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Home » What Does a Boat Owners Policy Cover??
December 8, 2022
Jennifer Widera

What Does a Boat Owners Policy Cover??

Like any other vehicle, boats should have a reliable insurance policy in order to protect against possible damages or injuries. Boat insurance is often misunderstood, however. This insurance isn’t generally required by state law as with auto insurance, but that doesn’t mean it’s not needed.

What it Covers

Boat insurance policies generally cover:

  • Physical damage covers damage to the boat due to fire, wind, hail, falling objects, lightning, theft, vandalism and collision.
  • Liability covers bodily injury and property damage the driver may cause another person while operating the insured boat.
  • Guest passenger liability covers bodily injury and property damage a passenger may cause while operating the insured boat with permission.
  • Medical payments cover medical expenses for the driver and their passengers after an accident.
  • Towing

There are also additional coverages available to cover theft of or damage to items kept on the vehicle, customized parts on the boat, and other common exclusions. Boat trailer insurance is available to cover your boat trailer from damage, as well.

Common Exclusions

Boat insurance policies often exclude intentional damage, normal wear and tear, negligence, flood damage and earthquake damage. Although many home insurance policies offer boat insurance coverage, these policies generally cap at $10,000 and only cover boats while they are in storage. This also does not include liability coverage.

How Does Boat Insurance Work?

Like with other insurance policies, boat insurance is paid through monthly premiums in return for coverage. With an insurance agent, you will decide on the coverage you need as well as your deductible, which is the amount you will pay after filing a claim. When you file a claim, an underwriter from the insurance provider will investigate the claim to calculate how much compensation you will receive.

Is Boat Insurance Expensive?

Boat insurance is relatively inexpensive, but premiums vary depending on several factors. Common influences include:

  • Age
  • Location
  • Value of the boat
  • Coverage limits
  • Deductible
  • Claims history
  • Credit score
  • Driving record

Your auto driving record can affect the cost of your boat insurance. A poor driving record or low credit score can make your boat insurance rates go up.

On average, boat owners pay around $300 a year. Heavier and more expensive boats often cost more to insure. Be sure to ask your insurance agent about possible discounts available to you, including Good Driver discounts, Multi-policy discounts, Boat education discounts and more.

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