Is Boat Insurance Required?

Unlike car insurance, boat insurance isn’t generally required on the state level. This doesn’t mean you don’t need it, however. Many marinas require their customers to purchase and maintain boat insurance. Some states don’t even require boat owners to carry a boating license, but there are requirements when it comes to the age of the driver. Be sure to check with your state and marina about different boat requirements before setting out on the water.

Is Boat Insurance Worth It?

Many boat owners assume that if they don’t need boat insurance, it’s not worth purchasing. Insurance is important in keeping your boat and its passengers safe, however. While some home insurance policies provide coverage for boats, this coverage is usually limited to $10,000 and only applies while the boat is stored.

What Does Boat Insurance Cover?

A comprehensive boat insurance policy normally includes:

Physical damage. Physical damage coverage provides compensation for loss of or damages to the boat due to fire, wind, hail, theft, vandalism and more.
Liability. Liability insurance covers bodily injury and property damage the driver may cause someone else while operating the boat.
Medical payments. Medical payments cover medical expenses for the driver and their passengers after an accident.

Guest passenger liability. This insurance covers bodily injury and property damage a passenger may cause while operating the boat with permission.
Loss or theft of belongings. Personal belongings left on the boat aren’t always covered. You can add additional coverage to protect personal belongings that are lost or damaged due to fire, wind, hail, lightning, theft, vandalism and more.

You can also purchase additional coverage to protect boat trailers and accessories.

Is Boat Insurance Expensive?

Boat insurance is relatively inexpensive, but it is influenced by a lot of the same factors as your car insurance rates. This includes your age, gender, driving record, claims history, credit score, location and the value of the boat. Larger and more expensive boats generally cost more to insure.

On average, boat owners may pay between $300 and $500 a year for boat insurance, which is approximately $25 to $41.66 a month. This is affordable compared to the thousands of dollars you could possibly lose in an uninsured accident, especially those involving expensive injuries to your passengers or others on the water. Be sure to speak with your insurance agent about possibly lowering your boat insurance rates with qualifying discounts.

Is Boat Insurance Required?

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