A boat insurance policy covers you whether your boat is tied to a dock, out on the water, or snug on a trailer. However, check the area the policy covers. Some may only be local navigable waters, others include along the US coastline, Others up to 75 miles. Extended coverage is also available, so check with your agent to be sure your policy matches your needs.
Boat Insurance will cover your vessel, but you need to know how much. Insurance carriers offer:
This pays to repair or replace equipment that isn’t permanently attached to your boat or personal watercraft, but is designed for use primarily on a boat. This includes items like lifesaving equipment, water skis, anchors, oars, fire extinguishers, tarps etc. If physical damage coverage is purchased, many policies include Unattached Equipment coverage up to 10% of the hull value or $100, whichever is greater. Higher limits can be purchased for additional premium.
Emergency Assistance Packages provides coverage for towing, labor and delivery of gas, oil or loaned battery if the watercraft is disabled while on the water. Roadside assistance may also be an option that is included or can purchased.
Since boat coverage is not mandatory, many boaters choose not to get insurance. If you are hit by an uninsured or underinsured boater, and you are injured, this coverage pays for medical treatment, lost wages, and other costs associated with the accident.
Should your boat sink or be seriously damaged, there is a chance that it could leak oil or fuel into the water. As the boat’s owner you are required by law to have this cleaned up, which can be time consuming and expensive. Be sure your policy covers this, as well as any reasonable costs to have your sunken or sinking boat raised and removed when required.