish from them, you can swim from them, and you can just have a fun day with them. But just like a car, they can be expensive and they can cause a lot of damage if you get in an accident with them. That is why it’s so important to have boat insurance. Below are eight things that you may not know about having boat insurance and some tips that you can use to help you save money when you are insuring your boat.

1. Boats Aren’t Covered by Homeowner’s Policies

There are two boats which are the exception to this rule – small boats that don’t have motors and canoes. But if you have a boat with a substantial motor or engine, you have to get separate coverage. The insurance will be a lot like your car policy. If you have a yacht you’re insuring, chances are it will be similar to insuring a home that’s small.

2. Boat Insurance will Protect You From Many Kinds of Disasters

There’s many different catastrophes that you could have happen when you’re on a boat. When you are having fun, something could suddenly happen that might make your day turn into a nightmare. Boating insurance is going to cover you for things like:

· Capsizing

· Collision

· Explosion or fire

· Sinking

· Storms

· Stranding

· Theft

3. A Boatowner Policy Will Protect Everything and Everyone

Boat insurance will protect you, your boat, your equipment, and other boaters. Some of the coverages that you can get are bodily injury, liability coverage, coverage for medical payments, property damage, and theft.

4. It’s Essential to have Coverage for Physical Damage

A boat is an expensive item, and so is the equipment on it. Having coverage for physical damage will cover you for the loss that concerns your boat, trailer, motor, equipment, and other types of property that are related to your boat.

5. Boat Insurance Gives You Two Main Kinds of Liability

There’s personal liability, which gives coverage for the things that you’re obligated to pay legally to a party that is injured if there is a mishap while boating. These are things such as expenses due to bodily injury, legal defense, and property damage. Coverage for medical payments will pay medical expenses that happen because of accidents that happen with your boat. Ambulance charges and medical and hospital bills will be included.

6. There are Other Types of Coverage You can Get

Liability and property coverage are just the basic insurance types you’ll need for a boat. But there are other options that you can choose for additional protection if you want to protect yourself further. Below are some of the other options that you can have.

· Emergency Services – With this coverage, it will take care of the expenses that you’ll have when you need emergency services.

· Reasonable repairs – It’s often expensive to repair your boat when there’s a problem with it. With this type of coverage, the maintenance your watercraft needs for protecting it from damage in the future will be covered.

· Umbrella – This type of coverage gives you some more protection against the disasters that can happen. It will basically take care of the leftover expenses if you don’t have ample coverage to pay for them.

· Wreck removal – The sad truth is that there are times when a boat isn’t going to remain afloat the way that it should. If there’s something that happens that causes the boat to sink, this coverage is going to pay the reasonable price to destroy, raise, or remove your boat. Remember that this is only true if your shipwreck was due to a loss that is insured and you have to have your boat removed by law.

7. It is Possible to Save Money on Boat Insurance

If you are worried about the cost of boat insurance, the good news is that there are ways that you can save some money on your rates. An insurance company likes rewarding you when you are taking safety precautions. Below are some ways that you’ll show that you are a cautious boater.

· Make sure there are fire extinguishers on your boat that are approved.

· Take a safety course through the state that is approved through the Red Cross or Coast Guard.

· Use diesel. It will help with lowering your risk as well as your premium.

8. You May be Able to Pause the Policy During the Winter

Unless you are living somewhere where it’s warm year-round, chances are that you aren’t going to do a lot of boating during the winter. There are policies that let you purchase your coverage just for those months that you are going to be using it like the warmer months. If you choose a policy that lets you do this and you’re specifying when you’re going out, make sure you’re sticking in those parameters. If you’re taking it out for a spin when the day is nice and it’s not during that time, you aren’t going to be covered. If something happens, you’ll be up a creek without a paddle.

If you have a boat, you can have a lot of fun with it. But you want to make sure that your boat, the people who are in it, and the other people who are on the water are safe when you are using it. Before you get into your boat on the water, make sure that your boat is covered. You never want to think that something could happen to you or your family when you are out on the water. But just when you take the chance, that is when the unexpected might just happen. It’s better to make sure that you are covered and protected. You will find that your boating experience is a lot more enjoyable and that you have a lot fewer worries.


WhitCo Insurance agents provide this free service just for you. Meet with our agents in person or connect online to review your coverage to keep up with your changing insurance needs. If you would like us to explain your insurance policies in plain English, give us a call at 866-298-7608.

We hope you will benefit from our web site and can take advantage of our insurance experience in Punta Gorda and North Port, Florida.