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 19, 2020

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Boat insurance is not considered a no-fault type of coverage, except in select states where no-fault insurance is the standard for all vehicles.

In fact, liability coverage is one of the most important types of boat insurance to carry because it can save you from financial disaster.

Compare online insurance quotes for your boat by typing your zip code into the free rate box now!

If you have a boat or any personal watercraft, take the time to learn about the different options in boat insurance and how you can save money on your boat insurance needs.

Options in Boat Insurance

Boat insurance covers many things. When it comes to boat insurance there are many different types of coverage that you can and should carry. They include many of the same types of coverage your car needs, with some specialty coverage available as well.

  • Bodily injury liability and personal property liability coverage are essential for your boat insurance coverage so that others are protected in case you cause an accident injuring another party or damaging their property.
  • Uninsured boater coverage gives you the protection of bodily injury coverage if you are involved in an accident with a boater who is at-fault but carries no insurance coverage.
  • Medical payments will pay out bodily injury benefits regardless of who is at fault and will also provide coverage for passengers and for things which are not ordinarily covered under other types of insurance, like lost wages.
  • Collision coverage is the property damage coverage for your own watercraft in case you have an at-fault accident and you want your boat repaired or replaced.
  • Comprehensive coverage extends property damage for your vehicle to cover those things that are beyond your control, like theft, storm damage, vandalism, fire, etc.
  • Roadside assistance, on-water towing and labor coverage service are also forms of coverage typical of auto policies that are also offered for boats.
  • Personal effects replacement, wreckage removal, fuel spill liability, pet injury coverage and fishing equipment coverage are all unique forms of coverage available for boat owners.

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Saving Money on Boat Insurance

There are multiple ways to save money on the cost of your boat insurance policy. By learning about the different things you can be on the lookout for when purchasing boat insurance and the changes you can make in behavior in order to save on insurance, you can significantly lower the cost of your premiums.

  • Choosing certain payment options will typically save you money on your boat insurance. Payment in full is usually one way to earn a break on coverage cost. Automatic bank drafts is another method of payment that insurers encourage and reward.
  • By having a policy with more than one boat or personal watercraft insured on it you will save on the per boat premium.
  • If you insure your car, home or have another type of insurance with the same company that insures your boat, you will be eligible for a multi-line discount.
  • Claims-free renewals are also a great way to save on your boat insurance. If you have made no claims on your policy in the past year, you are likely to qualify for a discount. Some companies even allow you to earn a deductible reduction based on being claims-free.
  • Being the original owner of a boat also entitles you to boat insurance discounts with many companies.
  • Successfully completing select safety courses can make you eligible for a discount on coverage with most companies.
  • If your boat has safety features like idle assisted steering, you should be able to get a break on premiums.
  • If you have a good driving record you will typically be able to save on your boat insurance as well as your car insurance.

Buy Boat Insurance Now

One of the most important ways to save on boat insurance is to shop around carefully and compare prices from a variety of companies prior to making a decision. All insurers have slightly different guidelines and therefore there can be big differences in price quotes from one company to another. That is why it pays to shop around when it comes to boat insurance, as well as other types of insurance.

When you get those quotes be sure to check into the reputation of the company offering you the prices. Make sure that it is financially stable before insuring your boat with them because you want to use a company that is strong enough to pay out benefits if you make a claim. You can get such information by contacting one of the independent insurance rating companies that evaluate such things, such as A.M. Best, Moody’s, Weiss Ratings or Standard & Poor’s.

Get started today with a free online boat insurance quote to get the best coverage possible at the best premium today!