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Boat & Watercraft Insurance

Boat and watercraft are property that needs to be insured just like any other property. Since you would not own a home without purchasing homeowner’s insurance, you should only own a boat if you plan to purchase boat insurance.

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Do I need a boat and watercraft insurance?

Many people mistakenly believe that because boats are often recreational equipment, they need not be insured. This could not be further from the truth. Boats are often used for businesses, as is the case with boats used for charter boat tours, day cruises, and rentals. Many businesses rent out watercraft like kayaks, jet skis, pontoons, and even fishing boats for business profits. Still, others keep a boat for the personal hobby of sailing, fishing, or jetskiing. Regardless of whether the owner keeps the watercraft for hobby or for-profits, the watercraft must be insured.

Are you covered in the case of a collision?

This is the case for many reasons. First of all, because watercraft are technically water vehicles, they are at risk of collision. Should a watercraft be part of a collision on the water, the owner will need to be properly insured to avoid paying damages out of pocket. Just as a truck driver should drive his truck only when the truck is insured, a boat owner should only drive their boat out on the water when the boat is properly insured.

Additionally, boats and watercraft need to be insured against theft. Should the boat be vandalized, robbed of possessions within, or in the worst-case scenario, stolen altogether, there needs to be insured to protect the owner from amassing substantial losses.

Insurance for Damages Caused by Inclement Weather

Boat owners need to be insured in case damages are done to the boat by inclement weather. In many regions where boating is popular, there is frequent inclement weather. Depending upon the region wherein the boat is docked and utilized, it is possible that various types of weather incidents could harm the boat. First of all, there is a high risk of earthquakes in the United States’ West Coast. Should a boat be involved in an earthquake, it is possible that the interior of the boat could become flooded or the exterior damaged. In the Southeastern portion of the United States, there is a high risk for hurricanes. Hurricanes can have a huge impact on boat integrity.

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In the case of a hurricane, the boat can become flooded and protruding portions of the boat’s exterior, such as the sailing mast, can become damaged. Hurricanes are very dangerous to boats. It is estimated that winds during a hurricane can reach up to two hundred miles per hour. These kinds of winds can damage, if not destroy, boats and watercraft. The diligent boat or watercraft owner needs to be prepared for this possibility by purchasing adequate insurance coverage.

What kind of coverage do I get from boat and watercraft insurance?

Boat and watercraft insurance cover different levels of risk depending upon which plan is chosen. Boat and watercraft activity is fairly risky, so the insurance covers a wide variety of issues. Every year there are 4,463 boating accidents in the United States and 2,903 boating injuries. There is a lot of money at stake in the boating insurance world, which is part of why boats and watercraft really must be insured. Every year in the United States, there is $49 million in total damages reported in relation to boat and watercraft incidents. Generally speaking, boat and watercraft insurance cover the following:

  • Bodily Injury Liability
  • Property Damage Liability
  • Medical Payments
  • Damage to Boat or Watercraft

How much will it cost me?

The average boat insurance plan requires that the property owner pay between two hundred and five hundred dollars per year. This cost makes boat and watercraft insurance very cost-efficient because the amount of money invested is small compared to the damages covered. Liability insurance alone will only cost around seventy-five to one hundred dollars per year without the extra perks of other insurance types. When contrasting the statistics above, it is easy to see that it is a wise financial decision to insure one’s boat or watercraft. Damages to boats and watercraft can be very steep, and the premiums for boat and watercraft insurance are exceptionally low.

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Should I Bundle My Insurance

Bundling insurance is, generally speaking, a brilliant financial decision. Bundling insurance not only saves money, but it is also beneficial simply because it is more convenient. When it comes time to pay the insurance bills, it is so much simpler to pay one bill than to organize multiple bills for multiple different forms of coverage.

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