Insuring Your Boat: An Overview

If you own a boat in Florida, you may want to look into boat insurance. Just like any insurance policy, boat insurance is designed to protect you against accidents, theft, vandalism, fire, and more.

Boat insurance covers a variety of vessels, such as jet boats, sailboats, fishing boats, and more.

What boat insurance covers

Generally speaking, a standard boat insurance policy offers coverage for:

  • Physical damage to your boat
  • Damage caused by your boat to another vessel or structure
  • An injury to another person arising from an accident you caused. A boat insurance company will cover the affected individual’s injury-related expenses, including medical bills, lost wages and more.

However, it’s important to understand that coverage may differ from one boat insurance company to another company. Before choosing a policy, you need to assess your coverage needs. Ideally, you would want full coverage. But, this depends on how much you use your vessel.

While most policies cover anchors, trolling motors, seat cushions, life jackets and other attached equipment, discuss your coverage needs with your insurance broker to attain extra coverage.

Types of boat insurance

There are two types of boat insurance:

Agreed value: This refers to the amount of coverage when the policy is written. It doesn’t factor in depreciation.

Actual cash value: It takes into account boat depreciation, but has a lower front cost than agreed value policy.

Factors affecting the cost of boat insurance

Insurance companies take into account several factors for setting insurance premium. These include:

  • The condition of boat (the more maintained a boat, the better the insurance rate)
  • Driving record and experience of an owner (Safe and long driving record can result in better rates)
  • The age of a boat owner (the older you are, the better the rate)
  • Safety equipment (Having GPS, fire extinguisher, and so on, may get you a discount)
  • The value of a boat (The latest models come with a higher premium)
  • Area where it will operate (lakes, ocean, rivers, etc.)
  • And many more

If you need to insure your boat, it’s a good idea to determine your insurance costs based on your needs. Finding comprehensive coverage for your vessel at a reasonable cost is difficult.

Our insurance brokers can provide you with an array of boat insurance options, thereby making it easier for you to choose the best coverage for your boat. Call (941)747-7283 to receive your insurance quote.


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