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Insuring Your BoatWhen insuring your boat, pick a knowledgeable agent representing a solid company that regularly handles marine insurance. If you enjoy boating, this is not the time to haggle over a few dollars. Make sure your coverage has you completely protected, or you may end up making loan payments on a boat you can’t use due to the agreed value rather than the cash value of the boat.

Finding a good agent may be as simple as hanging out at the yacht club or marina bar, the boatyard, or searching the internet. Check with the agent handling your home and auto policies and ask if they have experience with boats or can refer you to someone. You want a company known for good customer service. Online forums are a good source of honest reviews about both good and bad experiences. Post your own inquiry on a reputable forum.

If you plan to take your boat on a long journey or to foreign countries, be sure you’re covered. An endorsement may be required to head to the Caribbean, Canada or Mexico. Look for an arbitration clause regarding claims settlement to know a third party will help make a fair reimbursement. Check the deductible to see if it changes depending on the type of claim, like hurricane coverage. Understand what salvage means and how it affects a claim.

Your boat is one of the largest investments you’ll ever make. Make an informed purchase.

As the value of the boat approaches the cost of the annual premium, you may choose to drop off the collision coverage, but you should never be without adequate liability insurance. You could be in a situation where someone is seriously hurt or be the cause of major damage to another boat or facility. A minimum coverage of $500,000 is recommended. Stay protected.


Friedman, J., 2013. Boat Insurance: What to Consider for Your Policy, https://www.boatingmag.com/how-to-get-best-boat-insurance-policy-0

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