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boat insurance

Things That Can Affect Your Boat Insurance

If you own a boat, then you’ll need a separate boat insurance policy. Unfortunately, your homeowners insurance policy will not help cover your boat or any incidents you get into on a watercraft. On some rare occasions, homeowners insurance may have minimal coverage for small boats. But this coverage will not be enough if you own a boat and plan to operate it on the water. Help protect your boat by getting boat insurance. Similar to car insurance, it can help protect you financially if accidents occur. From theft to repairs and replacement, insurance can help you protect your boat.

Boats can be dangerous too. If a third party is hurt while on your boat, or by your boat, then the ensuing charges can be devastating. Medical bills, loss of income, and property damage are just some of the costs you may face. Without proper coverage, you could owe a lot out of pocket. Here are some things that can affect your boat insurance!

Type of Boat

The type of boat you own can affect the coverage you need. For instance, a small fishing boat will require different coverage than a big yacht. The length and size of your boat will be considered by your insurance company.

Your Boat’s Value

The cost and value of your boat is another factor to consider. A higher value boat will probably need greater coverage than a lower value boat. It’s important to take value into account. In case an incident occurs, you want to make sure it’s enough coverage for the boat’s value.


Where you operate your boat can also affect your insurance coverage. Boating in a nearby lake is less dangerous than long sails on the open ocean.  Your insurance agent will ask about your boat’s location and where you plan to operate. Certain countries may be a greater risk than others, so keep that in mind as you look for coverage.

Intended Use

What are you using your boat for? Is it used for fishing? Is it used for recreation? The usage of your boat can impact your coverage. Different boats are designed with different intentions, and so your insurance will reflect that.

Boat Storage

Boat insurance is  for when your boat is on the water. If you are driving your boat to/from the water and something happens, that may be under the jurisdiction of auto insurance. If this is the case, then you may want to make sure that your auto insurance coverage is prepared for an accident involving your boat. Additionally, if you are storing your boat on your home’s property during the winter, then your homeowners insurance should take that into consideration. You might even want to consider getting an umbrella policy to help protect against the unexpected.

Types of Boat Insurance Coverage

The type and amount of coverage you get can affect the cost of your insurance. These are some of the most common types of coverage:

  • Liability Coverage – If there is an accident on water with another person or boat, this type of insurance can help protect you if you are deemed at fault.
  • Physical Damage Coverage – While this coverage is optional, it is designed to help protect your boat, motor and trailer.
  • Medical Payments Coverage – In the event that you or your passengers are hurt, medical payments coverage can help cover medical expenses.

Other Things to Think About

These may be some of the biggest factors that play into boat insurance, but there are other things that you may want to think about as well. First, ask about discounts! You may be eligible for discounts you didn’t even know about. Some more common ones are: good safety record, boating safety classes, and safety features on your boat.

Also consider the insured value of your boat. When you are browsing policies, take note of agreed value or market value. Basically, agreed value is the value of your boat when you first bought it. Market value would be the amount it is worth now. While agreed value may seem like it would be better protection, it can increase your premiums

Talk to your agent about boat insurance and what you need to help keep your boat safe! They can help you figure out the insurance coverage that best suits your needs out on the water!

Chat to an Encharter agent about boat insurance today at 888.754.8299

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