How can I find boat insurance?

watercraft insuranceAlong with having fun on the boat, there come many responsibilities, too. One of these responsibilities includes getting boat insurance on this boat with the proper coverage. Fortunately, there are hundreds of insurance companies throughout the U.S. that specialize particularly in marine insurance.

Major insurers provide policies for yachts, boats, and other watercraft along with auto, homeowners and life insurance. Finding an insurance company willing to insure your boat shouldn’t really be a problem. However, even though finding a company might not be difficult, finding the proper coverage and figuring out exactly what you need won’t be so easy.

Keep in mind that watercraft are typically divided into three categories:

  • Yachts. (usually only include watercraft longer than 26’)
  • Personal watercraft includes Waverunners, jet skis, and other watercraft similar to these
  • Boats usually include watercraft between 16’ and 25’ 11’’ in length

If you purchased your first boat and are nervous about the problems that you will have to face with boat insurance, keep in mind that purchasing boat insurance policy is similar to purchasing auto insurance.

The coverage options are pretty much the same, too. Both automobile and boat insurance policies include physical damage and liability coverage. Boat policies usually include medical payments coverage, uninsured boater coverage and legal defense protection.

If you recently purchased a yacht, the insurance won’t be different from a boat policy. It provides coverage for physical damage to your vessel and for personal liability claims against you. Nevertheless, these coverages have different terms for yacht insurance; they are: “hull insurance” and “property and indemnity coverage”. Even though they do have different terms, the level of protection is the same.

If you own a personal watercraft, the difficulty to insure it does increase. Because they pose a much greater liability risk than other types of watercraft, insurers refuse to insure these craft.

When purchasing a personal watercraft, make sure that you buy an insurance policy that will include property damage, theft coverage, liability and bodily injury. If you look hard enough, then you will be able to find an insurance company that will be willing to insure your personal watercraft. Keep in mind to also purchase the right amount of coverage no matter what type of watercraft you decide to purchase.