What Does Boat Insurance Cover?

Small boat being driven in the open ocean

You’re about to set sail on adventure and enjoy your new boat out on the water. Boating can be an incredibly fun experience for you and your family. However, it doesn’t come without risk. That’s where boat insurance comes in.

It may not occur to you to get boat or watercraft insurance, but it’s actually one of the earliest known forms of insurance, going back to Ancient Greece. It’s definitely worth it to pay the boat insurance cost if you end up in a collision with another boat or dock. Motorboat, houseboat, or sailboat insurance can definitely help you swim above water should you find yourself financially sinking due to a boating accident or theft. Here is a list of the common types of coverage you should expect when getting a boat insurance quote.

Property/Physical Damage Coverage

If your boat’s hull or machinery gets damaged in an accident, property/physical damage coverage will help pay for the repairs to your vessel, whether the collision occurred on water or on land. The type of coverage can vary among boat insurance companies, but most marine insurance plans can cover damage to:

  • The boat’s hull
  • Motors
  • Extra fuel tanks, batteries, etc.
  • Anchors
  • Onboard safety equipment/supplies such as life rafts, fire extinguishers, etc.

Most boat insurance property coverage include the theft and vandalism of the boat, along with damage caused by fire, storms, and other hazards aside from collision. It may or may not cover damage done to the boat’s trailer. You will have to look through the policy for specifics and see which plan offers you the coverage you want.

Liability Coverage

Most boat insurance rates include liability coverage, which means the policy will protect you if you are responsible for a boat accident that caused property damage or physical injury to another person. It is important to note that this coverage not only covers collisions made by your vessel, but also damage due to situations caused by your vessel such as large wakes. There are some good boat liability plans that also help cover court costs and settlements if you are facing a lawsuit.

Medical Payments Coverage

If you or your passengers are injured during a boating accident, your boat insurance could also include medical payment coverage. This can help pay for expenses such as medications, hospital visits, x-rays, and other medical fees accrued to treat injury caused by a boating incident.

Uninsured Watercraft Coverage

This type of coverage isn’t always included with standard boat insurance plans, but it is a good investment. This insurance helps cover property losses or injury you experience if you collide with a boat that isn’t insured. If an uninsured boater causes damage to you, your boat, or one of your passengers, you will have the repair/replacement expenses and medical expenses covered.

Additional Coverage

There are some other forms of coverage that can be attached to the standard watercraft insurance policy:

  • Personal Property Coverage – Covers the replacement or repair of personal effects such as clothing, jewelry, fishing gear, etc. Great additional coverage to add to houseboat insurance policies.
  • Towing and Assistance – Pays for emergency assistance such as fuel delivery at sea, boat towing, and emergency repairs.
  • Boat Trailer Coverage – Insurance coverage for damages done to your boat trailer.
  • Wreckage Removal – This coverage pays for the removal of your watercraft from the water if it is totaled.
  • Fuel Spill Coverage – Pays for the cleanup of any spills or leaks of fuel from your vessel.

Now that you know what boat insurance can do for you, why not get your watercraft covered? Freeway Insurance offers quality protection at a price anyone can afford. Get a free watercraft insurance quote from us today!