Watercraft / Boat Insurance

It is important to understand the geographical areas of coverage for your boat or watercraft policy. For example, some insurance companies provide protection for areas up to 75 miles off of the U.S. coastline, into Canadian coastal or inland waters, and into the Pacific coastal waters of Mexico. If your policy is based in California, Florida, or Oregon, other areas of coverage can be purchased for an additional fee.

Just like cars depreciate over time, so do watercraft and boats. If you have an “Actual Cash Value” policy it can be very difficult to replace a boat that is stolen or destroyed. With Agreed Value Coverage, if your boat is deemed a total loss, you will get the agreed value for which you insured, minus your deductible.

Liability insurance covers you in the event that an accident that is your fault occurs and other boaters or boat owners are involved. This protection pays for the repair and replacement of someone else’s property as well as for medical care, lost wages, and any other costs incurred as a result of the accident.

Medical payment coverage pays for medical costs incurred as the result of an accident, regardless of who is at fault, and covers you, your passengers, and your water skiers/tubers. Depending on the coverage you choose, it may cover anywhere from $500 to $10,000 of medical payments.

If your watercraft, its motor, or any permanently attached equipment is stolen or damaged, Physical Damage Coverage pays for repair or replacement costs.

Many people do not know that boat insurance is not always mandatory. Uninsured/Underinsured Watercraft Bodily Injury coverage protects you in the event that you are hit and injured by an uninsured or underinsured boater. Coverage includes paying for medical treatment, lost wages, and any other costs associated with the accident.

In the event that your boat or watercraft is damaged and leaks fuel or oil into the water, you are legally responsible for having it properly cleaned up. Fuel Spill Liability and Wreckage Removal coverage provide protection so that you do not have to pay the expense out of pocket.

Boat and watercraft accidents and theft happen and that can lead to the loss of personal effects such as clothing, cell phones, sporting equipment, fishing equipment, and more. Policies and limits vary by state but personal effects coverage will pay for those items if they are lost or damaged as the result of a covered claim.

Some equipment is specifically designed for use on a boat or watercraft but may not be permanently attached. Some examples of this include water skis, anchors, oars, lifesaving equipment, tarps, and fire extinguishers. In this case, Unattached Equipment Coverage pays to repair or replace that equipment.

If your boat or watercraft is disabled while on the water, Emergency Assistance coverage pays for towing, labor, and delivery of gas, oil, or a loaned battery.