Personal Insurance

Watercraft insurance

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What is watercraft insurance?

Watercraft insurance helps protect the owner of a water-based vessel from costs associated with collision damage, storm damage, theft, and towing. It does not typically include wear and tear, dents and scratches, blistering, electrolysis, manufacturer's defects, and damage caused by ice.

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Watercraft insurance is an umbrella term that generally includes the following four types of insurance:

Boat insurance

The National Boat Owners Association defines a boat as being less than 197 feet in length (anything longer is considered a ship). Boat insurance primarily covers fishing boats, motorboats, pontoons, dinghies, and catamarans, amongst others. Smaller craft—such as canoes, kayaks, rowboats, and small sailboats—are typically covered under a standard homeowner's or renter's insurance policy.

Yacht insurance

A yacht is typically defined as being at least 30 feet in length (anything shorter is considered a pleasure boat). Yacht insurance comes with a higher deductible because they generally have a higher price tag, travel farther distances, and come with greater risks.

Personal watercraft insurance

Personal Watercraft (PWC) is the generic term for Jet Skis, Sea-Doos, WaveRunners, and other surface-skimming watercraft. PWC policies are commonly bundled with higher liability limits due to their greater risk of bodily injury.

Watercraft liability insurance

Similar to automotive liability policies, this type of coverage helps financially protect the insured from costs associated with the bodily injury caused to another person, whether they were a passenger, aboard another boat, or swimming in the water.

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Why do you need watercraft insurance? Because things can get choppy.

Even though watercraft insurance is only required by a handful of states, most boat owners choose to purchase policies anyway due to the high financial investment and inherent risks involved with water-based activities. Many marinas and boat rental companies also require owners to have watercraft insurance, so if you want to use these services, you'll need the proper coverage.

Who should get watercraft insurance?

Anyone who owns a boat

If you're buying a boat or another watercraft for the first time, we highly recommend you purchase a policy—even if your state doesn't require it. If you already have insurance on a previous vessel, you should call your insurer right away so they can add the new boat to your policy.

Anyone financing a watercraft

Regardless of the legality in your state, many banks will require the purchase of at least a basic watercraft insurance policy if you wish to finance your vessel with them.

Anyone who docks at a marina

If you wish to tie your sailboat to a slip or mooring ball, most marinas will require that you have an adequate watercraft insurance policy should something happen while you're away.

Anyone who participates in professional watersports

Watercraft insurance policies can be customized to cover travel to a tournament, watersport equipment, commercial fishing gear, and any other items onboard your watercraft.