As you compare boat insurance offers, keep in mind that price points should not only be the main factor for your decision.  Some marine insurance providers would entice you with their low premiums but fail to let you in on the fine print of your coverage. Don’t go shopping for “cheap” boat insurance because you would not likely find out. Instead, find a package that gives the best protection for your boat at a price most affordable to you.

Boat insurance covers many different types of watercraft.  From big and small boat, cabin cruisers to bass boats to jet skis, there are various policies designed to meet the requirements of every boat. Boat policies can cover damage to your boat, motor, trailer, and personal effects in the boat. Depending on the insurance company, boat insurance policies would cover liability, medical payments, injury to a water skier and damage to the boat itself, sometime called hull coverage.

To get the maximum coverage at the least possible cost, you should check with each of your prospective insurers. Again, compare between insurers in terms of areas of coverage and flexible and the circumstances that will allow you to get reduced premiums or discounts.

Perhaps, you could take advantage of the period of the year when you will not be using your boat to negotiate for more discounts on your boat insurance.

Going with a marine specialty insurance agency may work better for you than dealing with a general insurance provider. Companies that specialize in marine insurance have better understanding of the nuances of boating and its unique requirements.

Sample Boat Insurance Package

While there are no two similar insurance policies for boats, you could expect your boat insurance provider to give basic protection coverage for you and your boat. A typical boat insurance package should be able to offer you:

Hull Coverage. Depending on your agreement, this coverage may be based on Agreed Value or Actual Cash Value. Agreed Value policies pay the full insured value in the policy declaration the event of the boat’s total loss. Agreed Value policies do not depreciate hull value. On the other hand, Actual Cash Value policies depreciate the hull value and the insured only gets the prevailing market value of the boat at the time of the claim.

Protection & Indemnity Liability vs. Watercraft Liability. Liability coverage pays what you become legally liable to pay as a result of your ownership and operation of the insured vessel. Protection & Indemnity Liability coverage offers a broader form of liability protection. Among others, it covers bodily injury, property damage, wreck removal, as well as maintenance and care.

Medical Payment Coverage. This covers payment for the insured and guest who are injured while on board the boat, boarding, or departing from the boat.

Uninsured Boater Coverage. Uninsured Boater coverage offers medical payment coverage for the insured  in case he is injured by an uninsured boater or a hit and run vessel.

Towing Coverage. This coverage applies to any service charge the insured may incur by receiving marine assistance such as for towing due to engine failure, mechanical breakdown, grounding and delivery of fuel.