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boat insurance
Boat Insurance

Boat Insurance

Boat Insurance Cost

At first sight, there are two things people love: their child and a boat. It is a prized possession that you have worked hard to acquire. It is something you want to enjoy every in-season for a long time or year-round, depending on where you are. Protecting your vessel should be your top priority. Get the boat insurance protection, so you do not worry when you ride the waves in your boat, yacht, or sailboat

What is Boat Insurance?

sunset view in seaAs its name suggests, boat insurance is a type of insurance that protects the owners of a boat. It is similar to car or motorcycle insurance in that it covers the owner from claims relating to the physical damage of their vessel or injuries or unfortunate event of death caused in the operation of that vessel.

The type of boat, coverage being sought, terms of the policy, and the person buying the policy can help determine the cost of the policy.

How does Boat Insurance Work?

Yatch standing

Boat insurance works the same way as car insurance does. Boat insurance helps protect a boat (or any other watercraft) from risks arising from using the boat. For example, property coverage will help pay for the damage repairs in case of an accident. This coverage helps in both water and land and in case of the boat’s theft. 

What does Boat Insurance Cover?

Physical damage


This coverage ensures the boat against damage and loss caused by risks like collision, sinking, fire, storms, and theft. The boat covered can be different, hull and other components are covered in all policies, including:

 Extra fuel tanks, batteries, Motors, etc.,

 flotation devices, fire extinguishers, anchors, Onboard safety equipment, etc.


Liability coverage


Like all liability coverage purchased, Boat liability coverage typically protects you from covered claims and lawsuits originating from injury or damage caused by your vessel to other boats, docks, or structures. It can be through direct contact of an indirect like large wakes. Payments and legal fees are paid through the coverage, thus protecting your assets.


Medical payments coverage


Medical payments coverage pays for expenses such as hospital bills, medications, or X-rays if passengers or policyholders are injured in an accident on the vessel.  

Uninsured watercraft coverage

The uninsured watercraft coverage on your boat insurance helps pay for damages caused by an uninsured boater in case of a collision with your boat or you or one of your passengers are injured.




The coverage can pay for damage to your boat if you hit another object or a vessel of any kind, another watercraft hits you, or your watercraft rolls over.




As the name suggests, vandalism, theft, weather events, and accidents involving animals are covered in comprehensive coverage.

Boat hoists, lifts or any other personal property while onboarded or carried off can be covered for loss or damage with comprehensive insurance.


Fishing equipment

Rods, Reels, Lures, tackle boxes, any electronic gear used for the legal sport of fishing can be protected.


Roadside assistance provides towing to your nearest qualified repair facility. It may also provide necessary labor at the time and place of disablement when the tow vehicle or watercraft trailer is disabled while transporting your insured watercraft.

What does Boat Insurance not Cover?

1. Wear and tear


Boat Insurance Compare

Boat Insurance Compare

It was love and first sight and will continue for a long time; your boat is your love, so maintain it, get it serviced regularly. You are responsible for taking care of it, and more importantly, your insurance does not cover regular wear and tear.

Important to note salt water erosion is a typical boat deterioration that is usually never covered by boat insurance. A regular freshwater bath will ensure salt and other minerals do not get deposited and help maintain the boat.


2. Mold or insect


Infestation of any kind, including animal attacks, won’t be covered. Mold, insects, and animals are excluded. If your boat is damaged by any animal sneaking in, or if termites, zebra mussels, or barnacles eat away at your boat, you won’t be covered. Mold infestation is also not covered.


Take steps to avoid infestation on your boat by avoiding stagnant water, cleaning drains, and trying to keep all your boat equipment dry. Also, clean any spills and messes to dissuade animals from making your boat their home.


3. Marine life


Suppose you plan to be in waters with hostile creatures like sharks, whales, octopi, etc.. In that case, that can cause damage to your boat, then discuss a supplemental policy with your insurance company. Most boat insurance cover does not include damage from marine life.

Oh yeah, Mythical creatures are not covered also. If you see the loch ness monster or a mermaid, just grab your phone and click pics and videos and get moving because their damages are not covered by your insurance.


