Watercraft insurance that floats your boat

While watercraft insurance is not required for boats in Massachusetts, if you finance your watercraft, your lender will most likely require it. If you keep your boat in a marina, the marina may also require you to have it.

If you do not finance your boat, choosing whether or not to buy coverage is up to you, but we usually always recommend it because the protection is worth the cost.

Homeowners insurance may offer some protection to your watercraft, it likely does not cover the whole value.

If you have an expensive boat, or if you would not be able to pay out-of-pocket if it were to be damaged, you should have boat insurance.

If your boat is inexpensive or has depreciated significantly and you are comfortable paying to repair or replace it, you might not need a policy for physical damage, but probably should still get one for the liability coverage.

There are several types of watercraft insurance available. Some of these types include:

Hull insurance: covers damage to your boat and property damage your boat costs

Third-party liability insurance: covers property damage your boat causes and damage caused from fuel spills, towing, medical expenses, and rescue operations.

All-risk insurance: covers ice damage, freezing, pollution liability, reef damage liability, mechanical breakdown.

Actual cash value insurance: covers the actual cash value of your boat or an agreed value predetermined when you buy your policy.

Yacht insurance: covers boats 27’ or larger.

The cost of boat insurance can vary depending on type of boat, boat age, value, size, speed or horsepower, condition, location of operation, storing/docking location, operators of the watercraft, accidents/violations, coverage choices, and discount eligibility.

However, you can generally expect your annual premium to be about 1-2% of your boat’s market value.

If you’ve gotten in an accident or had damage to your boat, don’t panic. We can help you through it.

Once you’ve made sure you and your watercraft are moved to safety, there are a number of details you’ll want to gather for if/when you decide to file a claim, including details of the accident, the people/boats involved, photos of damage, and police report.

Once you’ve collected that information, report it to your insurance agent who can navigate the claims process for you by reporting it to your insurance company and getting an adjuster assigned to review your claim information and make a determination.