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Who Needs Boat Insurance:

 

 You may be under the impression that if you have homeowners insurance your boat is automatically covered. This is not always the case. While you may have some protection under your homeowners insurance policy, if you rely on this coverage alone; you may be under-insured. For those with newer models or expensive boats, a separate boat policy is likely a good option. Also, if your boat is in a marina, the marina may require you to care a marine policy with specific limits of liability. Check with the marina as to its specific requirements for boat owner’s liability insurance. 

 Not every boat owner will have the need for a personal boat/watercraft insurance policy. Boats depreciate in value rather quickly in the same way an automobile starts depreciating in value as soon as you drive away from the car lot. For those with older boats, the cost of the insurance may outweigh the benefits you would receive in the event of a covered loss.

You may be able to skip boat insurance altogether or perhaps you can purchase an additional rider to your homeowner’s insurance policy for a lower insurance premium than buying a separate boat policy.

 

Cost

Typically, you can expect to pay 1 to 2% of your boat’s current market value as an expected boat insurance premium. Qualifying for discounts will lower your insurance premium. As with auto insurance, the more expensive the make and model of your boat is, the higher your boat insurance premium will be. Newer year models will also cost you more to insure. For those in hurricane-prone zones, your insurance coverage may cost you more. Several factors are used to determine the cost for boat insurance including:

 

Boat Age

Length of Boat

Speed or Horsepower

Value of the Boat

Condition

Primary Residence (Do you live on the boat)

Houseboats

Type (fishing boat, performance boat, inboard, outboard, cruiser, utility, etc.)

Location of operation (rivers, bay, lakes, ocean, etc.)

 

Types

As there are many different types of boats/watercraft, there are also several different types of boat insurance available. Some of these types include:

Hull insurance covers damage to your boat and any damage your boat causes to the property of others. This includes the cost of boat repairs. If a total loss occurs, hull insurance will pay the agreed value of the boat.

 Third Party Liability insurance covers damage your boat causes to property of others. It will also cover any incidental damage caused such a liability stemming from fuel spills, towing, medical expenses and any rescue operations necessary. Your marina may require you to carry a third-party marine liability policy.

All Risk Policies typically cover for any risk that is not specifically excluded in the boat insurance policy such as ice damage, freezing, pollution liability, reef damage liability, mechanical breakdown. Medical insurance is often available as a rider to the policy.

Actual Cash Value or Agreed Value refers to the boat policy package type and whether it will pay the actual cash value of your boat or an agreed value predetermined when you buy your policy. An actual cash value may cost you less but an agreed value policy will secure the amount you can receive for your boat if a total loss occurs regardless of the depreciation, although in some cases partial losses may be depreciated.

Yacht insurance covers vessels 27’ or larger. A special policy is needed because these larger vessels typically have more exposure than a smaller “boat”.

Boat Club covers all the members of a boat club when operating a vessel for property damage and liability.

Professional Angler, Fishing Guide or Charter policies are available to cover travel and equipment needed for fishing tournaments.

 

Visit one of our locations:

 

Baytown Alexander

 

411 N Alexander 
Baytown , TX 77520 
Location Map & Driving Directions

Phone Number

(281) 427-9063

Fax Number

(281) 422-0090

 

Beaumont

  

2465 S. 11th St. 
Beaumont , TX 77701 
Location Map & Driving Directions

Phone Number

(409) 833-7808

Fax Number

(409) 838-3351

 

Orange

 

2918 N. 16th St 
Orange , TX 77630 
Location Map & Driving Directions

Phone Number

(409) 883-8444

Fax Number

(409) 883-8546

 

Pasadena

 

2202 Strawberry 
Pasadena , TX 77502 
Location Map & Driving Directions

Phone Number

(713) 477-5655

Fax Number

(713) 477-1314

 

Port Arthur

5406 39th St 
Groves , TX 77619 
Location Map & Driving Directions

Phone Number

(409) 963-0349

Fax Number

(409) 963-0503

 

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