What Exactly Does Boat Insurance Cover?

If you're thinking about getting a boat to take out on the open water, you might want to shop around for insurance. A lot of different types of insurance companies will have various boat insurance packages and you an save a bundle if you combine your boat insurance with your other types of insurance policies like your automobile insurance, your homeowner's insurance and other packages. This can lead to added savings and you may be able to save a lot of money!

What is boat insurance?

One of the reasons that you want to shop for boat insurance is that boat insurance is different from standard insurance. There are different types of insurance protection plans that you should check for. If you have a fishing charter, for example, this is different insurance than if you had a luxury 23-foot boat that you took out to fish with from time to time. You can also get insurance for a jet ski and this isn't covered on your homeowner's policy, so read about the policy options below.

Total protection plan

You may find that you want to get a total protection plan. This will give you a complete coverage plan that's considered agreed hull value protection. This is a standard policy that will give you full protection for all types of boats and water crafts except for PWCs.

PWC coverage
Your PWC is a powered watercraft and typically this would include a jet ski. Because jet skis aren't typically covered in a homeowner's policy, you may need to take out separate PWC insurance. The policy is specific to covering jet skis or other types of smaller water craft devices that you would take on the water. Again, a jet ski is not covered in a typical homeowner's policy so you can't use your coverage if you had an incident at your house and your jet ski was damaged. When you have PWC coverage this is exclusively for this particular type of vehicle. Also keep in mind that you wouldn't have protection for your boat with PWC coverage as it's a completely separate package. You may also want to include your trailer because the trailer is what's going to carry your jet ski out on the water if you're driving your jet ski on the back of a truck, for example.

Angler insurance

This type of insurance is for fishing boats, commercial vehicles and larger boats that are only for fish, lobster and other types of catches. Angler insurance covers fishing vessels exclusively and it will also cover the boat gear that you have, all fishing equipment, netting, and so forth. This is best for a commercial vehicle as well as if you are only fishing and out on the water where the weather may be a factor. Just ensure that if you have this type of insurance, you understand its not total protection for a complete agreed hull policy.

Liability plus

Another plan that you can consider is liability. This is one of the lowest priced insurance policies for insurance and it's also the lowest costing policy option. It's basically a liability coverage only plan so there's no extra insurance that is added. It's the bare bones plan and one that you would get if you have an older boat on your property for example and you just want basic coverage if there's a storm and it's damaged.

With the different types of boat Insurance, you can just look at the claims information and policies that are available and you can check with different companies online. While you may want to check with Geico, Allstate, or Statefarm, if you look for a company that offers exclusive boating insurance, you will find there are several.

No matter which type of boat insurance you take, you want to do your homework and shop online for them. Check with companies like BoatUS Allstate, Statefarm, Geico Insurance, and even Nationwide and Safeco and you'll find that you can get quotes on different policies that may save you more money in the long run – so try combining them with your other insurance plans. Also ensure that your policy covers all the passengers that are on your boat as well as any damage from fire, storms, thefts and bad weather.

Ensure you're Insured - Stay Informed
Ensure you're Insured -
Stay Informed

Disclosure: The information presented is for informative purposes only. The author does not have any affiliation with any insurance companies referenced whether written or implied. Insurance services and their costs will vary for each individual and savings will vary for each person based on a number of factors. Any coverage or rates information have been collected from readily available sources online. For more information regarding the costs of insurance for your specific vehicle, please consult your local insurance services agency.