Don’t motor away from the marina without insuring your boat or personal watercraft.
Water lovers, beware. Cruising across the lake in a party barge, down the river in a fishing boat or through the bay on a yacht is one of life’s great leisures, but accidents still happen. If your boat or watercraft is damaged or someone on board gets hurt, you’ll need adequate insurance coverage to help pay for repairs or medical bills. Boat and personal watercraft insurance policies cover on-the-water incidents, including sinking, as well as those on land. If someone damages your speedboat while you’re transporting by trailer or a storage unit roof collapses on your jet skis, your insurance will help cover certain losses. Without the right coverage, you could be facing significant out-of-pocket expenses.
As an experienced local insurance agency, Nixon & Lindstrom has been helping boat owners with their insurance needs for more than six decades. Our cost-conscious agents can help you design a boat insurance policy that balances price with protection. Whether you own a small bass boat or a sea-worthy sailboat, don’t overlook or ignore the risks that come along with owning a boat. Request a free online quote today and start comparing boat insurance policies from leading carriers like Auto-Owners, SafeCo and Progressive.
Only a handful of states require boat owners to buy insurance, but many banks and marinas make it a prerequisite for obtaining a boat loan or mooring your watercraft. Regardless of whether it’s required, boat and personal watercraft insurance with property damage and bodily injury liability coverage is a smart move. Even the safest boaters should take steps to protect themselves and their property.
Insurance companies offer basic boat insurance policies that include collision and comprehensive coverage, as well as uninsured and underinsured motorist coverage. Collision pays for damage to your boat, motor or trailer regardless of whether you or the other driver is at fault, while comprehensive coverage pays for non-collision damage related to weather events or criminal activity like theft or vandalism. Uninsured/underinsured motorist coverage helps pay for bodily injury damages if you or someone on your boat is hurt by someone who lacks adequate coverage or—worst-case scenario—has no insurance at all.
Boat insurance policies, for both brand new and older used boats, fall into two main categories: actual cash value and agreed amount value. Actual cash value policies pay to replace your boat or personal watercraft based on its depreciated value. Agreed amount value policies are based on an agreed-upon valuation of your boat when you purchase the coverage. If your boat or jet ski is totaled, you receive that stated amount to pay for a replacement.
Beyond that, you can customize your policy to your liking with various add-ons. Here’s a quick look at other coverage components you may want to consider:
Before you start comparing boater’s insurance rates, be sure to review your homeowners insurance policy, which sometimes includes minimum coverage for smaller watercraft with less than 25 mph horsepower. Even if you do, you’ll likely want to look at expanding your boat insurance coverage. The good news is that boat and personal watercraft insurance is fairly affordable, and many carriers offer attractive discounts.
Generally speaking, boat and jet ski insurance costs a few hundred dollars a year. Progressive, a major boat insurance underwriter, says policyholders in its lowest-cost states pay an average of $250 annually. On the other end of the spectrum, Progressive boat insurance customers in high-cost states pay an average of $471 annually. Most insurance companies offer discounted rates for bundling boat insurance with your home or auto policies. Other discounts may also be available for boat owners who complete safety courses, use diesel fuel, pay for their policies upfront or have certain equipment on board like carbon dioxide detectors or Coast Guard-approved fire extinguishers. To get a more specific estimate of what you’ll pay, contact a local insurance agency like Nixon & Lindstrom.
Nixon & Lindstrom is here to help you buy the best boat or personal watercraft insurance policy at the lowest cost. For more than 65 years, our agents have been helping lake lovers, recreational boaters and fishing enthusiasts throughout Springfield and southwest Missouri reel in great policies. We’ll help you determine what type of coverage makes the most sense for your watercraft and start the search for a policy that checks all the boxes.