Here’s an overview of boat insurance requirements:
- Some states and marinas require liability coverage on boats.
- It helps cover the cost of injuries to others and damage to their property if you are liable.
- You may be able to get limited liability coverage through your home policy.
- Coverage for your own boat requires a separate boat policy.
Question I know that car insurance is required in my state, but what about a boat? I’ve never owned one before and don’t even know if insurance is necessary.
Janna Briggs, a Farmers Insurance® agent in Georgetown, Texas, explains how boat insurance helps you protect yourself from loss.
Answer Your boat might seem like an oversized toy, but it’s still a motorized vehicle. Some states and many marinas require you to have liability insurance, which helps cover the cost of injury to others and damage to their property if you’re responsible for an accident — on the water or in transit.
Although you might not be required to have it, liability coverage helps you protect yourself from significant financial loss. Depending on the size of your boat’s engine, you might be able to get liability coverage under your home policy. Talk to your agent about your options.
A separate boat policy is necessary if you want coverage for your own boat in the event you are at fault in an accident, and for things outside your control like theft, vandalism and weather damage. If you have a loan on your boat, your lender will probably require you to have this coverage until it’s paid off.
I’m often asked about non-powered pleasure craft like canoes and kayaks. In many case these are considered personal property and may be covered under your home or renters policy. Talk to your agent about your options.
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