Insuring your boat is similar to insuring any vehicle. There are a few things that may differ, though, so it's important to educate yourself on the specific concerns when it comes to a boat insurance policy.
1. Home Insurance Doesn't Cover Boats
If you park your boat at your home or in a storage facility, your homeowners' insurance may provide some coverage over loss or damages. Keep in mind you may need to add the boat to your policy specifically. Once your boat is on the water, though, it is highly unlikely that your homeowner's insurance will cover the craft. Boating or marine insurance is the only way to insure you have coverage when the boat is actually in use.
2. Find Out About Transport Coverage
When transporting the boat the issue is even trickier. Most homeowners' policies don't cover a boat in transport, and boat policies only cover boats in the water. Generally, you will need to turn to your auto policy for coverage when you are hauling the boat to and from its dock. You will likely need to add tow or recreational insurance to your existing policy to ensure that your boat is covered.
3. Inquire About Lay Up Discounts
For the vast majority of people, boats are only in the water periodically. If your boat spends a lot of time in dry dock or trailered next to your home, then it pays to inquire into lay-up discounts. Generally, these discounts are provided to infrequent or seasonal boat users that take the craft out of the water for prolonged periods of time. You will be given a discount so you are only paying for the actual time your boat is on the water.
4. Consider Additional Coverage
Depending on boat usage, you may need additional coverage. Boats that are in the water year-round, for example, may need winter coverage for seasonal issues like ice and freezing damage. If you live aboard your boat, additional coverage may be necessary to provide options if the boat is unlivable due to damages or repairs. Working boats may require additional liability insurance, especially if you take passengers aboard for pay or recreation.
5. Look For discounts
Discounts are available for boat insurance. Taking a safety course above and beyond any state requirements may provide you with a discount, for example. There are also discounts for bundling policies or for belonging to certain organizations, so it never hurts to ask about discount availability.
Contact a boat insurance provider if you have further questions about the necessary coverage for your boat.
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