Boat Insurance

While New York State requires you to register your personal watercraft with the DMV, you are not required to have boat insurance. However, Boat Insurance is important to protect your boat and your crew from harm. You can get that dependable coverage from us at a surprisingly affordable price, along with the support of a knowledgeable team of agents who can help you navigate your policy. Experience the peace of mind that comes knowing your watercraft is covered, bow to stern.

WHY SHOULD I GET BOAT INSURANCE?
According to New York State’s 2020 Recreational Boating Report, New York had 31 fatal boating accidents reported in 2020. This is the highest the state has had since 2003. Many of these fatalities were individuals between the ages of 21-60. New York’s fatality rate was 7.15 deaths per each 100,000-registered watercraft in 2020. The long-term average is 4.60 as calculated since the year 2000. With these statistics, you want to prevent yourself from any liabilities that could cost you and your loved ones.

WHAT DOES BOAT INSURANCE COVER?
Boat 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

Here's a look at the types of coverage often included in a typical boat insurance policy.

Boat insurance property coverage
Boat insurance helps protect a boat (and other watercraft) from certain risks. For instance, property coverage may help pay to repair your boat after it's damaged in an accident. It may also help pay to replace your boat if it's stolen. This coverage usually helps protect a boat whether it's 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 takes depreciation into account when it comes to paying for repairs.

Agreed amount 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, liability coverage may help pay for expenses you incur as a result.

Medical payments coverage
Suppose you or your passengers are injured after an accident on your boat. Medical payments coverage may help pay for resulting expenses such as 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.

OTHER TYPES OF PROTECTION
The coverage needs of boat owners will vary from person to person. It's a good idea to talk with an insurance agent about coverage for the following components:

• Boat trailers
• Boat accessories (for example, radar or geo-location instruments)
• Special equipment (fishing gear, for instance)
• Towing coverage

You may also want to look into whether your policy includes coverage to help pay for the cost of fuel spills or wreckage removal if there's an accident on the water.

HOW MUCH DOES BOAT INSURANCE COST?
The cost of boat insurance depends on several factors, including:

• The coverages, coverage limits & deductibles you select on your policy
• The type and size of the boat you're insuring
• Where you will use and store the boat
• You may qualify for boat insurance discounts for taking a boating safety class or having multiple policies with the same insurer.
• Contact us to see if any other discounts are available to you.

LIMITS AND DEDUCTIBLES
As with any insurance, coverage limits will apply. Limits are the maximum amount your policy will pay out after a covered loss. Read your policy to learn what your coverage limits are and talk with your agent to learn whether you can adjust those limits based on your needs. If you do need to file a claim, you'll likely need to pay your deductible, which is your share of a covered claim.

With a basic knowledge of how boat insurance may help protect you, your boat and others, you can set sail with the peace of mind that comes with knowing you have certain safeguards in place, just in case.

HOW TO STAY SAFE AT SEA AND ON THE SHORE
In addition to protecting your boat and passengers with quality insurance, there are steps you can take to help keep both safe. Being considerate, keeping others informed, carrying a VHF radio and having a navigation system are just a few to help you stay safe on the water. Not drinking alcohol while operating a personal watercraft and taking the time to stay informed about boater safety issues with boat safety resources can also help you protect your vessel and your family.