How to Choose Boat Insurance: Everything You Need to Know

Posted 2 years ago in NATIONAL.

You're excited to get your boat out this summer and you may ask yourself if it's important to have boat insurance.

How to Choose Boat Insurance: Everything You Need to Know

You're excited to get your boat out this summer and you may ask yourself if it's important to have boat insurance. According to statistics, boating accidents resulted in 55 million dollars of property damage. With that much at stake, it's a wise decision to have some coverage on your vessel.

But how do you choose boat insurance?

We've got you covered. Knowing what goes into your insurance will help you make a decision that protects your boat for how you use it. It will also help you choose a policy that fits your budget.

Continue reading for everything you need to know about how to choose boat insurance.

What Does Boat Insurance Include?

The first thing you should do before you choose boat insurance is to learn what it includes. As with any standard policy, boat insurance covers physical damage and liability. Additionally, most policies cover personal property coverage, emergency towing and assistance, and medical coverage.

Outside of these standard policy coverages, there are several specific aspects that boat insurance does not unanimously cover:

  • Total-salvage coverage
  • Fuel-spill coverage
  • Uninsured boater coverage
  • Hurricane haul-out coverage
  • Boat trailer coverage
  • Cruising extension coverage

Consider how you're using your boat when choosing additional boat coverage options. Talking with your boat insurance provider is the best way to determine what policies are right for you.

Types of Boat Insurance

When considering boat insurance options, there are a few main types to choose from. 

Hull insurance covers any physical damage to your boat or any damage your boat causes to the property of others. This type of insurance includes repairs and total loss.

Third-party liability covers damage your boat may cause to others. This includes incidental damage, protecting you from liability in case of towing, spills, or otherwise.

All-risk policies cover all instances that are not specifically excluded. This often carries medical insurance. This policy may run more expensive than other policies.

It is beneficial to note that many boat clubs cover their members for property damage and liability when using their boats. Check out how Freedom Boat Club supports its members.

How Much Does Boat Insurance Cost?

The average cost of boat insurance ranges between $200 and $500 dollars a year. For those adding additional features or choosing premium policies, these prices may look a little different. Some aspects to consider when comparing insurance costs include:

  • The age of your boat
  • The market cost of your boat
  • The boat's condition
  • How the boat is used
  • Where the boat is used

Depending on these variables, alongside the features you choose, insurance policies can easily run over $1000. Talk with your insurance agent to decide what conditions fit your budget.

More on How to Choose Boat Insurance

Having the right insurance policy for your type of boat and how you'll use it keeps your property safe at an affordable price. For more on how to choose boat insurance, as well as other ways to spend your time in the sun this summer, check out our Lifestyle section.


abdullah ashraf

Living in Pakistan