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After you’ve purchased a new boat or yacht, you’ll have to decide how to best protect your investment. 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 in peace 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 problems related to liability, 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 find out more about insurance and to discover how you can find the most suitable policy.

Does Boat Insurance Cover Engine Damage?

Whether your boat or yacht insurance covers engine damage or not depends on a variety of factors. Firstly, not every policy is created equally, and if you choose the cheapest option, it’s likely that damage to your boat is 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 the reason 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 is unlikely to help you pay for the resulting damage. Similarly, wear and tear isn’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 hard 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 also include damage to your personal property. What’s more, 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 

The most important type of coverage is personal liability because a lawsuit could cost you millions. If you collide with someone and you damage their boat or cause an injury, they can sue you. 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 above-named costs, but they will also pay for any legal help you require. By taking out this type of insurance, you can avoid having to pay a life-altering amount of money. 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 of the issues that is covered by a comprehensive boat or yacht insurance policy. Additionally, you will also be protected against issues such as theft, vandalism, floods, storms, and fires.

If you believe that 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, there are several ways to reduce the total cost. In addition to shopping around for the best quote, you can make sure 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 several tens of thousands of dollars, a large yacht can be worth millions. Despite the fact that boat insurance isn’t a legal requirement in our state, most experts agree that it is almost always a good idea to take out a policy.

If you can easily cover the replacement of your boat or yacht, 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 you’d 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 per year, but the price depends on a wide variety of 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 take into account your individual 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, the cost of boat or yacht insurance 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. Every year, you should speak to your agent to find out whether your insurance provider has increased your monthly payments. If so, you can ask the agent to negotiate with the company, or you can look at some alternatives.

Another great way of keeping your costs reasonable is making sure your boat is fully protected. When not in use, the vessel should be securely locked up. What’s more, your boat should contain all the newest safety features, which can reduce the likelihood of a crash and therefore 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 make sure 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 certain that you’re seeing all the best policies in the area. Your agent will use the most innovative technology to find quotes specific to your situation. Within a day, they will get back to you and help you choose a policy. Fill out our contact form at iInsure to learn more about the boat and yacht insurance products available in your area. 


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