4. Faulty machinery


Your basic insurance policy does not cover repair replacement due to deterioration, lack of maintenance, improper use, or mechanical and production defects. Basic boat insurance policies don’t cover any machinery or parts that need. Machinery is, however, covered in case of a collision or a storm.


 Faulty machinery is not covered, but your boat insurance might cover the damage it causes. For instance, if your water pump malfunctions due to clogging, and a pipe bursts and there is flood damage because of the burst, the insurance will not pay for a water pump but would pay for the damage caused. 


4. Accessories


A supplemental boat equipment insurance should be purchased for necessary equipment like GPS, life vests, navigation gear, anchors, or any modifications like an awning, etc., done on the boat. We suggest covering the “extras” that make your boat look nice and make it safe.


5. Improper storage and transportation


Boat insurance should be year-round and basic policies will protect you against fire, vandalism, and theft. Winter storms in the off-season can wreck your boat. Insurance year-round on your boat protects you from the financial strain of getting it repaired.

There is an exception if you store your boat improperly or transport it without properly tying it down, and it falls off. The insurance company will not cover it.

It is imperative to take proper care of your prized possession and keep it safe so you can enjoy it during the in-season.


6. Unnamed operators


If your boat gets into an accident with someone else driving, your insurance likely won’t cover any of the damage; your boat insurance, like your car insurance, covers only certain named drivers that are on your policy. Unnamed drivers are not covered, so if the boat is in an accident with an unnamed driver, the insurance company won’t pay the damages. 


7. Navigation area limits


Boat insurance covers a specific geographical area, so if you sail out in off-limits waters, your insurance policy turns off. Understand your sea navigation area to understand your coverage limits.


8. Races and Competitions


Boating races with high speeds using your boat for any kind of competition will not be covered, so talk to your agent before participating; you could get supplemental liability coverage for collision during races or competition.

Do you need Boat Insurance?
us boat insurance

us boat insurance

Arkansas and Utah, only two states, have boat insurance laws. Only these two states require some type of boat insurance (and for one of these states, only boats with engines of over 50 horsepower). Most states have some laws and insurance requirements for boat ownership. It is advisable to contact the government body or marine authority for specific guidelines in your state.

It is a recreational and hazardous activity; hence offsetting the risk with an insurance policy is a good idea. It is a significant investment, so it should be well protected. In addition lot of marinas and boat storage facilities might require you to have boat insurance for putting the boat in water or storage.

 Banks and lenders will require you to have proper protection, and banks will most certainly require boat insurance.

How much does Boat Insurance Cost?
boat insurance quote

boat insurance quote

$200 to $500 a year is the average cost of boat insurance. The rule of thumb for an expensive boat or yacht is 1-5% of the boat value. If your boat is worth $100,000, expect to pay anywhere from $1000 to $5000. 

Other factors will determine your insurance rates, like the length of the boat, usage, personal profile. So a small fishing boat, a yacht, or a sailboat will all have varying rates.

Is Boat Insurance the same as Yacht Insurance?

A yacht can sail farther and thus run a greater risk; hence their insurance is much broader and more specialized.

What is the difference between Boat and Marine Insurance?


Marine insurance deals with commercial vessels; otherwise, both are similar, but regular boat insurance is for non-commercial boaters. During this recreational activity, if the boat is damaged, people injured, or property damaged, then depending on the perils of the policy, it will be covered. Marine insurance deals with commercial ships, cargo-container ships, and big vessels, including cruise ships.

How to purchase Boat Insurance?

Whether you want to bundle it up with your homeowners’ coverage or purchase it separately, Contact us at to guide you with your boat insurance needs.

Compare Boat Insurance


Although boat insurance is not a requirement in most states, it is imperative that you get adequate coverage for your boat. It is also necessary to have all the equipment to be a safe boat owner.

A boat requires a lot of upkeep and maintenance, much like your car. Water can cause a lot of damage, and so can mold and stagnant water. 

Our agents can guide you for your boat insurance requirements and advise you on the right coverages.


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