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Do You Really Need Boating Insurance?

With Summer officially starting, many people are beginning to hit the water. Are you looking to purchase a powerboat or a sailboat to use this summer? If you are, there is a good chance that you are looking into boat insurance as well. Did you know that only two states, Arkansas and Utah, legally require some type of boat insurance coverage? Make sure that you verify your state’s regulations on boating and boating insurance before committing fully to purchasing a boat for the summer months. 

What Does Boating Insurance Cover?

Below is a list of common boat insurance coverages:

  • Property Damage Liability – covers the cost of damages to someone else’s property after an accident that is caused by you. In most cases, your property damage will pay out when you are at fault for an accident that causes damage to someone else’s boat or Personal Watercraft (PWC).
  • Collision Damage – when your boat or PWC becomes damaged in an accident, collision insurance is an optional coverage that will pay for the cost of repairing or replacing your property minus the deductible amount.
  • Bodily Injury Liability – this is the part of your insurance policy that pays for the costs associated with injuries to other people involved if you are found legally responsible for a boating accident.
  • Hull Coverage – covers any physical damages that occur to your boat and generally includes trailers, equipment, motors and accessories. Common claims for this coverage include fire and windstorm damages.
  • Fuel Spill Liability – a policy that separates out fuel spill liability and provides coverage for any fines that may occur from an accident involving a fuel spill from your property. 

How Much Boat Insurance Do I Need?

The answer to this question may come down to your individual tolerance for risk. As mentioned earlier, some states do have a minimum requirement for liability insurance coverage. It’s always important to check with your state government to verify if you are required to meet a coverage threshold. The amount of boat insurance you may need can depend on a number of factors such as the boat’s value, motor size, and age. Like other vehicles, high performance boats will likely command a higher level of coverage to compensate for the amount of potential damage they are able to inflict.

Ultimately, your independent insurance agent is your best resource when it comes to determining the level of boat insurance you need to safeguard your summer fun.