Insurance Coverages for Boats

There are many types of boats you can purchase from sailboats, powerboats, to inboard or outboard motorboats and even personal watercrafts. As the weather gets warmer during the summer months many people are taking their boats out on the water and it is important to make sure you have the appropriate insurance coverages in place to protect you, your passengers, and your boat as well as other people and their property.


The type of insurance coverage that you need for your boat will depend on a number of factors, such as the size, type, age, and value of the boat. Below are key insurance coverages for insuring a boat.

Types of coverages: Physical Damage: Physical damage provides coverage to your boat and boating equipment as well as the trailer or outboard motor as long as it is listed on your policy. Therefore, if your boat is vandalized or it hits another boat, a rock, a log or a marine obstacle, insurance can help cover the physical damages. Often, when there is a loan on a boat, the lender would require physical damage coverage as well as proof of insurance and to be listed as an additional insured or lienholder on the boat insurance. If your boat is older, you may not want to include Physical Damage coverage on your policy; however, because you could still be liable for damage to someone else’s property or injury/harm to another person, it’s best to include/keep Liability coverage. Make sure to review and choose a comfortable deductible. Keep in mind with a higher deductible, you assume more risk which means you will pay more out of pocket if there is a loss. At the same time, however, a higher deductible will reduce your premium.

Liability: Liability insurance provides coverage for injuries to other people or harm to property.

Medical Costs: This coverage applies coverage to you, your family members, and others for injuries.

In addition, many insurance companies may provide additional endorsements or riders that can be added to the boat insurance such as:

- Emergency services: towing the boat to the nearest marina if the boat motor breaks down

- Increased personal effects in or on the boat: clothing and fishing equipment

- Fuel Spills

- Wreck Removal Coverage Contact Paroubek Insurance to help you understand your options when it comes to insuring your boat today! Source: Erie Insurance West Bend Mutual Insurance