After you’ve purchased a new boat or yacht, you’ll have to decide how to protect your investment best. In Florida and most other US states, taking out boat insurance isn’t a legal requirement. Despite this, most boat owners buy a policy because it allows them to enjoy their recreational vehicle peacefully and prevents potentially disastrous losses.

So, what exactly does boat or yacht insurance cover? The answer is that it depends on the policy you take out. While some basic options only include liability-related problems, the more comprehensive policies also cover damage to your boat. In many cases, engine damage is included, but only under certain circumstances. Read on to learn more about insurance and discover how to find the most suitable policy.

Does Boat Insurance Cover Engine Damage?

Whether your boat or yacht insurance covers engine damage depends on various factors. Firstly, not every policy is created equally; if you choose the cheapest option, damage to your boat is likely not included. Instead, such a policy only covers liability-related issues. If you’d like to protect your boat from theft and damage, you’ll need to opt for a more comprehensive insurance policy.

Secondly, you may or may not be covered depending on why your engine got damaged. Problems related to a collision, a storm, or a fire are usually covered by insurance, but issues related to a lack of maintenance aren’t. If you haven’t maintained your boat according to the manufacturer’s guidelines, your insurance company will unlikely help you pay for the damage. Similarly, wear and tear aren’t covered by insurance.

What Can You Expect from Boat or Yacht Insurance?

The world of boat and yacht insurance is complicated. Not only are there various providers, but there are also several levels of coverage. For this reason, it can be challenging for vehicle owners to know which policy to take out. In most cases, the best way forward is to speak to a professional insurance agent who can compile a list of quotes that fit the boat owner’s unique needs.

Almost every policy covers personal liability, but the more comprehensive options include damage to your property. Moreover, there are often add-on policies such as uninsured boat user insurance. This covers you if you collide with someone who isn’t insured and therefore can’t pay for your injuries and the damage to your property. When you contact your agent, you can discuss whether you need this type of cover.

Personal Liability Coverage

Personal liability is the most essential type of coverage because a lawsuit could cost you millions. They can sue you if you collide with someone and damage their boat or cause an injury. You might have to pay for their medical bills, the repairs or replacement of their vehicle, the wages they lost due to the crash, and even their emotional suffering or therapy sessions.

Fortunately, almost every boat or yacht insurance policy pays for issues related to personal liability. You can expect your insurance company to cover the costs mentioned earlier, but they will also pay for any legal help you require. By taking out this type of insurance, you can avoid paying a life-altering amount. This protects your financial future and allows you to use your boat without concern.

Damage to Your Personal Property

Boats can be extremely costly. While some owners are happy to buy a simple liability insurance policy, most prefer comprehensive insurance because it protects their investment. Engine damage is only one issue covered by a complete boat or yacht insurance policy. Additionally, you will also be protected against issues such as theft, vandalism, floods, storms, and fires.

If you believe you’d have trouble replacing your boat if it got totaled, you should consider taking out this type of policy. While comprehensive insurance is more expensive than liability insurance, several ways exist to reduce the cost. In addition to shopping around for the best quote, you can ensure your boat is stored securely and has all the newest safety features.

Is Boat or Yacht Insurance Worth It?

In Florida, countless people have boats due to the easy accessibility of the sea and the great weather year-round. While smaller boats generally cost tens of thousands of dollars, a large yacht can be worth millions. Even though boat insurance isn’t a legal requirement in our state, most experts agree that taking out a policy is almost always a good idea.

Suppose you can easily cover the replacement of your boat or yacht. In that case, you should go for a basic liability policy, which only covers you if you damage someone else’s property or cause a personal injury. But if you’d like to protect your vessel or find it difficult to replace the boat if it got damaged, you should opt for a more comprehensive plan that includes theft, vandalism, engine damage, and more.

How Can I Find a Reasonably Priced Policy?

The average boat or yacht insurance policy costs $200 to $500 annually, but the price depends on various factors. One of the most important ones is the size and value of the boat. The more expensive your vehicle, the more costly your policy because the insurance company would have to spend more money to replace your boat. What’s more, a large vessel is capable of causing more damage than a smaller one.

To make sure you’re not overpaying for your insurance, you should get a list of quotes from your local insurance agents. When you get in touch with us at iInsure, we will consider your situation and help you find a reasonably priced policy for your boat.

How Can I Keep My Costs Down in the Long Run?

Over time, boat or yacht insurance costs can add up to many thousands of dollars. To minimize the impact of insurance on your finances, you will have to stay on top of your policy. It would be best to speak to your agent yearly to determine whether your insurance provider has increased your monthly payments. If so, you can ask the agent to negotiate with the company or look at alternatives.

Another great way to keep your costs reasonable is to ensure your boat is fully protected. When not in use, the vessel should be securely locked up. Moreover, your boat should contain all the newest safety features, which can reduce the likelihood of a crash and reassure the insurance provider that you are a responsible boat owner.

Keep Yourself Safe, On and Off the Water

There are countless boat insurance providers, and each company offers several plans to suit various boat or yacht owners’ needs. While some insurance policies include problems like engine damage and theft, others only cover issues related to liability. The best way to find out more and ensure you buy a policy that suits you is to contact an insurance agent and ask them to compile quotes.

When you work with a professional, you can be sure that you see all the best policies in the area. Your agent will use the most innovative technology to find quotes for your situation. Within a day, they will get back to you and help you choose a policy. Please fill out our contact form at iInsure to learn more about your area’s boat and yacht insurance products.