Watercraft Insurance: Frequently Asked Questions

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    Watercraft Insurance

    Is watercraft insurance required?

    Boaters often wonder whether watercraft insurance is required or not. Most states of US do not require watercraft insurance, except for Utah. Nevertheless, you need to know that many leasing companies, marinas, and banks require you to have physical damage and/or liability coverage. Besides, if you take a loan to buy a boat, the lender will probably require you to buy boaters insurance.

    Do I need insurance during the offseason?

    If you’re planning to leave your boat on dry land during offseason, then you can cancel your insurance for a few months. However, you should also keep in mind that there are various risks such as fire or theft that can potentially endanger your boat or watercraft throughout the entire year regardless of whether you use your boat/watercraft or not. Without having watercraft insurance, you will have to pay from your pocket to repair or replace your watercraft in case if it’s stolen or damaged during the offseason.

    Does watercraft insurance cover theft?

    Property coverage usually covers boats as well as its equipment that are stolen from your dock, marina or mooring. However, keep in mind that there is a $3,000 limit for covering the equipment of the watercraft, which you can always increase if want to. If you also have expensive fishing equipment or other valuable items, you may want to purchase additional “rider,” or policy such as Personal Effects & Fishing Equipment Coverage to cover those assets as well.

    How much insurance do I need for my boat or watercraft?

    The amount of watercraft insurance you need depends on a number of factors including the type of your boat, its age, size, and value as well as how you use it. The type and level of your coverage along with the deductible may also play a role in the cost of watercraft insurance. For example, powerful, brand new boats or watercrafts that have high-speed performance usually need more coverage because they are riskier and typically cause more damage.

    If you still have questions about watercraft insurance feel free to contact us and our professional agents will help you with any question.

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