Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 25, 2019

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A great strategy to get great rates is to compare boat insurance coverage before you buy. As a savvy insurance consumer, you should also familiarize yourself with the different types of coverage available to you. Coverage options you should be considering include protection against loss caused by physical damage and third party liability insurance. You should also be considering buying coverage that will protect you and the people riding on your boat if an accident occurs.

Physical Damage Coverage

Physical damage coverage for your boat is similar to comprehensive coverage for your car. It pays out when your vessel has been damaged or totaled due to wind, hail, lightning, or explosion. You are also protected against acts of vandalism, as well as fire and theft when you put this insurance coverage in place.

If you are in the market for boat coverage, check with the insurance companies you are considering to see if they offer this protection as optional coverage and how much it would cost to add it to your policy. It should cover your boat, its motor and the trailer you use to move it from place to place at all times. Once the policy has been issued, you would be protected from the named perils in the policy. The policy may even offer coverage for wreck removal and emergency service, if needed.

Like comprehensive coverage for your car, you would choose a deductible for your physical damage coverage for your boat. This is the amount of money you are required to pay out of pocket when you make a claim against your policy. In a situation where you are insuring more than one boat, you should be able to choose a different deductible for each one.

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Third Party Liability Insurance

The third party liability part of a boat insurance policy pays for damages caused by you or a person operating your boat in an at-fault accident. The policy would pay out on claims for medical bills and rehabilitation expenses incurred by a person injured in a boating accident. In this case, an injured person could be a swimmer, a water skier or the occupant of another boat.

Liability insurance also covers property damage. Claims made for the cost of repairs to another boat or a dock would be paid out under this type of policy.

Consumers have a choice about how much liability insurance coverage they want to carry. Setting the policy limit too low may mean that you would be required to pay damages personally if the accident is a serious one, especially in a case where there is more than one victim. Consider the level of protection you need carefully and don’t skimp on this important protection.

Medical Payments Insurance Coverage

The medical payments coverage part of a boat policy protects you and the occupants of your boat when an accident occurs. It pays for your medical bills incurred as the result of injuries sustained as the result of an accident.

Not only are you and your passengers protected while traveling in the boat, but a water skier being towed behind your boat is also covered. If you and your friends or family members enjoy swimming near your boat when it’s out on the water, all of you will be covered as well.

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Available Discounts

Part of the process of finding the right boat insurance coverage for you is to find out about any discounts that you may be entitled to. If you are looking for coverage for a new boat, ask the insurer if you would qualify for a discount based on this fact. You may be able to get a break on pricing for physical damage insurance if your boat is a new one.

If you have taken a boating safety course, be sure to let the insurance company know when you are asking for quotes. Successfully completing one lowers your risk of being involved in an accident, which means that you would qualify for better rates from your insurance provider. Even if you have been operating a boat for some time, you can still qualify for a discount by taking a course. Ask your insurance company for a list of approved programs before you sign up for one.

Another way to save money on the cost of your boat insurance coverage is to install an automatic fire extinguisher system on the vessel. This feature means that any on-board fire emergencies can be dealt with quickly and efficiently.

If you want to save money on the cost of your boat insurance, consider raising your deductible. When you agree to take on a higher level of personal financial responsibility when you make a claim under your policy, the insurance company rewards you with lower rates.

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Shop Around for Best Rates

To get the best rates for your boat insurance coverage, be prepared to shop around. The rates that different companies charge for the same level of coverage vary, and by taking the time to consider coverage from several providers, you can avoid paying more than you have to for your coverage.

To get quotes quickly and easily, go online to check out different providers and the products they offer. The advantage to using the Internet to find boat insurance coverage is that you can do so at any time of the day or night that is convenient for you. Take your time checking out different companies to learn about the types of coverage they offer without feeling pressured to make a buying decision before you are ready to do so.

Don’t make your choice before your have had a chance to compare boat coverage from several different providers. Pricing can vary significantly between providers, and you want to find the best combination of good coverage and affordable rates. After you need to report a loss is not the time to find out that you didn’t have enough insurance coverage in place.

To get quotes for your insurance coverage, click on the free quote tool now!