You have two basic options when buying boat insurance. You can purchase an agreed value policy, which means it covers the boat based on its value when you bought the coverage. Then, there is an actual cash value policy. It factors in depreciation when covering your boat and costs less annually. Still, you won\u2019t get as much money if your watercraft is a total loss. It\u2019s not uncommon for insurers to require older boats to get an actual cash value instead of an agreed value policy.<\/p>\n\n\n\n
Even with these different factors, most people end up paying around 1.5 percent of the boat\u2019s value each year. That\u2019s not much money at all. If you have a boat worth approximately $20,000, you can probably insure it for about $300 each year. <\/p>\n\n\n\n
Is Boat Insurance Required?<\/h2>\n\n\n\n
According to the National Association of State Boating Law Administrators, only Arkansas, South Dakota, and Utah require liability insurance for boaters. Even if you live in a state that doesn\u2019t require watercraft insurance, it\u2019s still wise to purchase a policy. While your homeowner\u2019s insurance policy might cover some boat-related expenses, the coverage limit is typically small. The company might only pay for $1,000 toward a claim. That means you might be on the hook for lots of money. <\/p>\n\n\n\n
What Does Boat Insurance Cover?<\/h2>\n\n\n\n![\"happy](\"https:\/\/www.freeway.com\/knowledge-center\/wp-content\/uploads\/sites\/2\/2020\/09\/is-boat-insurance-required.jpg\")
<\/figure><\/div>\n\n\n\nBoat insurance generally doesn\u2019t cover wear and tear, defects, or damage from marine life and mold. However, it does cover:<\/p>\n\n\n\n
- Damage from Accidents, Natural Disasters, and Vandalism<\/li>
- Bodily Injury Liability<\/li>
- Property Damage Liability<\/li>
- Guest Passenger Liability<\/li>
- Medical Payments<\/li><\/ul>\n\n\n\n
Does Watercraft Insurance Cover Theft? <\/h2>\n\n\n\n
Boat insurance typically covers theft when the watercraft gets stolen from a dock, mooring, or marina. Depending on the circumstances, boat insurance might work as secondary coverage. For example, if it gets stolen from a marina storage building, the building owner\u2019s insurance might be the primary coverage. <\/p>\n\n\n\n
Getting Boat Insurance<\/h2>\n\n\n\n
It\u2019s a good idea to get boat insurance and an even better one to shop around, so you don\u2019t overpay for coverage. Contact a licensed insurance agent to compare quotes from different providers. Then, you can find an affordable policy that will protect you and your boat. With the right coverage, you can continue to enjoy boating each year without worrying about going over your budget if something outside of your control happens. It\u2019s easier to have fun when you aren\u2019t stressed.<\/p>\n\n\n\n
Did you know that Freeway offers watercraft insurance? We can help you navigate through quotes and find the best one for your needs and budget. Start your free boat insurance quote online, over the phone, or at one of our offices near you.<\/p>\n\n\n\n
<\/div>\n\n\n
<\/figure><\/div>\n\n\n\nBoat insurance generally doesn\u2019t cover wear and tear, defects, or damage from marine life and mold. However, it does cover:<\/p>\n\n\n\n
- Damage from Accidents, Natural Disasters, and Vandalism<\/li>
- Bodily Injury Liability<\/li>
- Property Damage Liability<\/li>
- Guest Passenger Liability<\/li>
- Medical Payments<\/li><\/ul>\n\n\n\n
Does Watercraft Insurance Cover Theft? <\/h2>\n\n\n\n
Boat insurance typically covers theft when the watercraft gets stolen from a dock, mooring, or marina. Depending on the circumstances, boat insurance might work as secondary coverage. For example, if it gets stolen from a marina storage building, the building owner\u2019s insurance might be the primary coverage. <\/p>\n\n\n\n
Getting Boat Insurance<\/h2>\n\n\n\n
It\u2019s a good idea to get boat insurance and an even better one to shop around, so you don\u2019t overpay for coverage. Contact a licensed insurance agent to compare quotes from different providers. Then, you can find an affordable policy that will protect you and your boat. With the right coverage, you can continue to enjoy boating each year without worrying about going over your budget if something outside of your control happens. It\u2019s easier to have fun when you aren\u2019t stressed.<\/p>\n\n\n\n
Did you know that Freeway offers watercraft insurance? We can help you navigate through quotes and find the best one for your needs and budget. Start your free boat insurance quote online, over the phone, or at one of our offices near you.<\/p>\n\n\n\n
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