Whether you’re a freshwater angler or a saltwater sailor, there are few places you’d rather be than cruising the open water with a fishing buddy, a first mate, or a band of scurvy misfits. The boating life isn’t all fun in the sun. You’ve got nautical skills to master, laws to abide by, and safety precautions to follow.

With all that to worry about, you don’t need the added task of finding the

right boat insurance on your own. Weimer Over agents know

the ins and outs of boat insurance and will walk you through your options to

make sure you and your boat have the proper coverage.

Why Do I Need Boat Insurance?

Boating insurance needs will vary for every skipper, vessel and state. Some

coverage options may not be required, or seem a little over the top to you,

but sometimes the smallest circumstances can create the biggest impact.

Here are several bad things that can happen:

  • A collision or grounding that ruins your boat and all its gear.

  • A hurricane or lightning sinks your craft.

  • Your boat is stolen with all its fishing rods, stereo equipment, etc.

What Does Boat Insurance Cover?

Coverage will depend on a number factors. You can imagine a gazillion-dollar yacht will require different insurance than a canoe boat with a 12-volt trolling motor. However, for most boats, boat insurance coverage on a policy includes:

  • Bodily injury liability: For any medical-related expenses for another person.

  • Property damage liability: Expenses for damaging another’s property.

  • Physical damage: For expenses due to damage to your own property, trailer, etc.

Additional policy options can include the following:

  • Property coverage: For tools, life preservers, anchors, and even fishing gear.

  • Towing coverage: For when your boat becomes disabled.

  • Medical expenses: For hospital and funeral expenses for you or your passengers.

  • Uninsured/underinsured boaters’ coverage: If you have an accident with another

  • boater whose insurance is not sufficient to cover damages.

 

What Kind of Boats Need To Be Insured?

Yacht or naught, all boats should carry some form of coverage. After all, you never know when your vessel could be damaged, stolen or involved in an accident that results in injury. Even if your boat is docked or stored, it can be vandalized, damaged in a fire or storm, or even stolen.

How Much Does Boat Insurance Cost?

On average, boat insurance costs between $300 and $500 annually, but it can run over $1,000 per year depending on the type of boat, your personal profile, and a few other factors. 

Factors that can change your premium:

  • Boat usage: If you only take your boat out on occasional fishing trips, your rates will typically be lower than if you tow water skiers, wake boarders or parasailers.

  • Driving record: Good auto drivers tend to be good boat drivers.

  • Past boat insurance claims: You may have to pay more if you’ve filed many claims in the past.

  • Other insured’s experience: Adding your teenage son as a driver on your policy may increase your rates.

  • Safety measures: Have you had a certified safety course? Do you have Coast Guard-approved fire extinguishers and radios to communicate with the mainland?

  • Horsepower of the boat: Often, boats with a higher horsepower engine will have higher insurance premiums.

  • Your gender and age: Women over 27 have been found to receive better rates than their male counterparts.

  • Specs of your boat: Year, make and model of the boat and motor, and whether you have an inboard or outboard motor, come in to play when determining rates.

  • Region of the country: Will you be using the boat in areas where there are natural hazards like hurricanes?

  • Your credit score: Believe it or not, insurance companies have found that a person with a lower credit score is statistically more prone to boating accidents.