Boat Insurance FAQ

Whether you are legally required to have a policy for your craft depends on your state. If you bought it using a loan, the lender might require you to get watercraft coverage. And if you dock your vehicle at any local docks or marinas, they may require you to have a policy. Even if nobody requires you to have this policy, we recommend getting it, as even basic liability plans can be very important in the event of an accident.

How much you need depends on the type of vessel you have. For example, if you have a fast speed craft, you should get at least $1 million in liability to help protect you in the event of an expensive accident. If you have a larger one that spends most of its time docked, you should consult a professional to discover how much protection you need.

Getting a minimum of $100,000 in liability coverage is recommended, even if you have a very small vessel. The larger and faster the craft, the more coverage you will need.

Watercraft insurance protects your boat, Jetski, pontoon, or other personal watercraft in the event of loss, damage, and/or injury.

There are many different coverages that can be involved in watercraft/boat insurance, however most standard policies include the following coverage:

• Collision damage that includes the cost of repair or replacement of your vessel.
• Comprehensive coverage if your boat is vandalized, stolen, or damaged in an incident other than during a collision.
• Property damage liability if you damage another person’s boat, dock, or other property.
• Bodily injury liability to cover any injury you cause while using your boat; including medical bills, legal expenses, and loss of income.

There may be other protections added or omitted, so be sure to look over your boat insurance policy to make sure you’re getting the coverage you need.

Some states may require you to have liability coverage in order to legally operate your boat, jetski, etc., but some do not. However, many marinas and docks may require you to have boat insurance to dock your boat in the area. If you take out a loan to purchase a boat or other personal watercraft, the lender may require you to get watercraft insurance coverage. Even though it’s not 100% required in many cases, it is a good idea to get some form of watercraft coverage in case of an accident. Check your state laws and guidelines to your favorite docks, piers, etc. to know their insurance requirements.

The cost of watercraft insurance varies based on the state you live in, the size of your vessel, whether you use it inland or in open water, the size of the motor (if any), and other factors. The cost of watercraft/boat insurance can be anywhere from $75 to $500 per year or more. Speak with an insurance agent or get a free quote online in order to know how much you are expected to pay.

The amount of coverage you need depends on the size of your vessel, its value, its age, how often it is used, and other variables. Most insurance pros recommend buying $1 million in liability insurance for a fast speed boat due to the heavier risk and potential for damage. Small pleasure cruisers that spend most of the year docked or on land won’t need as much coverage. Talk with an insurance agent to see what type of coverage best fits your needs.

If you purchase comprehensive boat insurance, it should cover the theft of your boat, jetski, etc. However, personal items left on the boat may or may not be covered depending on your policy.

It depends on your insurance company. Ask your insurance agent about protection against hurricanes, tropical storms, or other weather-related coverage for your watercraft.

Some policies do, some policies don’t. Even policies that do cover damage to the engine may have stipulations or exclusions. If you want engine damage included in your policy, you should speak with an insurance agent to ensure that your policy includes it and know what conditions need to be met in order to receive coverage.

If your boat insurance/watercraft insurance is a comprehensive policy or includes property damage, it should cover damage caused by collisions with rocks and other marine obstacles.

Yes. While many people are tempted to cancel their boat insurance during the off-season, it is beneficial to keep it throughout the year. Most watercraft insurance plans will provide coverage to your boat if it stolen or damaged in a fire, even when it’s on land, parked, or docked for the winter. Some policies take colder climates into account and will offer a discounted rate during the winter months.

If your watercraft’s trailer is attached to your car, your auto insurance policy should be able to cover the liability for them. However, if your watercraft is physically damaged during its transport, your boat insurance will pay for the repairs if you have physical damage coverage.

Yes! If you have physical damage coverage or comprehensive coverage included in your watercraft insurance policy, it should cover the cost of replacement or repair.

Some watercraft insurance policies offer a “layup” discount if you don’t use your boat year-round.

Depending your watercraft/boat and your usage, there are some possible discounts you may qualify for. Some insurers offer discounted rates if you take certified boating safety courses, have an unblemished vehicle operation record, or use your vessel in fresh water instead of salt water. Talk to your insurance agent to see if you can take advantage of any potential discounts available to you.

This varies from insurer to insurer, but most boat insurance policies will cover your boat passengers in an accident. Some policies will even cover people other than yourself if they operate your boat. The policy may or may not extend to water skiers or folks being pulled on an inner tube by your boat. You’ll have to check your watercraft insurance policy for details.

You can insurance coverage for your boat, jetski, or other watercraft through Freeway Insurance. Freeway can offer you a wide range of quality, affordable coverage from the top insurance providers in the country. Give us a call or get a free watercraft insurance quote online to set sail for big savings and great protection.