What Are Your Water Vehicle Insurance Options?

Unlike the open road, open water exposes different types of hazards to vehicles. If you own a water vehicle like a motorboat, yacht, or a personal water craft like a jet ski, you should also have insurance in place for your vehicle, just like any car, truck, or RV.

Many people believe that their homeowner's insurance policy provides coverage for their boats. If the boat is small and non-motorized, like a canoe, it may be. But a bigger boat or water craft requires its own insurance policy with specified coverage options.

The cost of boat insurance depends on the size, type, and value of the water vehicle and where it will be used. Additional trailer insurance be also be required if you have a boat trailer for the use of transporting the water vehicle.

Types of boat coverage options

Similar to an automobile, your boat should be covered by:

Liability - This critical coverage protects you in the case of a lawsuit if you should cause damage to others or others' property with your water vehicle.
Comprehensive - Boats, especially if left docked on the water, are prone to damaged caused by weather, theft, or vandalism. A good comprehensive coverage will protect your investment and pay for repairs caused by damage, or replace your water vehicle in case of a total loss. Be sure to look for limitations and exceptions in your policy. Depending where your boat is stored or docked, your insurance company may not pay for certain types of damage caused by weather.
Medical or bodily injury - This coverage will help pay for medical costs if someone should become injured on or around your water vehicle. Boats have other special insurance coverage options that may be necessary or optional depending on your needs.
Towing - If your boat breaks down on the water, towing options are limited and may be expensive. Towing insurance will help provide a financial option to getting your boat back to shore.
Accessories and personal property - Your water vehicle or yacht may have additional expensive accessories and personal property. Particularly if you have a yacht with staterooms and galley quarters, you may need additional insurance for personal property that you have on board.

Discounts available for watercraft insurance

You can get great discounts for certain features on your water vehicle. Here is a potential list of possible discounts you might receive:

Diesel engine - Diesel fuel is less flammable than regular gasoline. If your boat has a diesel engine, you run less of a risk for damage and could receive a discount.
Fire extinguishers - Even on water, a boat may be prone to fire damage. Having an approved fire extinguisher on board could qualify you for a discount.
Emergency radio - Your boat or yacht should have a ship-to-shore radio in case of emergency.

Your water vehicle is an expensive asset and an important part of your recreational enjoyment. Boat insurance can protect you from losing your asset in case of damage. Be sure to find an insurance company that carries the coverage options you need for your boat.

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