Watercraft insurance may help cover a motorboat, sailboat, or personal watercraft if it’s stolen, in an accident, or damaged by a covered peril like fire or lightning. Boat insurance may also help protect you if you accidentally injure someone or damage their property with your boat. Your policy may cover parts of the boat, including:
- Machinery
- Permanently attached equipment
- Fittings
- Furnishings
- Hull
Boat insurance property coverage
Boat insurance helps protect watercraft from certain risks. For instance, property coverage may help pay to repair or replace your boat after an accident. It may also help pay to replace your boat if it’s stolen. This coverage usually helps protect a boat on water or land. When you buy boat property insurance, you may be able to choose between two coverage types: actual cash value coverage or agreed amount coverage.
- Actual cash value coverage considers depreciation when it comes to paying for repairs.
- The agreed amount of coverage helps pay for repairs based on the valuation of your boat, as agreed upon by you and your insurer when you purchase coverage.
Liability coverage – If you cause an accident that damages another person’s property, this coverage may help pay for expenses you incur.
Medical payments coverage – If you or your passengers are injured after an accident on your boat. It may help pay for hospital bills, medications, or X-rays.
Uninsured watercraft coverage – What would happen if an uninsured boater collides with your watercraft and you or one of your passengers are injured? The uninsured watercraft coverage on your boat insurance policy may help pay for the resulting expenses.
The coverage may or may not cover the following:
- Boat trailers
- Boat accessories
- Special equipment or
- Towing coverage
How Much Does Watercraft Insurance Cost?
It depends on several factors:
- The coverages, coverage limits, and deductibles you select on your policy
- The type and size of the boat you’re insuring
- Where you use your boat, and where and when you store it
You may qualify for a discount if you and all boat drivers take a boating safety class or have multiple policies with the same insurance carrier. We can share with you what discounts are available. Ohio residents born on or after January 1, 1982, who operates a boat in Ohio powered by more than ten horsepower must prove boater education.
Is Boat Insurance Required?
Boat insurance is not required in Ohio. However, if you’re financing your watercraft, your lender may require it, and many marinas typically require it if you’re docking at their facility. Even if boat insurance isn’t legally required, it’s still valuable to protect your investment with insurance, which helps pay for not only damages to your boat but any damages or injuries you cause to others.
Do You need Watercraft Insurance when it’s in Storage?
Insurance will still cover theft, hail damage, and other hazards while it’s stored. At AIDI, we will allow you to drop some coverages if preferred, while it’s in storage.
“It is that time of year to ensure you protect items such as your watercraft. Not all policies are the same, so it might be worth reviewing your current policy,” shares Jeff Novak, President of Advanced Insurance Designs, Inc.
At AIDI, We Offer Watercraft Insurance to Fit Your Needs
Whether you own a paddle or a power boat, you want to enjoy your time on the water without worrying. We’ll help you leave your worries on dry land and enjoy your time on the water. Call us at 330-753-8700 to obtain your free, no-obligation quote!
