Boat insurance protects your investment and shields you from liability. Here's what you need to know to buy the right policy.
Agreed value: you and the insurer agree on the boat's value upfront. If it's a total loss, you get that amount. This is what you want.
Actual cash value (ACV): the insurer pays the depreciated value at the time of loss. You'll get less than you think. Avoid ACV policies on boats over $25,000.
Hull coverage: damage to your boat from collision, grounding, fire, theft, storms, and sinking.
Liability: damage you cause to other boats, docks, or people. Minimum $300,000, but $500,000-$1,000,000 is recommended.
Uninsured boater: covers you if hit by someone without insurance.
Medical payments: covers injuries to you and your passengers regardless of fault.
Personal property: covers gear, electronics, fishing equipment aboard.
Towing and salvage: covers the cost of towing a disabled boat and salvage operations.
Take a USCG Auxiliary or Power Squadron boating safety course (5-10% discount). Choose a higher deductible. Install safety equipment (fire suppression, GPS tracking). Bundle with your home/auto carrier. Maintain a clean claims history. Keep your boat maintained and survey-ready.
Track your insurance details, claims, and renewal dates with Informed Boating.
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