Ensure Blog

5 Tips For Better Boat Insurance

Boat InsuranceIt’s officially spring/summer time, and for some people that means weekends at the lake, or ocean, days on the boat, fishing, jet /water skiing or just having fun in the sun. Let’s face it; during all of that relaxing, boat insurance is definitely not at the forefront of anyone’s mind. That is, until it’s needed, and at that point it’s usually a little too late!

Discover the startling secrets about the truth behind your boat and a standard Homeowner’s Policy. What does it actually cover? More notably, what doesn’t it cover? Find out what most boat owners do not recognize – the different types of Boat, Watercraft and Yacht Insurance.

In order to obtain the right type of boat insurance, you must determine what type of watercraft you have.

Insurers classify boats as

• Personal watercraft – less than 16 feet long is e.g. Jet Skis and Wave runners
• Boats – 16 feet to 25 feet, 11 inches
• Yachts – a minimum of 26 feet in length

Coverage for these different types of watercraft varies. In fact, some insurers are reluctant to provide policies for certain types of watercraft. They may also provide coverage only if you agree to include it within a much larger insurance policy. This is particularly true for “personal watercraft.” It is less prevalent with larger boats such as yachts.

Yet, watercraft, whether they are yachts or smaller craft, are part of the valued asset category in your life. They fall somewhere after your home, or maybe your car as one of your most treasured possession. Unlike either property, however, you can elect NOT to insure your boat – although it may mean some marinas and many yacht clubs will not let you dock. Whatever your reason for not getting Boat, Watercraft or Yacht Insurance, it is certainly not a wise one.

While your homeowner insurance policy might provide you with some coverage, it is so minimal as to make not getting specific Watercraft Insurance risky. In fact, it will only cover your boat while it sits on your own property. You are taking a big gamble. What happens if an accident occurs? You may find yourself in financial problems if your yacht strikes and damages another boat and its passengers. You may lose your boat if it causes injuries to passengers and other boaters.

The accident-prone nature of such things as Jet Skis tends to limit the number of insurers who willingly insure them. It is easier to find someone to provide yacht insurance. Make sure your company insures your personal watercraft, jet/water skies and always opt for a Boat Insurance package. Consider this: If your boat is more than just for cruising or fishing but actually pulls water skiers, be sure to get this covered as well. Check with your agent. At the same time don’ forget, you should talk to your company about covering your watercraft trailer(s) as well.

5 things you need to know about boat insurance:
  • Know the classification of you boat and get the right coverage for it
  • Don’t count on home owners policy to cover you boat
  • Be sure to include specific insurance to cover use of skis
  • You don’t need to purchase boating insurance, but you may face financial disaster without
  • You have insurance coverage for your boat, don’t forget to cover your boat trailer as well

    Need some help deciding which boaters insurance is right for you? Contact an Insurance Architect to help you design the perfect coverage within your budget.