Boat Insurance: Keeping Your Watercraft Protected

Like any activity involving large machinery, boating comes with a certain degree of risk. Accidents can happen, and damage can be costly. This is where boat insurance comes in. The information below will help you take a closer look at what boat insurance is and how it will keep you protected out on the water.


What is Boat Insurance?

Boat insurance, like car insurance, is a type of coverage that protects boaters against financial loss in case of an accident. It is designed to cover costs associated with the repair or replacement of the boat, as well as any damages or injuries caused by the boat to others. Boat insurance policies can vary greatly in terms of coverage and premiums depending on factors such as the type of boat, its value, and where it is used.

What Does Boat Insurance Cover?

Boat insurance covers a wide range of risks. Here are some of the most common coverage options available:

Liability Coverage: Liability coverage for boats is similar to that for cars. It covers damages and injuries you are responsible for causing to others. This includes damage to other boats, injury to other passengers or swimmers, and damage to docks or other property.

Physical Damage Coverage: This option covers damages to your own boat resulting from accidents, theft, or other covered events. Physical damage coverage typically includes both collision and comprehensive coverage.

Uninsured Boater Coverage: This option protects you and your passengers in case you are involved in an accident with an uninsured or underinsured boater who is at fault.

Medical Payments Coverage: This option covers medical expenses for you and your passengers in the event of an accident, regardless of who is at fault.

Is Boat Insurance Required?

The answer to this depends on where you live and how you use your boat. Some states do require boaters to carry liability coverage. Other states may require insurance only for certain types of boats or activities, such as jet skis or commercial vessels. Even if insurance is not legally required, it is still a good idea to have coverage to protect yourself against financial loss.

What is Liability Coverage for Boats?

Liability coverage covers damages or injuries you are responsible for causing to others. For example, if you collide with another boat and cause injury to its passengers, your liability coverage will cover numerous expenses depending on the terms of your coverage. This includes medical expenses, property damage, or any other damages awarded to the other party in a lawsuit. Liability coverage also includes damage to other boats, docks, or other property. The amount of liability coverage you need will depend on the value of your boat and the level of assets you wish to protect.

At Chris Young Agency, LLC, we offer a variety of boat insurance options to fit every budget and need.