(877) 215-5431
Watercraft Insurance
Whether you own a jet ski, small ski boat, fishing boat, or yacht, having comprehensive coverage will give you the peace of mind to relax and enjoy your time on the water.
Why Do I Need Watercraft Insurance
- If you’re in an accident or your watercraft is stolen, you need to repair or replace it.
- If you or any of your passengers are injured in an accident, you need watercraft insurance to cover the medical costs.
- If your watercraft is responsible for damage or injury to others, you could be sued for much more than your worth.
- If you are injured by an uninsured boater, uninsured watercraft coverage will provide coverage for you.
How Do I determine the Coverage I Need?
Watercraft Insurance policies can vary, the following are coverages that a Full Coverage policy generally includes:
- Navigational Area - Know where you are covered in the water. Most policies cover you up to 75 miles from the U.S. coastline; into Canadian coastal or inland waters; and into the Pacific coastal waters of Mexico. In California, Florida and Oregon, additional coverage area can be purchased.
- Agreed Value Coverage - Watercrafts depreciate just like automobiles. Actual cash value policies can make it difficult to replace a boat that’s been stolen or destroyed. Most Watercraft insurance policies are agreed value for all types of watercraft, no matter how old. This means that if your boat is a total loss you will get the value you insured it for, minus any deductible.
- Liability - Like auto insurance, personal liability coverage provides coverage to other boaters and boat owners in the event you are at-fault for an accident on the water. This coverage will pay to repair or replace the property of someone else as well as for their medical care, lost wages and other costs incurred as a result of a boating accident for which you are at-fault. For example, if you purchased $100,000 of liability coverage and were involved in a boating accident, the insurance company would pay up to $100,000 to repair the other party's boat and any associated injuries for people in that boat.
- Medical Payments - Medical payments coverage will pay for the cost of needed care that is the result of a boating accident. This coverage is available from $500 to $10,000 and covers you, your passengers, and even your water skiers/tubers, regardless of who is at-fault. For example, if you purchased $2,000 of coverage and you hit another boat and three people in your boat were injured, each injured person would have $2,000 available to cover associated medical costs.
- Physical Damage Coverage - Physical damage coverage pays for the cost to repair or replace your watercraft, its motor, any permanently attached equipment, and your trailer, if it is stolen or damaged.
- Uninsured/Underinsured Watercraft Bodily Injury - 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.
- Fuel Spill Liability and Wreckage Removal - 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. Most insurance company’s watercraft policy automatically includes this coverage. They also may pay reasonable costs to have your sunken or sinking boat raised and removed when required.
- Personal Effects - Most insurance policies provide coverage for many personal effects, including clothing, cell phones, scuba/snorkeling and other sporting equipment, and fishing equipment. Basically anything that's use is not limited strictly to a boat or boating is covered. Limits vary by state - check with your Insurance Professional for information. Personal effects coverage does not include jewelry, watches or furs.
- Unattached Equipment Coverage - 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, most insurance policies automatically included 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 - The Emergency Assistance Package provides coverage for towing, labor and delivery of gas, oil or loaned battery if the watercraft is disabled while on the water
Ask Your Insurance Professional
Your BenefitSource Insurance Professional will help your determine the insurance coverage that meets your specific needs. Here are a few things to discuss:
- Is my watercraft or boat covered for year-round use?
- Where can I use my boat?
- Do I have coverage for towing in case of emergency?
- What personal effects and equipment are covered?
- What discounts are available for taking safety classes and having multiple policies with the same insurance company?
Be Insurance Minded, work with one of our professionals to find the right combination of coverage and value. We’ll work with you to keep your insurance plan up to date with your changing needs.
To help you get the most of your Watercraft Insurance, there are two ways you can get started:
Click on the GET A QUOTE tab on the left of this page and begin your quote right away.
or
Call 1-877-215-5431 and start working with a BenefitSource Insurance Professional.
