When you know that you’re financially protected, your boating adventures are a lot more fun.
Boat insurance covers you if you’re in an accident. It also protects your assets if you are responsible for causing the accident. Coverage options include:
You may be able to get a discount if you bundle multiple policies with the same carrier—for example, insuring multiple vessels or insuring your boat, car, and home. Discounts may also be available for:
Even if your boat isn’t expensive, carrying insurance can protect your finances if you’re responsible for an accident and have to pay for damage or medical bills for someone else. You should also consider the potential risks of fire, theft, and transporting your boat to and from the water.
If you purchased your boat using a loan, then your lender will usually require proof of insurance to close the loan. Many marinas also require boat insurance.
You may be able to get a discount if you’re a homeowner or experienced boater. It’s also possible to save on your overall insurance bill by bundling policies, like your homeowners, boat, and car insurance, with the same carrier. Your broker can identify the types of discounts you might qualify for.
Your insurance premiums are based on a number of factors, including how often you use your boat and where you store it when it’s not in use. In addition, fire and theft are year-round risks, even if your boat is in storage during the winter.
Insurance companies have different methods for assessing risk, but most of them consider these factors:
Insurance companies may also look at your credit history to assess your risk, but this is not allowed in some states.
“One of the best decisions we didn’t know we needed. Our auto loan was approved through [Alaska USA] and then we learned you do insurance as well, which was awesome because we saved a ton of money.”
– Carrie P
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