Boat Insurance FAQs

March 18, 2020

With boat insurance, you’re protected from damage to your watercraft as well as from any damage you may cause while boating. 

Boat insurance provides protection from loss or damage to your boat and covers most motor-powered watercraft, including ski boats, pontoon boats, fishing boats and yachts. Boat insurance may also help protect you if you accidentally injure someone or damage their property with your boat.

If you cause a boating accident (or if you’re involved in a boating accident with an uninsured or underinsured operator), you may be held liable to cover accident-related expenses, such as property damage, repairs, medical bills, legal fees and more. Without adequate boat insurance coverage, your financial security could be at risk.

Coverage for boat insurance varies by state, insurance company and coverage options you choose, such as:

• Physical damage: Covers damage to your boat caused by collisions with another boat or object in the water.
• Liability coverage: Applies to bodily injury or damage to others’ property (such as another boat) that is caused by you.
• Personal property: Protects you from damage or loss of items on the boat, such as cameras, ski equipment, etc.
• Towing and assistance: Covers transporting your boat for repairs when it’s inoperable and provides roadside assistance.
• Salvage coverage: Applies to costs a salvage company incurs to rescue a vessel from sinking and bring it back to shore safely.
• Wreck removal: Provides coverage for costs to raise and remove a sunken wrecked vessel.

Yes, the state where you store and dock your boat is a factor that affects your boat insurance premiums. In addition, the waters in which you use your boat (called “navigation territory”) also contributes to the cost of boat insurance. For example:

• If you store or dock your boat in an area that periodically has hurricanes, then your policy premium may be higher.
• If you use your boat on inland lakes and rivers, then you’ll typically have a lower policy premium than if you use your boat on the ocean.

It’s important to understand that your boat is not covered under your auto or homeowners policy. If you want to insure your boat to protect yourself from any accidents that occur on the water, then you need a dedicated boat insurance policy.

At McGriff, we’re here to help you find the best boat insurance coverage to meet your needs. Please fill out this short form or call us at 1-800-422-8448. It’s simple and easy to get a competitive quote.