Whether your boat is built for sailing, fishing, entertaining, or all of the above, it deserves special attention from an insurance agent who understands boat insurance — also known as personal watercraft coverage (PWC). You should also work with an agency that has access to premier boat insurance companies with superior risk management and claims service offerings.
In a nutshell, boat insurance is designed to cover your property, your personal liability for loss events occurring on the water, and damages caused by uninsured boaters. Your boat insurance premium is based on many factors — including boat size and horsepower, location of use, and frequency of use.
Ask your agent about any special considerations you may have (e.g. year-round use, racing, etc.). If you’re comparing two or more quotes, be sure you’re making an apples to apples comparison — meaning, are certain “standard” components, like emergency towing or haul-out services, included in both options?
There is no average cost of boat insurance. Reach out to your insurance agent with the details on your boat as it will be rated independently.
The Massachusetts Division of Insurance lists many different factors that will impact the cost of boat insurance, including:
You may also receive discounts for carrying safety equipment on your boat (such as fire extinguishers) and/or participating in safety courses offered by the United States Coast Guard, American Red Cross, United States Power Squadrons, or National Association of State Boating Law Administrators.
There are also different kinds of policies depending on the type of water vessel.
According to the state of Massachusetts, a policy will protect you against a number of perils, which are defined as events or incidents that damage your boat. These include collisions, fires, windstorms, theft, lightning, and vandalism. Typically these policies don’t cover acts of war and poor vessel maintenance (in other words, you can’t submit a claim for damage if you aren’t properly taking care of your boat.)
So here are the basics: A typical boat insurance policy will cover physical damage to your boat, and your personal items that may have been lost or damaged. A policy will also include coverage for property damage, personal liability and medical expenses if there is an accident, regardless of whether you or someone else driving your boat is at fault. Legal costs may also be covered depending on the situation.
Outside our regular business hours, press “9” when prompted, to reach our 24/7 call service or contact your carrier directly.
Boating insurance requirements may vary by state, and some docks or marinas may require a certain type of policy. Here are the typical types of coverage:
We recommend an “all risk” policy.
You should insure your boat for the amount it would take to replace it — otherwise known as “agreed value” coverage.
A typical boat insurance policy will cover property damage and help replace or repair any personal items that may have been lost or damaged.
The majority of boat insurance policies allow anyone to operate your boat, as long as you’ve provided permission.
You may be able to receive what is called a “lay up” discount. It’s best to give us a call to discuss your year-round coverage possibilities.
Yacht coverage is typically broader since these larger vessels often travel on longer journeys, which increases the risks for perils and exposures. Boats tend to stay closer to shore.
We know Massachusetts residents like to enjoy time on the water (our team included!), so we understand firsthand the importance of boating insurance to keep you and your family safe. Our specialized agents have handled this type of coverage for decades, and they understand all types of local, state, and national boating laws and regulations.
Ready to talk boat insurance? We’ll find a policy that’s right for you, so contact us today to get started!
Also, don’t forget to alert your agent when you add valuable contents or features to your boat. As with your home, upgrades may affect replacement value and/or warrant the addition of specialty endorsements (e.g. coverage for fishing gear, water sports or scuba equipment).
We’re also here to help with:
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