Boat insurance, or marine insurance, is the coverage of loss or damage to most types of watercrafts such as leisure crafts, pontoon boat, paddle boats, fishing boats, and yachts. Boat insurance is not extended to kayaks, canoes, or personal watercrafts. These items are usually protected under your homeowner’s or renter’s insurance. Luckily, at Magruder Insurance, we are experienced and knowledgeable about several types of insurance coverages and can help you determine which type of insurance you need for your watercraft.

Should you be interested in obtaining boat insurance and want to learn a little more about it and what it may cover, continue reading for our compilation of commonly asked questions about boat insurance.

Is Boat Insurance Required in Florida?

Although insurance is not required in Florida on a boat for personal use, it is still a very good idea to carry coverage to protect your personal liability, as well as injuries, in the event of a boating accident.

As a boater, you value your vessel highly; knowing that, we offer you a wide variety of options when it comes to your boat.

What Does Boat Insurance Cover?

There are several options available to choose from when selecting coverage for your boat. Choose the coverage option(s) that you think will suit your boating needs best.

  • Physical Damage Coverage
    Choose actual cash value, replacement cost, or agreed value coverage for your boat, motor, trolling motors, trailer, permanent and portable boating equipment (subject to certain limitations). Partial losses are not subject to depreciation, except batteries, sails, plastic and canvas coverings, outdrive units and outboard motors more than five years old, and personal watercraft.
  • Roadside Assistance Coverage
    Pays for towing and labor for covered emergencies.
  • Personal Effects Coverage
    Coverage for personal items you take boating, such as cameras and clothing.
  • On-water Towing & Labor Coverage
    Coverage to help get you back on dry land.
  • Fishing Equipment Coverage
    Protection for your rods, reels, lures, tackle boxes and electronic gear.
  • Boat Rental Reimbursement
    If your boat is disabled more than 24 hours due to a covered loss, this coverage helps pay for a rental boat so that you can get back out on the water.
  • Boat Liability Insurance
    Protects against personal injury claims and for damage to the property of others.
  • Medical Payments
    Insurance that pays medical bills for the treatment of injuries that are incurred by you or others while operating or occupying your boat.
  • Uninsured Boaters Coverage
    Protects against bodily injury to you due to an accident caused by an uninsured boater.

 

How Does Boat Insurance Work?

When you purchase boat coverage you will need to select the coverage options you need, the amount of coverage, and the deductible or max out of pocket expense you are comfortable with should you have to file a claim. Should you have a boating accident, theft of your boat, or damage incurred by a storm, you would need to file a claim with your carrier according to your policy for compensation.

How Much Boat Insurance Do I Need?

The answer to this greatly depends on the craft you are looking to insure, how often you plan to use it, what deductible you are willing to pay, and the level of coverage you think will work best for protecting your boat.

Does Boat Insurance Cover Passengers?

This depends on the type of coverage you select. If you know you will have passengers most of the time you take your boat out, you may want to consider a medical payment policy, which is Insurance that pays medical bills for the treatment of injuries that are incurred by you or others while operating or occupying your boat.

Does Boat Insurance Cover Theft?

This can depend on the coverage you select for your boat. Keep in mind that some policies may only compensate up to current cash value, replacement cost for a similar vessel, or a previously determined price.

Does Boat Insurance Cover Against Hurricane Damage or Loss?

This too can vary with coverage options. How much you are protected can also depend on the coverage selected. Coverage options like Personal Effects Coverage or Fishing Equipment Coverage can help bridge the gap between your regular coverage and calculated loss should you regularly leave personal items or fishing gear on your vessel.

Does Boat Insurance Cover Engine Damage?

If you have the coverage, the policy may dictate how the damage was incurred can affect whether or not you are covered. Review and understand your policy in full to know what situations you are cover for.

Am I Covered if I Hit a Rock?

If you have the coverage, the policy may dictate how the damage was incurred can affect whether or not you are covered. For example, if you were intoxicated when you hit the rock or an underage driver was navigating the boat, you may not be covered. Review and understand your policy in full to know what situations you are cover for.

How Much Will Boat Insurance Cost?

The answer to this will depend on which coverage options you select. The more coverage you get for your boat, the more it will cost. Select the coverage that best suits your boating needs and budget.

Are There Discounts for Boat Insurance?

Yes, there ae some discount options available for boat insurance.

  • Boater Safety Course
    Applies when a rated operator has taken an approved safety course
  • Diesel Fuel
    Applies to boats powered by diesel fuel
  • Multi-boat 
    Applies when you insure more than one boat on the same policy (personal watercraft do not apply)