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Boat Insurance

Basics of Boat Insurance

Boat insurance is important for all boat owners – even if the boat isn’t often used. You never know when an accident might happen, and that includes when you’re boating. This coverage protects your assets, and provides financial assistance following an accident or other mishap.

Here is a quick look at some boat insurance information.


Laws regarding insurance coverage can be complex. It is advisable to go with a reputable insurance agency with experience in this area. Even if the state does not require boat insurance, one of the marinas or jetties that you frequent might.

Policy Coverage

Boating policies are a blend of property damage liability and physical injury liability. If the boat is damaged or damages other property, then the policy will cover some or all of the costs for repairs and replacements. Anyone injured on the boat or by the boat will receive compensation for their troubles.

Agreed Amount Value and Actual Cash Value

When choosing a policy, you will need to decide if you want an agreed amount value policy or an actual cash value policy. An agreed amount value policy means the insurance provider will determine the total value of the boat in order to create an insurance policy. An actual cash value policy takes depreciation into consideration.