Boat Insurance Policy Coverages

Diving In to Watercraft Insurance

Before you buy watercraft insurance, get some information about common boat insurance coverages. Learn about available discounts and the average cost of this insurance.

As the weather warms and boaters ready boats for the season, it’s a good time to evaluate boat insurance needs. Most states require that boat owners carry at least boat liability insurance. This is just the bare minimum available and doesn’t cover the multitude of other problems that can arise on the water. Pleasure boat insurance coverages vary by boat insurance company. Some boat insurance coverages are included in the policy, and some can be added for an additional premium.

Boat Liability Insurance Coverages

Liability and bodily injury coverage provides boat owners with liability insurance coverage when there is damage or injury to something owned by someone else or to someone else. Medical payments provide pleasure boat insurance coverage for bills that arise as the result of a covered accident on a boat. Stand-alone boat liability insurance coverage is also available, and less expensive than a comprehensive policy.

Comprehensive and Collision Boat Insurance Policies

Comprehensive and collision boat insurance policies are available from most pleasure boat insurance companies. Almost 800 boats are stolen each month in the U.S., so proper theft coverage is a must-have in the boat insurance quote. Covered losses in boat insurance policies also include fire, vandalism and malicious mischief and most other perils.

Insurance for Watercraft- Additional Coverages

Adding replacement cost for personal effects and/or a watercraft to insurance for watercraft means that depreciation isn’t taken from the boat or personal effects stowed on the boat in the event of a loss. Claims payouts according to the individual boat insurance quote but are usually actual cash value or agreed value. Insurance for watercraft might also include replacement cost, but this coverage isn’t available from every insurance company.

Personal Watercraft Insurance

Consider buying personal watercraft insurance to protect Jet Skiers on the water this year. Learn more about the PWC insurance policy, policy coverages and average costs.

Additional Boat Insurance Coverages Available

There are a number of additional coverages available in the boat insurance quote. Uninsured boater’s insurance coverage pays for damages incurred by an uninsured boater in the event of a covered loss. Roadside Assistance provides boat owners with towing to the nearest qualified repair facility when a trailer or tow vehicle is disabled. Trailer insurance may be included in the boat insurance quote and covers the boat’s trailer. If the boat will be used outside of the U.S., additional coverages may need to be purchased. The boat insurance policy often includes Canada and Mexico coverage, but these coverages may have to be purchased as an additional endorsement.

Watercraft Insurance Costs and Discounts

The watercraft insurance policy can easily cost $500-$800 annually. Insureds can cut policy costs by taking boating safety courses, or with installed protective devices like a ship-to-shore radio or burglar alarm. Watercraft insurance policy discounts available vary by boat insurance company. It costs even less for personal watercraft insurance. Learn more about personal watercraft insurance to get coverage for a Jet Ski or personal watercraft.

© 2007 Lisa Nichols

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