UPDATED: Mar 13, 2020
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Navigating on the water can be a ton of fun – however, it isn’t always entirely safe. For some reason, being on the water can make some watercraft motorists get a little fast and loose with the rules of boat safety. And when that happens, so will accidents. But you can protect yourself with Boat insurance no matter whether you’re insuring a large yacht or a couple of jet skis. Just make sure you know the ins and outs before purchasing your policy.
Protect Your Investment with Boat Insurance
There are all sorts of ways to enjoy the water. You can explore the seas in a yacht, cruise around the coast in a speedboat, dip your fishing line at your favorite watering hole, or just crash through waves on a jet ski. But whatever type of watercraft you like to enjoy, you should protect it and yourself with an affordable boat policy.
Boat insurance can cover more than just boats. It may also apply to the following types of recreational vehicles:
- Personal watercrafts (i.e. jet skis)
- jet boats
- fishing boats
- house boats
- pontoon boats
All of the above can be covered with this policy. Also, keep in mind that bundling multiple watercrafts under the same insurance policy may provide a discount, so be sure to look for such deals while you shop around for the best boat insurance quotes near you.
Cheap Boat Insurance Coverage
Many different things can happen to your boat, whether you’re it in at the time or not. And due to the unique risks associated with owning a boat, boat policies are specifically tailored to combat them. Some of these risks include:
Boat insurance typically covers the boat itself and all items permanently attached to the boat. You may also be able to get coverage for electric trolling motors, anchors, seat cushions, extra fuel tanks, life preservers, tools, skis, dinghies, and tow ropes with a boat insurance policy. Other forms of boat coverage include:
- Boat Liability Insurance – Boat liability insurance can protect you if you happen to injure someone while operating your boat or if your boat damages someone else’s property. It can also help pay for legal fees if the collision results in a lawsuit.
- Boat Medical Payments Coverage – If you, any of your resident relatives, or any other occupants are injured while operating your boat, medical payments protection will cover their expenses up to the limits of your medical policy.
The following additional types of coverage are optional, but can be added onto your boat policy if they are within your budget:
- New boats – Your new watercraft will be covered in the event of an insured loss/collision
- Reasonable repairs – pays for various repairs you may have to make in order to protect your boat from further damage
- Emergency services – covers up to $700 for emergency repairs made to your boat
- Wreck removal – Covers expenses incurred as a result of removing your wrecked watercraft from the scene of an accident
These Boat Insurance Companies Offer The Lowest Prices In Your Area
Money-Saving Tips for your Boat Insurance Policy
Knowing the facts about automotive insurance discounts can help you save on boat insurance, too. For starters, just like with a car, having a solid safety record can get you cheaper premiums for boat insurance, too. If you already have a clean driving record, that’s a good start. If not, ask your insurance agent about taking a boat safety course. It’s entirely possible that your insurance company will offer a discount for a boat safety class even if you already have a good driving reputation.
Here’s another thing to consider: how many claims have you had to file in the past? Because claim-free or nearly free policies might also get you some lower rates. And lastly, there are some companies which offer discounts for diesel-fueled boats (as opposed to those which run on traditional gasoline.
If you comparison shop via the internet for lower rates, you can find affordable yacht insurance, sailboat insurance, jet boat insurance, personal watercraft insurance (pwc), marine insurance, jet ski insurance, motor boat insurance, power boat insurance, or speed boat online.