What is Watercraft Insurance?
Watercraft insurance is an umbrella term for three types of insurance: boat, yacht, and personal watercraft. It protects against damages to vessels powered by a motor with a horsepower of at least 25 miles per hour (mph). Examples of the types of costs covered by watercraft insurance policies include physical loss or damage to the boat, theft of the boat, and towing.Depending on the policy, there may also be watercraft liability coverage for bodily injury to people other than the boat’s owner and family, guest passengers using the boat by themselves, and medical payments for injury to the owner and their family. Some policies, however, require the purchase of additional liability coverage as an add-on. The specific type of insurance you buy is dictated by the size of your vessel.
What are the types of Watercraft Insurance coverage?
Bodily injury liability
If you cause an accident and someone is injured, this watercraft insurance coverage can help pay their medical bills and loss of income.
Property damage liability
If you cause an accident, this personal watercraft insurance coverage helps pay for damages to another person’s watercraft or property. Pollution liability coverage and wreckage removal are included.
Collision
Collision pays for damage to your personal watercraft, motor, trolling motor, trailer, and permanent and portable equipment if you’re in a covered accident with another watercraft or object.
Comprehensive
Also known as “other than collision,” this coverage can help pay for damage to your personal watercraft, motor, trolling motor, trailer, and permanent and portable equipment from losses other than collision. This includes damage from fire, theft or storms.
Uninsured motorist
Helps protect you and your personal watercraft, motor, trolling motor, trailer, and permanent and portable equipment from an uninsured or hit-and-run boater.
Underinsured motorist
Helps protect you, your watercraft and equipment from drivers who do not have enough insurance to cover the costs of an accident.
Medical payments
Medical payments can help cover medical bills if you or others are injured while operating or occupying your personal watercraft.
On-water boat towing and labor
Covers towing expenses and other emergency services if your personal watercraft becomes disabled on the water.