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Frequently Asked Questions

Boat Insurance FAQs

How Much Should I Insure My Boat For?

The most your boat will be insured for is the agreed upon value, which corresponds to the current market value (CMV) of your craft. This usually covers the hull, motor, any permanently attached equipment and more. This will take into consideration depreciation.

How Much Liability Do I Need?

Your liability is intended to protect you financially if someone is hurt or their property is damaged by your actions. If your liability is not enough to cover someone’s injuries or repair expenses, you may be sued for the rest. You should purchase enough liability to protect your assets. The average is $300,000.

What are the Factors Insurers Consider for Boat Insurance?

There are numerous factors insurance carriers use to arrive at a premium. Just as with car insurance, the type and value of the boat is considered. Your age and gender will most likely play a part. Another important factor is your experience level and previous claims history. You will pay more if you are a novice at boating.

Do I Need Insurance While My Boat is in Storage?

Yes. You’ve probably invested financially in your boat and even if it is not in the water year-round, it could still come to harm while in storage. Theft, fire and natural disasters can all have an impact on your boat – even while it’s stored for the off season.

What Happens if My Boat is Damaged in Transit?

Depending on the circumstances, your policy probably covers your boat while it is being loaded, unloaded and transported on its trailer within a certain radius of your home (usually within 500 miles).


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