does boat insurance cover engine damage

does boat insurance cover engine damage

Boat insurance covers you in the event of a loss or damage to your boat. It covers most watercraft with motors, including fishing boats, pontoon boats, paddle boats, leisure crafts and yachts. Boat insurance does not usually cover canoes, kayaks or personal watercrafts (PWCs).

For small watercrafts, you may find some limited coverage under your homeowner’s policy. You may also be able to add a special endorsement or buy separate coverage. Contact an independent agent in the Trusted Choice® for assistance with all of your boat coverage.

What Does Boat Insurance Cover?

Your boat insurance policy may include the following:

  • Collision damage: Includes repair or replacement of your boat, but may or may not include clean-up of wreckage unless you purchase optional additional coverage.
  • Property damage liability: Covers damage you might cause to someone else’s boat, a dock, or other property or structures.
  • Bodily injury liability: Covers injury you might cause someone while using your boat; includes medical bills, lost income, pain and suffering, and legal expenses.
  • Comprehensive: Provides compensation if your boat is vandalized, stolen, or damaged in an incident other than a collision.
  • Additional coverage options: Coverage for medical payments, fishing equipment, oil spills, personal property and roadside assistance, as well as damages and injuries from accidents caused by boaters who are uninsured or underinsured.

The amount of compensation you receive for a claim depends on a few things, including your deductibles, limits and whether your boater’s insurance covers your boat’s actual cash value, replacement cost or agreed upon value.

When you buy boat insurance, you must decide on the amount of coverage you need for your boat, the deductible (maximum out of pocket expense per claim) and the types of coverage you need. In the event that you have an accident, experience a theft, or have another loss that is covered under your policy, you can file a claim and receive a payment covering the loss.

As an example, if you were in an accident with another boat that caused serious damage to your vessel, one of the following things would most likely occur, depending upon the insurance coverage you and the other boater own and the laws in your state:

  • If you were at fault, your boat liability insurance would cover the damage up to the limits of the policy.
  • If the other boater was at fault, his coverage would pay for your damages, up to the limits of his policy.
  • If the other boater was at fault, but did not have boat insurance, or did not have enough to cover your expenses, uninsured/underinsured boaters coverage could cover the damages (if you have that coverage in place).

How Much Does Boat Insurance Cost?

In general, boat insurance can range anywhere from as little as $75 to as much as $500 per year.

Insurance companies also offer a number of discounts. These discounts can give you a price break under certain situations. For example, you may be able to elect a layup discount if you don’t use the boat year-round, or a discount for boating in fresh water instead of salt water.

You may also qualify for discounts if you’ve taken a boating safety course, or a good driving discount if your boating record is unblemished. Insurance companies vary in the discounts they offer, so be sure to ask an independent agent to compare quotes and options from multiple carriers on your behalf.

Boaters often want to know whether they have to carry boat insurance to enjoy the water. The answer is that boat insurance can be required for a variety of reasons. For example, some states require that you have liability coverage. Marinas may require you to have boat insurance in order to dock your boat there. Additionally, if you take out a loan to buy a boat, the lender will most likely require that you purchase boaters insurance.

How Much Boat Insurance Do I Need?

The amount of boat insurance you need depends on a number of factors, including the boat’s value, motor size, age, and how you use it. For example, if you have a brand new high performance speed boat, you will need more coverage for bodily injury and property damage liability than if you buy a pleasure cruiser.

Insurance professionals recommend buying at least $1,000,000 in liability insurance, and even more if you have a fast, powerful boat that is both riskier and can cause more damage.

For uninsured/underinsured motorists coverage, a typical minimum is $10,000. However, the amount you purchase should reflect the potential injuries and damages you may need to cover if you or one of your passengers is seriously hurt, or your vessel is damaged.

Your other coverage amounts, including collision coverage and comprehensive coverage, should be based specifically on the value of your boat.

Where Can I Get Boat Insurance?

There are several ways to buy boat insurance. You can easily get quotes online that will help you find a policy you can afford. You may have questions, special circumstances, or a highly customized or top-dollar boat to insure, and in this case you may opt to speak directly to an independent agent.

To find the best rates available, contact a local independent agent in the Trusted Choice network who knows the local insurance regulations in your area. Your independent agent can shop around, compare options and rates from numerous insurance companies and help you to make the most informed decision.

Does Boat Insurance Cover Passengers?

Boat insurance covers boat passengers as well as the owner in an accident. Passengers on the boat are covered under the liability portion of the boater’s policy. However, depending on the policy, this may or may not extend to water skiers you are pulling behind the boat. Be sure to work with a knowledgeable professional who can help evaluate your needs and risks.

Does Boat Insurance Cover Theft?

