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Boat insurance basics: What's covered
Learn about boat owners’ insurance and what the coverage means to you.
Boat on a beach
Did you know that boat insurance is one of the earliest known forms of insurance? Ancient sailors knew firsthand about the risks of a-
Boat insurance policies can vary widely in what they do and do not cover based on a number of considerations, including the type of boat, the waters it will traffic, and how many months of the year the boat will be used. Still, there are a few basic kinds of coverage you can expect to receive, as well as some potential discounts for safe boaters.
Physical damage.
This coverage insures your boat against damage and loss caused by common risks, such as sinking, fire, storms, theft and collision. The property covered can vary, but the policy will usually cover the hull and other permanent components, such as:
Motors
Extra fuel tanks, batteries, etc.
Anchors, and
Onboard safety equipment, such as flotation devices and fire extinguishers
A boat trailer may or may not be covered, depending on the policy.
When choosing your policy, be sure to ask whether you will be insured for the boat's replacement cost or its actual cash value. A replacement cost policy will reimburse you the cost of repairing the boat to its original condition or replacing the boat with the same or a similar model. A policy based on actual cash value will reimburse you for the current market value of the repair or replacement (the original price minus depreciation).
Liability coverage
This coverage applies if your boat causes injury to others or damage to other boats, docks or structures. Keep in mind that the injury or damage can be due to direct contact with your vessel or situations caused by your boat, such as large wakes. Good liability coverage may protect against lawsuits, including the payment of settlements and legal fees.
Other coverage
Your insurer may offer additional types of coverage to complement your basic boat insurance. For example, many of the insurers that ADC Agency brings to bear also provide medical payments coverage for injuries to the insured or occupants with their boat insurance policies. If you have other needs, ask your ADC Agency-
Discounts
The best way to lower your boat insurance premiums is to become a safer boater. For example, many insurers offer discounts to boaters who have completed an approved boating safety course.
This document provides a general description of coverage and should not be considered a statement of contract. All coverage is subject to all policy provisions and applicable endorsements, and may vary. For further information, please get in touch with your ADC Agency licensed professional agent.
The information in this article was obtained from various sources, ADC Agency insurance providers, and those not associated with ADC Agency . While we believe the information to be reliable and accurate, we do not warrant its accuracy or reliability. ADC Agency is not responsible for, and does not endorse or approve, either implicitly or explicitly, the content of any third-
Therefore, because the characteristics of boats and other watercraft vary widely, there is no online way to obtain details about a boat for a quote estimate. Please call our office. One of our Licensed Professionals will work with you to provide a quote for your boat.
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