Watercraft Insurance

Do you plan to rent a sailboat, houseboat, jet skis or other watercraft? Unfortunately, homeowners insurance provides minimal IF ANY coverage depending on your policy.

There is nothing better on a hot summer day than playing in the water. However, being in a boat or personal watercraft (PWC) does not exclude you from liability. Watercraft insurance is every bit as important as insurance for your auto and home. Besides loss replacement and liability on a boat or PWC, additional coverage for personal effects, fishing equipment, emergency towing, labor, property damage liability (fuel spill cleanups), etc can also be added to the policy. Watercraft policies will generally provide additional coverage that is not available with a homeowner policy.

Boat Insurance Q&A

Q. What types of boats can be insured?

You can purchase insurance for any boat from a jet ski to a mega-yacht to a high performance boat.

Q. What states have mandatory boat coverage?

Boat insurance is not required by law in most states. But it is in some. For example, in South Carolina, liability insurance or a bond is required. Check with your state department of motor vehicles.

Q. If my state doesn’t require it, why should I get boat insurance?

If you’ve financed your boat, your lender will require it. Plus, it makes good sense to insure an enjoyable investment.

Q. How much insurance do I need for my boat?

You’ll want to use the market value or purchase price as the insured value of your boat. Standard liability limits are $100,000, $300,00, $500,00 and $1,000,000.

Q. How much does boat insurance cost?

Boat insurance premiums are impacted by the cost of the boat, its size, the use of the boat and many other factors. The prices are as varied as boats!  Gregory’s hometown agents can  discuss the various insurance options available and give you a custom quote.

Q. How can I reduce my premiums?

Most insurance companies offer discounts if you’ve successfully completed an approved safe boating course. These courses are provided by the Coast Guard Auxiliary, the Power Squadron and others.

Q. What’s covered on a boat insurance policy?

The three main coverages are bodily injury liability, property damage liability and physical damage. There are also several optional coverages including towing, medical payments, and personal effects.

Q. Who can drive my boat?

Usually anyone you give permission to can operate your boat. Some policies exclude persons under the age of 16.

Further Questions

For further answers contact your Gregory's Insurance professional for more information.

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