Comprehensive boat insurance covers the theft of the boat itself. Personal possessions carried on the boat may or may not be covered, depending on the policy. Therefore, you should carefully review the comprehensive coverage of your policy to determine exactly what is and is not covered. If you plan to carry expensive fishing equipment or other items of value, you can purchase one or more additional “rider,” or policy endorsement, to cover those assets.

Does Boat Insurance Cover Hurricanes?

Depending on the insurance company and structure of your policy, boat insurance may or may not cover hurricane damage. If tropical storms, hurricanes, tornadoes or windstorms are a concern where you live or travel with your boat, ask your agent about storm damage coverage for your watercraft.

Does Boat Insurance Cover Engine Damage?

Boat insurance sometimes covers engine damage. This varies from company to company as well as by policy. Some insurance companies have “machinery damage exclusions” while others do not; it often depends on the age of the motor. Reimbursement may include replacement cost or be subject to depreciation.

Does Boat Insurance Cover Me if I Hit a Rock?

If you have comprehensive insurance or property damage coverage built into your policy, your boat insurance will cover collision with rocks, logs, and other marine obstacles.

Does Boat Insurance Cover a Blown Engine?

Boat insurance covers a blown engine under some circumstances. Check that with the insurance company issuing the policy. Many policies will cover a blown engine when the cause is a manufacturer’s defect, but not if is due to normal wear and tear.

What Does Boat Insurance Cover?

You’re about to set sail on adventure and enjoy your new boat out on the water. Boating can be an incredibly fun experience for you and your family. However, it doesn’t come without risk. That’s where boat insurance comes in.

It may not occur to you to get boat or watercraft insurance, but it’s actually one of the earliest known forms of insurance, going back to Ancient Greece. It’s definitely worth it to pay the boat insurance cost if you end up in a collision with another boat or dock. Motorboat, houseboat, or sailboat insurance can definitely help you swim above water should you find yourself financially sinking due to a boating accident or theft. Here is a list of the common types of coverage you should expect when getting a boat insurance quote.

Property/Physical Damage Coverage

If your boat’s hull or machinery gets damaged in an accident, property/physical damage coverage will help pay for the repairs to your vessel, whether the collision occurred on water or on land. The type of coverage can vary among boat insurance companies, but most marine insurance plans can cover damage to:

  • The boat’s hull
  • Motors
  • Extra fuel tanks, batteries, etc.
  • Anchors
  • Onboard safety equipment/supplies such as life rafts, fire extinguishers, etc.

Most boat insurance property coverage include the theft and vandalism of the boat, along with damage caused by fire, storms, and other hazards aside from collision. It may or may not cover damage done to the boat’s trailer. You will have to look through the policy for specifics and see which plan offers you the coverage you want.

Most boat insurance rates include liability coverage, which means the policy will protect you if you are responsible for a boat accident that caused property damage or physical injury to another person. It is important to note that this coverage not only covers collisions made by your vessel, but also damage due to situations caused by your vessel such as large wakes. There are some good boat liability plans that also help cover court costs and settlements if you are facing a lawsuit.

If you or your passengers are injured during a boating accident, your boat insurance could also include medical payment coverage. This can help pay for expenses such as medications, hospital visits, x-rays, and other medical fees accrued to treat injury caused by a boating incident.

This type of coverage isn’t always included with standard boat insurance plans, but it is a good investment. This insurance helps cover property losses or injury you experience if you collide with a boat that isn’t insured. If an uninsured boater causes damage to you, your boat, or one of your passengers, you will have the repair/replacement expenses and medical expenses covered.

There are some other forms of coverage that can be attached to the standard watercraft insurance policy:

  • Personal Property Coverage – Covers the replacement or repair of personal effects such as clothing, jewelry, fishing gear, etc. Great additional coverage to add to houseboat insurance policies.
  • Towing and Assistance – Pays for emergency assistance such as fuel delivery at sea, boat towing, and emergency repairs.
  • Boat Trailer Coverage – Insurance coverage for damages done to your boat trailer.
  • Wreckage Removal – This coverage pays for the removal of your watercraft from the water if it is totaled.
  • Fuel Spill Coverage – Pays for the cleanup of any spills or leaks of fuel from your vessel.

Now that you know what boat insurance can do for you, why not get your watercraft covered? Freeway Insurance offers quality protection at a price anyone can afford. Get a free watercraft insurance quote from us today!

Know Before You Go: California Boat, Jet Ski, and Personal Watercraft (PWC) Requirements

What Does Boat Insurance Cover?

Will boat insurance protect against a blown engine? Do I need boat insurance to operate a boat?

These are questions every boat owner should ask themselves. Exploring the various coverage options of a boat insurance policy will make it easier for you to gain a level of protection from injuries, collision, and so much more.

It's critical to know whether you need boat insurance and what kind of coverage it is going to provide.

