Boat insurance policies can vary depending on your needs and risk assessment. A typical policy will protect your boat against theft, damage caused by a collision, damage caused by striking a submerged object and property damage caused by windstorms, lightening and vandalism.
Other coverages incorporated into boat insurance policies may include:
- Medical Payments for injuries
- On-water towing if your boat unexpectedly breaks down
- Personal effects, such as fishing gear
- Fuel spill liability
Boat insurers use differing factors when assessing the risk and price of their policies. Common factors include:
- Boat owner's operation experience
- The boat's age, make/model, and condition
- Where the boat will be operated - often called navigational territories
- The value of the boat
- The size of the boat
- The Max speed of the boat