It’’s that time of the year. The weekend has come and it’’s hot; the boat is clean and the lake’’s wide open for your enjoyment. But before you undock yourself into a pool of relaxation, you’ll need to ensure your boat is protected with proper boat insurance.

Boats are expensive and can be laborious to own, requiring high maintenance in order to keep them looking and running great. There are many questions and concerns when becoming a boat owner. After investing time and money into your boat, it’’s smart you get proper boat insurance.
In this article we’’ll answer all of your questions on how to insure your boat.

1. What Does Boat Insurance Cover?

Boat insurance is similar to your car insurance policy. Boat insurance covers:

  • Collision damage
  • Property damage liability
  • Bodily injury liability
  • Comprehensive
  • Additional coverage options

Just like auto insurance, the amount of compensation you receive for a claim depends on your deductible, limits and whether or not your insurance covers your boat’’s actual value.

2. How does Boat Insurance Work?

When buying boat insurance, you must decide on the type and how much coverage you’’ll need. Boating insurance, like most insurance, covers accidents and stolen items.
The cost of boat insurance varies depending on:

  • The state you live in
  • The type, size and age of the boat you wish to insure
  • The size of motor and how it is powered
  • Whether you are using it on inland waters or the open seas
  • Whether you have selected additional coverage options

3. Is Boat Insurance Required?

Many boat enthusiasts wonder if having boat insurance is required. Boating insurance can be required for a number of reasons. Some states require you to have your boat insured and marinas may require you to have your boat insured before you can dock your boat. In addition, if you take out a large loan, some lenders may require you have boat insurance as long as you still owe money on the boat.

4. Where Can I Get Boat Insurance?

There are several ways to get boat insurance. The easiest and most popular way is to fill out a form online to receive a quote. Another option would be to contact a local independent agent who will shop around for you to find the best deals.

5. Does Boat Insurance Cover Engine Damage?

The biggest fear of boat owners is an engine being blown. The question is, are engine damages covered through your insurance? The answer to this question varies. Some insurance companies have machinery damage exclusions, others may not. The age of your engine is the key factor on whether or not it will be included in your insurance policy.

Need to insure your boat? Get a boat insurance quote from Royce Williams Agency today!

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