Boat insurance covers damage to your boat, motor, trailer, and personal items in the boat. It protects the boat owner against liability lawsuits and medical payments. Boat insurance protects most watercrafts with engines including small fishing boats, powerboats, houseboats, yachts, and pontoons.

It's important to note that your boat is not covered by homeowners insurance.

What Does Boat Insurance Cover?

The boat insurance coverage includes:

  • Collision damage
  • Property damage liability
  • Bodily injury liability
  • Comprehensive coverage
  • Additional coverage options

Boat insurance provides a significant amount of protection and each form of coverage adds protection in certain scenarios.

If there is damage as a result of an accident, this coverage will include the repair or replacement of your boat. There are often exclusions that you need to read carefully. For example, the clean-up of wreckage is not included unless you buy additional coverage.

Also, if your engine blows because of a collision or a manufacturer's defect, it is covered by boat insurance. If your engine blows because of normal wear and tear, you would not be covered in your boat insurance policy.

2. Property Damage Liability

When you're on your boat and you lose control, or there is a problem on the water, you might cause damage to a dock at the marina, someone else's boat, or various other pieces of property. Property damage liability is what will protect you from having to pay for the repairs on your own.

3. Bodily Injury Liability

When you are using your boat, there is the possibility that one or more people might get injured, including passengers on your boat as well as people from another boat or if your boat is pet-friendly, possible dog bites. The liability coverage would cover hospital bills, lost wages, pain and suffering as well as various legal expenses.

Comprehensive coverage is for non-collision related incidents. If your boat is stolen, vandalized, or damaged in an incident that isn't a collision, boat insurance will cover the costs. Policies can vary on the coverage for theft of the boat itself, but not necessarily the personal possessions that you have on board. It's a good idea to review the policy and determine what isn't included. You can then choose to get various “riders” for the areas where you aren't otherwise covered.

5. Additional Coverage Options

There are all sorts of add-on coverage that you can include on a boat insurance policy.

Add-on boat insurance cover options include:

  • Roadside assistance
  • Personal property protection
  • Fishing equipment
  • Medical payments
  • Oil spills
  • Damage to a dry dock
  • Uninsured coverage

You should protect yourself against any scenario that you could potentially come across. If you sustain injuries from another boater or they damage your boat, you should have coverage if they are uninsured.

It's important to read through a policy and determine where you need added protection. Every policy and insurance carrier is different. Ask your insurance agent about your coverage options so you can plan for future expenditures.

Do You Need Insurance on a Boat?

Many boat owners question whether or not they need insurance on a boat.

Before you hit the water, the best thing to do is check what is required by your state. Some marinas require you have liability coverage if docking your boat. For example, King Harbor Marina needs insurance before tooling around Redondo Beach.

If you have a loan on the boat, the lender might also dictate that you have liability and comprehensive coverage. This would protect their financial investment in the boat until you have paid for it in full.

Unfortunately, many New Jersey boat owners had to learn the hard way about after Hurricane Sandy. New Jersey is one of the many states that do not require boat insurance. When Hurricane Sandy hit, it destroyed over 25,000 boats, and boat owners were left to pay over $200 million in repairs!

How Much Does it Cost to Insure a Boat?

Boat insurance varies based on different factors, but the average rates to insurance a boat are around 1.5% of the boat's insured value.

For example, if your boat is worth $25,000, your boat insurance will cost around $375. Insurance companies will look at the state you live in, the age and size of your boat, how your boat is powered, and where you plan on using your boat. Boat insurance for a sailboat used on inland waters will be much different than insuring a large motorboat on the open seas.

The coverage options within your policy will also impact the total cost of insurance premiums. As a reference to range, boat insurance could cost anywhere between $75 and $1,000 a year.

There's certainly no harm in comparing boat insurance quotes from multiple carriers to make sure you have the protection that you need.

Why You Need Boat Insurance Coverage

Even though not all states require boat insurance, it's still important to have. A policy provides financial protection if you are involved in an accident with another boat and if a passenger is injured.

It's going to be a better option to call and file a claim with the insurance company than to have to pay for repairs and other things out-of-pocket. When you know more about a policy and how to get the necessary coverage, you'll have better protection for your boat.

Ultimately, finding boat insurance that suits your specific financial and coverage needs is critical to enjoying your time on the water. So take your time gathering and considering your coverage options. your wallet AND your boat will thank you for it.

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The Kanopy Insurance team is comprised of top-notch independent insurance agents specializing in personal insurance policies within the states of California and New Jersey.

It can protect you financially if your boat is stolen or damaged. It can also cover you if you damage someone else's property.

If you have spent thousands of pounds on your boat a good insurance policy could save you a lot of money if you need to make a claim.

You do not legally need boat insurance in the UK, but it gives you valuable protection if you have an accident.

