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Watercraft & Boat Insurance

Watercraft insurance is a crucial financial safeguard for boat owners. Whether you own a small fishing boat, a luxurious yacht, or anything in between, boat insurance protects you financially from a wide range of risks associated with boating. From accidental damage to liability for injuries or property damage caused by your boat, this type of insurance ensures you can enjoy your time on the water with peace of mind.

What Are the Different Types of Watercrafts Covered Under Watercraft Insurance?

The following are some common types of watercrafts that can typically be insured under a watercraft insurance policy:

  • Motorboats
  • Sailboats
  • Personal watercrafts (e.g., Jet Skis and WaveRunners)
  • Yachts
  • Pontoon boats
  • Canoes
  • Kayaks
  • Fishing boats

What Does Watercraft Insurance Typically Cover?

Watercraft insurance typically offers the following coverages, among others:

  • Liability coverage may help pay for property damage or bodily injuries you cause to others while driving your boat and may help cover legal fees resulting from such accidents.
  • Uninsured/underinsured coverage may help pay to repair or replace your boat if it’s involved in an accident with an at-fault party that lacks appropriate insurance. These coverages may also help cover medical expenses for bodily injuries you suffer from these accidents.
  • Medical payments coverage may help cover medical expenses for you and your passengers if you are in an accident involving your boat, regardless of who was at fault.

However, it’s important to note that the specific coverage options and requirements can vary depending on the insurance provider and the type of watercraft you own. Insurance providers often tailor their policies to meet the unique needs and risks associated with different types of boats.

How Are Watercraft Insurance Rates Determined?

The cost of boat insurance is determined by factors that help insurance providers assess the risk associated with insuring a particular boat and owner. Some common considerations include the following:

  • Boat type and value
  • Usage and navigation area
  • Boating experience and qualifications
  • Insurance coverage and deductibles
  • Claims history
  • Location and storage
  • Additional equipment or modifications


Contact Allgood Insurance today to discuss your coverage needs and receive a personalized quote.

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