Watercraft Insurance

What is watercraft insurance?

Watercraft insurance is an insurance policy that provides coverage for boats and personal watercraft. Watercraft insurance, most commonly known as boat insurance, covers many different types of watercrafts.

Types of watercraft

You can purchase watercraft insurance for a wide variety of boats with motors, including:

  • Yachts
  • Pontoons
  • Ski boats
  • Fishing boats
  • Paddle boats
  • Leisure crafts

Usually excluded from the list of insurable watercraft’s are canoes, kayaks, and personal watercraft.

What does it cover?

Watercraft insurance protects you, your boat, and your passengers while on the water, in transit, and even in storage (your boat, not your passengers). You’ll be insured against theft, damage, and liability, while also making sure you get compensated if another boater or operator is uninsured or underinsured.

Specifically, when you work with Click2bind, we’ll make sure you’re covered for the following if applicable:

  • Collision Damage: If there’s a collision, this insurance will cover the repair or replacement costs of your boat.
  • Comprehensive Coverage: This covers damages and loss due to circumstances other than a collision, including theft, vandalism, sinking, fire, and overturning.
  • Emergency Assistance: This would include towing, labor or basic emergency services like having fuel or a battery delivered.
  • Pet Coverage: Pets can get into all sorts of trouble, and this insurance will provide reimbursement up to a certain amount for an injury sustained by a dog or cat.
  • Equipment Coverage: Any gear you have, such as fishing equipment, or personal property on deck can be covered up to a certain threshold.
  • Medical Payments: Your insurance will provide medical payments for you and your passengers. This also includes people outside your boat but attached to your party, like water skiers and tubers.
  • Uninsured/Underinsured Watercraft Bodily Injury: If the person at fault doesn’t have insurance or their policy is inadequate, your plan may kick in and provide assistance with lost wages, medical treatment, pain and suffering, and any other associated costs.

Why do I need it?

Depending on the state where you reside, it may be required by law to carry watercraft insurance. And, if you’re financing your boat, then this insurance will be mandated by your lien holder.

Many boat owners argue that they don’t need insurance because they only use it seasonally. We strongly advise to have a policy because not only do you have protection while you’re out on the water, but you’ll also be covered while your boat is in storage. In cases of fire, theft or vandalism, we think it’s better to be safe than sorry. This is especially true because many policies cost only a dollar a day.

Perhaps the most compelling argument to purchase watercraft insurance has to do with the fact that it’s not required. This means that there’s likely to be a high number of uninsured boaters on the water. If something happens and the other person is at fault, you’ll be left high and dry if you don’t have your own insurance.

Claim example – How coverage works

You’re enjoying a day on the water, and your boat hits a rock, causing extensive damage. Fortunately, if you have Collision or Property damage included in your policy, this event would be covered by your insurance.

Why Click2bind for your watercraft insurance?

As an independent agency, we have access to multiple carriers. We do all the research and comparison shopping for you, helping you lock in the most competitive prices while getting a plan that best fits your needs. We take a data-driven approach to find the perfect policy so that you have the coverage you need without paying for the things you don’t.

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