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Cheap Boat Insurance

Protect Yourself While Riding the Waves

What is Boat Insurance?

Boat insurance helps protect you financially so you can hit the water without a care, whether that’s for fun in the sun or fishing with some friends. At Acceptance Insurance, we find you the lowest rates to make sure your day on the water is carefree. Our insurance protects you against watercraft loss and damage, as well as provides boat insurance liability coverage in case of an accident.

Boat and watercraft coverage can cover:

  • Physical damage if your boat hits a submerged object, is vandalized, or needs repairs after a storm.
  • Medical payments if anyone is injured.
  • Liability if someone sues you for damages or injuries.

Your home insurance may cover some minor threats, but for complete coverage, a separate boat insurance policy is recommended.

What Does Boat Insurance Cover?

Boat insurance is intended to protect you financially in the event of damages and injuries, up to and including total loss.

  • Property damage liability: Helps pay for third party damages to property if you cause an accident.
  • Bodily injury liability: If people are injured in an accident you cause, this kicks in to help pay for their medical expenses, lost wages and more.
  • Collision insurance: Helps pay for repairs after an accident, regardless of who is at fault.
  • Comprehensive coverage: Typically pays for repairs due to sources other than an accident, such as theft and storms.
  • Medical Payments (MedPay) or Personal Injury Protection (PIP): A higher level of coverage for injuries and other expenses for people in an accident you cause.
  • Uninsured boater coverage: Kicks in to help pay for damages and injuries you and your passengers suffer if an uninsured boater hits you.

You may also choose to add specialty coverages such as fuel spill cleanup, towing, hurricane haul-out and more. Working with insurance agents gives you advantages because we customize your policy for your needs and budget.

Boat Insurance FAQs

Get answers to common insurance questions

What is the Difference Between Boat Insurance, Watercraft Insurance and Jet Ski Insurance?

Boat insurance generally refers to coverage for vessels longer than 197-feet. Watercraft insurance includes boats, yachts and personal watercraft (PWC), such as a water scooter or jet ski. The difference in premium cost and coverage comes down to the vessel you are insuring, how much it is worth, where you will be using it (open ocean versus bay, for example) and how much coverage you purchase.

How Much Does Boat Coverage Cost?

Nationwide, the average cost of boat insurance is from $200 to $500 annually. However, like car insurance, what you will pay for your boat insurance will vary considerably from what your neighbor in the next slip pays. As with all types of insurance, the insurance company will look at a variety of factors to decide on a premium. With boat insurance and watercraft insurance, some of those factors include:

  • Type: From bass boats to sailboats and everything in between, the type plays a large part in the premium cost. Yachts filled with expensive accouterments will cost more than your typical fishing skiff.
  • Horsepower: Depending on whether your craft is powered by an inboard or outboard motor, the typical horsepower can range from 90 to 300 hp. The more power, the higher the premium.
  • Condition: Your insurance cost will depend on the condition. It’s thought that boats in poor condition may suffer damage more easily than those kept in good condition.
  • Where you go: It may cost more to insure a vessel that frequents areas where rough waves and storms are more common. If you cruise mostly on calm lakes and in bays it will cost less.
  • Boating experience: As with car insurance, your experience, age and past record plays a part in your insurance premium, with older, more experienced boaters getting the lowest rates.
Family in life jackets on a boat on a lake.

These are just some of the factors that come into play when an insurer gives you a cost for your policy. At Acceptance, we work hard to find savings you can apply to your policy. Don’t forget to shop around and compare prices – or better yet, let us do that for you. We’ll help you bring in the new year with new car insurance – and better boat insurance, too!

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Discounts for Boating Insurance and Watercraft Insurance

Ahoy mates! You can lower your premiums by talking to your friendly Acceptance Insurance agent about discounts. There are plenty of discounts to choose from, including:

  • Bundling: Save on your premiums when you have multiple policies, such as your boat, home and car, with one insurer.
  • Good driver: Just as with car insurance, if you’ve piloted for 3-5 years with no incidents or claims, you may qualify for a safe boater discount.
  • Safety Course: Like taking a defensive driving course, some insurers will reward you for receiving a certificate for an accredited boat safety course.
  • Pay in full and autopay: You may be able to shave a bit off your premium by agreeing to pay your premium in full or have automatic withdrawal for monthly payments.

Some organizations and civic groups have a relationship with an insurer, which means their members can receive a discounted price. Check with your Acceptance agent for more details.

Father and sons out boating together.

Do You Need Insurance for Your Boat?

Is boat insurance required? For the most part, it’s optional. Arkansas and Utah are the only states that require some form of coverage. There are exceptions, however. If you are docking at a marina, you may need liability insurance at a minimum. And similar to a car, if you have a loan, your lender may require you to carry insurance until it is paid off.

Other than those situations, you need boat insurance to protect yourself financially. Collisions on the water – or with something under the water – are common and can result in major damage to the hull. Boat theft happens, as well as storm damage. Even moving your boat from one place to another can cause damage and loss. Your car insurance will help pay for injuries and damages sustained by other parties if there’s a wreck and your vessel falls off the trailer, but it won’t cover the boat itself.

Like auto insurance, full boat coverage includes liability, plus comprehensive and collision. Comprehensive helps repair or offers replacement cost coverage if your boat is damaged or totaled. Collision kicks in to pay for repairs to your boat, even when the accident is your fault.

From a pontoon to a powerboat, summer toy insurance for boats, jet skis, ATVs and more gives you the peace of mind you need for a carefree day on the water.

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Common Misconceptions about Boating Insurance

The seafaring world is rife with claims, rumors, and half-truths about the one that got away – and boat coverage. At Acceptance Insurance, let us help sort out the myth from the reality.

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Myth 1 Reality My auto insurance will cover me while I am towing it.
If you get into an accident while towing your vessel and it falls off the trailer and lands on someone’s car, yes, your vehicle liability will help pay for the damages and injuries. But it won’t help you repair or replace the actual craft.
Myth 2 Reality My homeowners insurance will cover it.
Your home insurance will provide limited coverage for your craft, but only while it is parked at your house.
Myth 3 Reality My vehicle driving record won’t affect my boat insurance price.
In fact, insurers do look at your driving record when assessing your premium. If you have too many accidents, tickets and claims, you may have to shop around to find someone to even write you a policy.
Myth 4 Reality I don’t need it.
Maybe not legally, but keep in mind that if someone is injured in a boating accident you cause, you and your assets will be liable in a court of law if you are sued.

Why Acceptance Is the Right Choice for Your Boating Insurance

If you need to get boat insurance, Acceptance Insurance can help. After all, we are boaters, too. Our friendly, local, and bilingual agents understand why protection is important to you. We can find flexible, customized solutions that will fit your budget – so you have plenty left for sunscreen and bait. Give us a call today at 877-405-7102, visit us online for a quick quote or stop by one of our local offices for a friendly chat.