If you live in Georgia and own a boat, you know you need boat insurance. However, with so many different options available, selecting the right coverage can be hard for consumers.
Boat insurance protects boat owners against both liability and property damage. Boat insurance can soften the financial blow if you get into an accident while sailing. Furthermore, if your boat is damaged or stolen, boat insurance may assist with the expenses of repairing or replacing it.
Today’s top boat insurance providers give boaters a variety of perks and discounts. Still, boaters must do extensive study to determine which boat insurance firm provides them with the best service and coverage at a cost that meets their requirements.
Marilyn Todd Insurance, an Allstate agency, is ready to assist you. We provide some of the state’s most competitive rates, and our customer care is second to none. We’ll handle everything for you so that you can relax and enjoy your time on the water worry-free.
Do you want to get financial protection and peace of mind for your boat? For a free quote, contact us today.
What Is Boat Insurance?
Have you ever been out sailing in good weather with everything going smoothly, only to have something go wrong? This might be anything from a boat engine failure to being stranded on the water.
Unfortunately, an unforeseen circumstance like this might result in significant financial difficulties.
Repairing or replacing a boat can be very expensive, and boat insurance may shield you from the expense. Both liability and property damage are covered by boat insurance.
Your boat insurance policy may also cover the expenses associated with repairing or replacing your boat if it is damaged. It can also cover typical boat contents, as well as boat trailers.
Components Of Boat Insurance
Boat Equipment
Boat insurance does not just cover the boat itself; it can also protect important boat equipment. This includes life jackets, anchors, navigation equipment, other boating accessories, and even aftermarket modifications to the boat.
Watercraft Liability
Personal watercraft insurance protects boat owners financially in the event of a watercraft-related accident. Personal watercraft insurance might help you cover the cost of dock or other boat damage as well as medical expenses for an injured person if you are involved in an accident.
Emergency Services
Boat insurance may help cover the costs of towing and other emergency-related expenses in case of an emergency or urgent condition. Your policy, for example, may cover the expense of towing.
Physical Property Damage
When you’re out on the water, your boat and trailer are covered by physical property damage coverage. This also covers boat contents if they are stolen or vandalized, as well as if they are harmed by wind, hail, lightning, fire, or explosion. Lastly, it covers $100 of emergency service in case of a wreck.
Personal Possessions
A policy that protects you from the loss of equipment not essential to boating, such as electronics or a depth scan fish finder, is crucial. Inquire about what items may be covered by your insurance policy.
Uninsured Watercraft
If another boater causes an accident and does not have enough insurance to cover your medical payments and expenses, you are covered under uninsured watercraft coverage.
How Much Does Boat Insurance Cost?
The cost of a boat insurance policy is determined by the size and value of the boat as well as coverage limits you pick.
What Does Boat Insurance Cover?
If you’re a boat owner looking for new options for your insurance policy, or if you’ve had one before but want to know what else you could cover, you may be wondering what’s covered by a boat insurance policy. Let’s have a look.
Keep in mind that what comes next varies based on your insurance provider and policy selections, so talk with a knowledgeable insurance agent about the sort of property and liability coverage you specifically require.
Property and Loss We Cover
- Most boats, motors, boat equipment, and boat trailers
- Physical loss to the property, except as limited or excluded in the policy
- Necessary repairs after a loss
Emergency Service
This pays a specific amount of the reasonable costs you incur as a result of an emergency service to your watercraft or boat trailer:
Mechanical labor at the place of its breakdown
Towing to a garage, marina, service station, or other service point where necessary repairs can be made is strongly advised.
Towing it out if it is stuck
Delivery of fuel, oil, battery, or change of tire (we do not pay for the cost of these items)
No deductible applies to this coverage
Wreck Removal
We will pay the reasonable cost you incur for any attempted or actual raising, removal, or destruction of the wreck of your watercraft, if:
- The peril causing the loss is covered
- Removal or destruction of the wreck is required by law or government authority
What Qualifications Do I Need for Boat Insurance?