There are some circumstances when you have to get insurance, including:

Getting marine finance to buy your boat

Racing or chartering your boat

Keeping your boat in a marina or harbour

Sailing in other countries

It is possible to find insurance for:

Rigid inflatable boats (RIBs)

Rowing sculls or skiffs

You may also be able to find cover for dinghies, speedboats and catamarans or if you go windsurfing.

What does boat insurance cover?

Most boat insurers offer comprehensive policies that should protect you against the following risks:

This covers the loss or damage of your boat as a result of fire, theft, accident or malicious damage.

Most policies cover your boat when it is:

Ashore, for example in storage or on your driveway

In transit by road

Afloat on inland and coastal waters

Boat insurers usually pay up to the current market value of your boat if it is damage beyond repair, or if the cost of repair would be more than its current value.

Loss or damage of personal belongings

You will be covered against any physical loss or damage to your personal possessions while they are on your boat. Your items will only be covered against accident, fire, theft or malicious damage.

Most cover personal belongings up to a set limit, for example Ј1,000 for all items, with a single item limit of around Ј200.

This means you will be covered if you cause:

Personal and Commercial Insurance

Providing great customer service is the most important thing we do!

What Does Boat Insurance Cover?

Most Boats are Not Covered under Your Home Insurance

You love your boat. Even more so, you love the fun, relaxation, and memories your boat offers. Think of that perfect Sunday looking for that ever-evasive fish, teaching your kids to water ski, or simply skimming the waters in your sleek sailing vessel. Ahh. However, with the pleasures, so come the responsibilities: maintenance, restoration, storm preparedness, winterization, and, yes, insurance.

Why do you need boat insurance?

Simply, second to your home, your boat is most likely your largest investment. What would happen if you lost it in an accident or storm? What would happen if someone broke in while you were on land? How would you handle the situation if you didn’t have enough coverage?

Most Boats Are Not Covered Under Your Home Insurance

Some believe boats are covered under their standard Homeowners policy. This may be true for smaller boats, but there are limitations. Obtaining a separate boat policy is always a good idea.

Boat protection, like all types of insurance, varies widely between companies. This is true even between companies that specialize in marine insurance. When considering and comparing boat policies, contact your local independent insurance agent to help you determine the best coverage for the right price.

Main Components of Boat Insurance

Like your car insurance, boat insurance covers:

  • Bodily Injury Liability – This coverage pays for expenses relating to injuries to others from an accident you caused. Medical bills, pain and suffering, defense costs and lost wages may all be covered.
  • Property Damage Liability – This coverage can pay costs from damage to other property from an accident you caused. This could be damage to another boat, dock or other structure.
  • Physical Damage- This covers damage to your own boat and its trailer. For example, if you hit a dock and your boat was damaged, the cost of repairing it would be covered. There are three ways this can be paid out:
  • Actual Cash Value – The market value of your boat and/or its parts
  • Agreed Value – You determine the amount of coverage when the policy is first written
  • Replacement Cost – Your boat will be replaced with the same type of new boat. However, it is usually only available for boats less than two years old.

What Property is Usually Covered?

Again, boat coverage varies between companies and states. For this article, we will use a list prepared by the New Hampshire state government.

  • Anchors
  • Batteries
  • Bilge pumps
  • Boat furniture
  • Boat and motor covers
  • Cook stoves
  • Deck chairs
  • Depth finders
  • Detachable canopies
  • Emergency signaling devices
  • Fire extinguishers
  • Fittings
  • Fuel tanks
  • Horns
  • Life preservers
  • Lights
  • Masts
  • Mooring cleat & lines
  • Motors
  • Oars
  • Refrigerators
  • Seat cushions
  • Spars
  • Tarpaulins

What Property is Usually Not Covered?

Using the New Hampshire guidelines, Pleasure Boat Policies or Endorsements usually exclude the following property:

  • Beverages and other perishables
  • Cameras or video recorders
  • Cellular phones
  • Clothing
  • Food
  • Jewelry and other personal articles,
  • ParasaiIs, hang gliders or other devices designed for flight
  • Portable televisions
  • Stereos, tape decks or other instruments for recording or reproducing sound
  • Scuba and other diving equipment
  • Sail, masts, or spars while boat is operating in an official race or speed contest a Watches a Water skiing equipment

Actual insurance costs vary according to the value of your boat, its length, the type (sail or power), mooring location, intended area of navigation and how high a deductible you choose. Like your homeowners and car insurance, you can decrease the rate of your boat insurance by increasing the deductible.

‘The information on this site is general in nature. Any description of coverage is necessarily simplified. Whether a particular loss is covered depends on the facts and the provisions, exclusions and limits of the actual policy. Nothing on this site alters the terms or conditions of any policies, nor does it provide any guarantees. You should read your specific policy for a complete description of coverage.”

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