What Does Boat Insurance Cover & Not Cover?

Although boating can be an enjoyable pasttime, it also comes with its own risks. Just like you’d get car insurance when on the road, boat insurance brings you peace of mind when adventuring on the open water. Here’s everything you need to know about boat insurance, what it covers, and what it doesn’t cover. 

What is Boat Insurance?

As one might imply by the title, boat insurance protects marine vehicle owners. Its concept is similar to automobile insurance in which your plan covers any potential damage inflicted upon the vehicle.

Its aim is to protect the owner from claims relating to the physical damage of the boat along with any injuries or death caused by the accident involving the said vehicle. 

Since boat insurance plans vary by company, owners need to be selective about which policy they choose and the terms within that agreement.

You may want to consider getting boat insurance separately from your homeowners’ insurance. This is because traditional homeowners’ insurance may not include specific needs that boat insurance covers.  

What Does Boat Insurance Cover?

Boat insurance most commonly protects your marine vehicle and other watercraft from accident damage. Boat insurance can also cover your vehicle if it’s stolen.

These coverages usually still apply whether the incident occurred on the water or on land. Granted, what boat insurance policy you choose will depend on personal preference and whether you have other accessories that coincide with your watercraft. 

Even so, other boat insurance policies might cover three more risks: liability, medical payments, and uninsured watercraft. Liability coverage helps you pay for expenses on another person’s property as a result of an accident.

If you or your passengers are injured from a boating accident, medical payments coverage can help you pay for these fees. Finally, uninsured watercraft coverage pays for damages related to another uninsured boater. 

How Does Boat Insurance Work?

Boat insurance functions very similarly to other policies under the same umbrella. Much like any other insurance plan, you’ll pay monthly insurance premiums that grant liability for potential risks related to your watercraft.

For boat insurance, these risks include physical damages to the boat, injury or death of passengers, or theft involving the watercraft. 

Boat insurance policies tend to be tailor made to the owners’ preferences and type of marine.

It can cover a wide range of watercraft including yachts, sailboats, and houseboats. To use an example, a person purchasing coverage for their houseboat may need to think about overall damages since its their physical area of residence. 

What Does Boat Insurance Not Cover?

Although boat insurance can be very helpful in case of an accident, much like other policies, it does come with its own share of exclusions.

To give you full peace of mind, it’s important to pay attention to the fine print of your boat insurance policy to understand what they do and don’t cover. There are also varying cost factors to keep in mind as you select boat insurance. 

Some of the most common exclusions include general wear and tear, marine life, and infestations.

To use wear and tear as an example, although boat insurance will pay for damages related to an unexpected accident, it won’t cover anything related to natural deterioration. Unfortunately, much like cars, marine vehicles eventually wear down over time. 

Types of Boat Insurance Coverage

As mentioned previously, your boat insurance policy will vary depending on personal preferences and the type of marine vehicle you’re operating. However, many boat insurance policies come with common coverage add-ons alongside their generic plan. Here are some commonly seen add-ons that you may add-on to your boat insurance policy:

• Salvage: Coverage that pays fees associated with boat removal due to damage.
• Specialized Coverage: This pays for expensive props or navigational equipment for your boat. 
• Towing: Covers fees related to expensive towing costs. 
• Consequential Damage: Covers general wear and tear of your boat as opposed to damage resulting from accidents. 
• Cruising Extension: This is usually temporary additional coverage for marine vehicles leaving the United States. 

Are you a regular boat driver that’s in need of insurance to cover potential risk factors? Look no further than Worth Insurance! Our professionals would be happy to walk through our boat insurance policies to find the perfect plan for your specific needs. Contact us to learn more about our boat insurance today!