Boat insurance is much like auto insurance. Your main coverages being liability, property damage, and physical damage for the boat:
- Bodily Injury Liability– This coverage pays for expenses to an injury to others from an accident you caused. Medical bills, pain and suffering, defense costs and lost wages may all be covered.
- Property Damage Liability– This coverage can pay costs from damage to other property from an accident you caused. This could be damage to another boat, dock or other structure.
- Physical Damage– This covers damage to your own boat and its trailer. For example, if you hit a dock and your boat is damaged, the cost of repairing it would be covered. Most boat policy’s offer three different options for physcial damage:
- Actual Cash Value– The market value of your boat and/or its parts
- Agreed Value– You determine the amount of coverage when the policy is first written. Usually based on the cost new.
- Replacement Cost– Your boat will be replaced with the same type of new boat. However, it’s usually only available for boats less than two years old.
There are other options that can be added like for boat contents, towing, uninsured/underinsured motorists. Please make sure you ask us about other coverages you may be interested in. Below are the top 10 boat insurance claims. This may be helpful in insuring your boat to meet your needs.
- Hitting a submerged object while cruising
- Theft while anchored
- Collision with other boats while boating
- Storm damage while moored
- Theft while in storage
- Accidental damage while cruising
- Flooding while moored
- Sinking while moored
- Owner negligence while cruising
- Accidental damage while moored