The qualifications required for a boat owner and the boat itself may vary upon many factors. Speak to your agent for specifics pertaining to your unique situation, including what property or liability insurance you require. The following may or may not apply:
Driving Experience
- Must have a valid driver’s license
- No current license suspensions or revocations
Driving Record
- No major violations in the past 5 years
- Number of incidents <= 2 per operator in past 3 years
- Number of incidents <= 4 per household in past 3 years
Boat Qualifications
- Maximum age of all boats and personal watercrafts is 35 years old
- Maximum liability is $500,000
- Maximum Boat/PWC and Motor Value is $175,000 (except for Dade and Monroe where the maximum value is $100,000)
- Maximum outboard per motor value is $32,000
- If the length is less than or equal to 30 feet, then the rated horsepower cannot exceed 500
- If the length is greater than 30 feet, then the rate horsepower cannot exceed 900
NOTE: Boats not meeting the requirements might still qualify
Ineligible Boat Types
- Commercial boats, boats for hire, leased boats
- Boats/PWCs in the name of a business or corporation
- Boats/PWCs used for racing (except sailboats)
- Any Boat being used as a primary residence
- Houseboats that are non-cruising, live-aboard or converted from other boat types
- Surplus military
- Boats/PWCs in the process of renovations or reconditioning
- Inflatable/Collapsible boats (unless used as a dinghy/tender for larger boats which we insure)
- Hydroplanes and tunnel hulls (except sailboat catamarans)
- Hydrofoils
- Air boats
- High performance, cigarette hulls and muscle boats
- Homemade, kit or course-of-construction boats
- Unique/Custom boats or Experimental craft
- Swamp Buggies
- Boats/PWCs with white gas or gasoline appliances
- Submersibles, amphibious vehicles, and hovercraft
- Watercycles, wet bikes, and aquacycles
- Shuttlecraft
- Glass bottom boats, ice boats and ferro cement boats
- Boats/PWCs with more than 2 owners
- Boats/PWCs on consignment
- Motor Only policies
- Multiple “Additional Insureds” on an item
- Motor-Driven Surf Boards (with fan propellers)
- Boats with 3 or more simultaneously running engines
- Motor-Driven Surf Boards (with fan propellers)
- Any water sport activity involving a device designed for flight (i.e. para-sailing, hang-gliding, kite-skiing, Flyboards and water-powered jet packs)
- Watercraft with non-marine converted engines or with after-market products that increase the boat’s baseline horsepower or speed
- Watercraft powered by surface piercing drives (such as Arneson Surface Drives) or turbine engines
- Boats with a hired captain/crew
- Boats that are currently not seaworthy, including former power boats where the engines have been permanently removed
- Boats with a Branded Title (such as Salvage, Junk, Total, Flood, etc.)
Boat Insurance FAQs (Frequently Asked Questions)
Why Should I Buy Boat Insurance?
Some boat owners, boat financiers, and boat lenders demand yacht insurance. It covers you against liability and damage to your ship or its contents, allowing you to avoid potentially steep financial losses.
Is It Illegal To Not Have Boat Insurance?
Is it required by law to have boat insurance? No. It is not against the law to be uninsured in relation to boats. However, it is strongly advised that you safeguard your financial security.
Can I Get Boat Insurance If I Don’t Live On A Canal Or River?
Yes. The presence of a canal or river is not an important consideration in isolation. Again, contact your real estate agent for additional information.
Does Boat Insurance Cover Theft?
Yes, it can. Again, like any policy coverage specifics, it’s best to consult your agent.
Related Terms
- Boat liability insurance
- Comprehensive boat insurance policy
- Watercraft liability coverage
- Physical property damage
- Personal possessions
- Uninsured watercraft insurance
- Collision coverage
- Boat breakdown coverage
- Actual Cash Value (ACV)
- Medical payments
- Boat and yacht insurance