How Much Does Boat Insurance Cost?
The actual cost of your boat insurance policy depends on many factors. To demonstrate how an insurance company arrives at your rates, let’s talk about the factors they evaluate. Then, we arrive at the actual prices you can expect to pay depending on the type of watercraft you are insuring.
What does boat insurance cover?
Like an auto policy, boat insurance has many types of coverage. You can choose what coverages you want and need in your policy.
responsibility
All boat insurance policies include liability coverage for any damage you cause to someone else’s property.
Full range
Comprehensive coverage covers damage to your watercraft. This damage may have been caused by an accident on your part. It can also be caused by an incident such as a tree falling on your boat while it is parked on a trailer on your property.
Medical payment coverage
This coverage provides medical expenses for those injured in an accident involving your watercraft.
Uninsured/underinsured boaters
This additional coverage protects you if you or someone in your boat is injured by another boater who does not have insurance or sufficient limits to cover medical expenses incurred as a result of the accident.
Trailer coverage
Most policies also include coverage for the trailer you use to tow your boat.
Fuel leakage
If you accidentally spill fuel into a body of water, you are responsible for cleaning it up. A fuel spill coverage will protect you in this case.
Trip interruption
This optional coverage helps with expenses incurred in the event of a breakdown or accident on your boat trailer while traveling with your boat. It helps cover your accommodation, alternative transport and food while your trailer or vehicle is being repaired.
Scope of fishing equipment
Fishing equipment can be expensive. If you have a significant amount of fishing equipment, you can add this coverage to your policy.
Scope of personal property
You can also add coverage for personal property on your boat. This may include binoculars, scuba equipment, MP# players, cell phones, Bluetooth speakers, sunglasses, tablets or computers, etc.