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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What Is Boat InsuranceBoat insurance is insurance that covers damage to or the loss of a boat. In some cases, this coverage can extend to the cargo that is on the boat, the docking area for the boat, a terminal the boat leaves from as well as any damage caused by the transfer of the cargo from the boat to another means of transportation or storage.

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The following article will provide you with additional information about boat insurance and how to find the right policy for you. Types of vessels coverage, insurance types offered and the best way to source coverage are all included.

What types of boats are covered under boat insurance?

Boat, or marine insurance as it is sometimes called, covers a variety of boats. Just as homeowners insurance can coverage anything from a mobile home to a mansion, boat insurance can cover the simplest boat to large commercial fishing and transportation vessels. A typical boat insurance company will cover yachts, anglers, and even personal water crafts such as jet skis. Of course, yacht coverage is much more expensive and in depth than angler insurance.

The differences in cost are based mostly on the replacement value and repair costs of the type of boat you own. Boats are one of those luxury items that go down in value as soon as you buy them, just like brand new cars. It is virtually impossible to sell a boat for the amount you paid for it. Because of this, boat insurance takes into consideration how much the boat would cost to replace as well as how much is owed on the boat itself. This is referred to as hull coverage, meaning the boat itself is covered.

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What type of coverage is available for boats that are paid in full?

Another important question is what type of coverage is available if you have paid off the loan on your boat and own it free and clear? You may not want to continue paying for hull coverage as is required by most lien holders, if you have your boat paid off. If this is the case, you can purchase just a liability policy. It may be tempting when your boat is paid off to go without insurance, but it is not worth the out of pocket expense you will experience when you find yourself in a situation that should have been covered by an insurance policy.

A liability only policy will not cover damage done to your boat, but will cover another individual’s property that is damaged by your boat. It will also cover any bodily injury medical expenses of another person that happens on your boat or because of your boat. This type of coverage will cover you against lawsuits due to personal or property damage as well. If you choose to go this route, be sure you have the money to repair or replace your boat if needed since insurance will not cover this.

In addition to property damage and personal liability, a liability only policy will also cover the removal or salvage of your boat in certain situations. These situations are:

  • Fire
  • Sinking
  • Fuel spills
  • Grounding

You can add a rider that also covers dock liability. Dock liability coverage provides for legal proceedings or law suits that you may face from damage done at a marina or dock, or if you break your contract with your dock or marina.

How can I find affordable boat insurance coverage?

Once you know the type of boats covered and the type of policies available, you can start looking for a boat insurance company to meet your boating needs. You should even consider doing this before purchasing a boat just so you can be sure you have the money to get everything you need. This way, you can enjoy your boat with peace of mind and no worries about coverage.

Finding the right boat insurance company can be done by shopping around. Shopping around is still the number one way to save money on insurance of any kind. This can be done in one convenient place by using an online comparison tool. This type of tool allows you to input your information one time and then receive rates and quotes from several companies. Seeing what many companies have to offer side by side can help you make the right decision for your boat.

Try an online comparison tool today; simply enter your zip code and compare boat insurance quotes now!