Affordable Boat insurance.

Boat and yacht insurance – sometimes referred to as marine insurance – is designed to help protect you and your boating guests from the potentially high cost of accident-related damages or injuries. It is a contract between you and your insurance company in which you pay a premium to the insurance company in exchange for a set of available coverages you select. If you finance or lease your vessel, your lender may require specific insurance coverages and limits.

Carrying boat or yacht insurance is a smart decision. Contrary to popular belief, your vessel is not automatically covered under your homeowners policy. If you cause an accident, or get into one with an uninsured vessel, you may be held responsible to cover related expenses, such as repairs, property damage, medical bills and more. Without the proper coverage, your financial well-being could be at risk.

Working with an insurance representative to create a marine insurance policy that helps fit your individual needs and budget can help protect you, your loved ones and your assets in the event there is a boating accident.

Boat insurance coverage options depend on the state where your boat is used, your insurance company and the coverage you choose. Standard boat insurance coverage options typically include:

• Physical damage: Collisions with another boat or submerged object.
• Liability: Bodily injury or damage to the property of others.
• Personal property: Including, but not limited to, fishing equipment, clothing and boating-related equipment such as life vests.
• Towing and assistance: Reimbursement for transportation of your boat to a repair facility when it’s inoperable, and for gas delivery and roadside assistance.

Before you purchase a boat policy, it is a good idea to talk to an insurance representative who can help you determine your insurance needs and explain your coverage options. Things to consider and discuss with your agent include:

• What are the basic coverages, if any, required by your state or by your lender (if vessel is financed)?
• Will you be able to afford to pay your deductible and expenses above your policy limits in the event of a loss?
• How much would it cost to replace or repair your vessel, its fixtures and electronic equipment in the event of a loss?
• Do you frequently take people out on your boat?
• Do you have special features on your boat that might need extra protection?
• Where do you store your boat when it’s not in use?
• How do you transport your boat?
• Where do you plan to use your boat?
• Do you qualify for any discounts on your premium?

Many factors affect your cost for boat insurance – among them are the state in which you store and dock your boat, as well as the “navigation territory,” or the waters in which you use your boat.

If you store or dock your boat in an area that is more prone to catastrophic weather events, your policy premium may be higher. You may also have a windstorm deductible. Certain states or marinas may also require you to carry specific coverages and limits, which could affect your premium.

Where you use your boat matters, too. For instance, boats used inland typically have a lower rate than boats used on coastal waters.

 A boat is a major investment, and one that should be protected year-round. Fire, theft, weather and natural disasters can damage your boat anytime, anywhere. Without adequate coverage, your boat remains exposed to these threats all year long. Your insurance representative can help you determine which boat policy options best fit your needs and budget.