Values for Insurance

When considering insurance, identifying the current market value of
your boat will help you find the right amount of coverage.

Boat Insurance

Any Questions?

Boat Insurance

LET NATIONWIDE PROTECT YOUR FISHING BOAT, SAILBOAT, PONTOON BOAT, SKI SURF BOAT OR OTHER RECREATIONAL BOAT VALUED UP TO $350,000.

Why boat insurance?

If you’re a boat owner, you may be asking yourself: why should I insure my boat year-round, especially when I only get to use it for a few months? It’s a good question and one that all boat owners ask at some point. The main reason boat owners cancel their boat insurance after every season is to save money. The truth is, it can actually be more expensive in the long run. If you’re considering only getting boat insurance during the boating season, here are five reasons to carry boat insurance year-round.

1. It’s most likely required

Boats are expensive investments. Chances are you’ve financed your boat instead of paying cash outright. If that’s the case, boat owners are usually required by lenders to carry insurance all year round. It makes sense since the lenders are making an investment as well. They need to protect that investment all year, not just during the boating season. Besides lenders, marinas may also require you to have boat insurance in order to dock at their facility. There’s risk out of the water too!

2. There’s risk out of the water too!

At a minimum, boat insurance should protect you from fire, theft, and vandalism, which, unfortunately, happen all year round. Moreover, these unforeseen events are more likely to occur in the winter months, when boatyards are typically unattended.

3. Mother nature doesn’t have an off-season.

While your boat is in storage, it’s still vulnerable to damage from natural disasters like fire, hurricanes, flooding, or even unanticipated inclement weather. Having the proper boat insurance can prevent you from losing tens of thousands of dollars.

4. Homeowners insurance offers limited boat coverage

You may think you would automatically be covered under your homeowner’s insurance policy. The truth is a homeowner’s policy will only cover damage to your boat while it’s on your property. The amount of coverage offered is significantly less than what you would get with a boat insurance policy. Here’s what boat insurance normally covers:

  • Collision damage – Covers repair or replacement of your boat in the event of a collision.
  • Property damage liability – Covers damage caused to someone else’s boat, dock, or other related property or structures.
  • Bodily injury liability – Covers you in the event that you are sued for injuring another person in a boat accident.
  • Comprehensive – Covers you in the event your boat is damaged, stolen, or vandalized in an incident other than a collision.

5. It’s more cost-effective to carry boat insurance year-round

No one wants to spend more money than they have to. The thing is, cancelling your boat policy for the winter months and then starting it up again in the spring can be more costly in the long run than carrying it all year round. Here’s why: Most insurance companies, DVA included, will reward you with a reduced deductible each claim-free year. If you cancel your boat insurance policy after each season, you’ll end up paying the full amount on your deductible if you need to make a claim. Loyalty discounts are also often given for maintaining coverage and renewing annual policies.

Get a fair retail value of a boat you are considering.

What does boat insurance cover?

Bodily injury liability. If you cause an accident with your boat and someone is injured, this coverage can help pay their medical bills and loss of income.

Property damage liability. This coverage helps pay for damages to another person’s vehicle or property if you cause an accident with your boat. Pollution liability coverage and wreckage removal are included.

Collision. Collision pays for damage to your boat, motor, trolling motor, trailer, and permanent and portable boating equipment if you’re in a covered accident with another boat or object…

Comprehensive. This coverage can help pay for damage to your boat, motor, trolling motor, trailer, and permanent and portable boating equipment from losses other than collision. This includes damage from fire, theft, or storms.

Comprehensive. This coverage can help pay for damage to your boat, motor, trolling motor, trailer, and permanent and portable boating equipment from losses other than collision. This includes damage from fire, theft, or storms.

Medical payments coverage. Med pay can help cover medical bills if you or others are injured while operating or occupying your boat.

Uninsured motorist. Helps pay for bodily injury damages if you or someone on your boat is injured in a covered accident with an uninsured or hit-and-run boater.

Optional boat insurance covers

On-water boat towing & labor. Covers towing expenses and other emergency services, up to selected limits, if your boat becomes disabled on the water…

Roadside assistance for boats. May pay for on-site labor for your tow vehicle or boat trailer, or towing to the nearest qualified repair facility.

Fishing equipment insurance. Helps cover damage to fishing equipment while on an insured boat or while being carried on or off an insured boat.

Boat insurance packages. Save money on your insurance when you buy a boat insurance package. We have a wide range of packages available for different types of boaters:

Weekenders. If you take gear onto your boat and remove it when you’re done, you can get coverage up to $1,000 for fishing equipment, $3,000 for personal effects, and $500 for towing…

Overnighters. If you spend the weekend or take short boating trips, you can get coverage up to $2,500 for fishing equipment, $5,000 for personal effects, and $2,500 for towing.

Light tackle anglers. If you own a bass boat or smaller fishing boat, you can get coverage up to $5,000 for fishing equipment, $2,000 for personal effects, and $2,500 for towing…

Deep water pros. If you fish big waters, gulfs, bays, and oceans, you can get coverage up to $10,000 for fishing equipment, $5,000 for personal effects, and $2,500 for towing.

Quick tips for buying a boat

  • While you can indeed find value in the used boat market, it’s important to keep quality a major consideration. Simply attempting to find the largest vessel that your budget will permit is a strategy that can lead to major issues down the road. If unclear on where the sweet spot is between size, age, and quality, consult your broker.

  • Be sure to consider the full cost of ownership. This includes things like financing, insurance, dockage, fuel, and estimated maintenance and repairs.

  • Once you’ve narrowed down your search to a few models, consider reaching out to other owners or professionals at your local marina. Getting input from real owners who aren’t incentivized to push you in one direction or another can be very insightful.

  • Request a history of the vessel from the seller before getting the survey done. If the boat has had major damage done in the past, it might eliminate the boat from your consideration even before getting a survey done.

  • Do the work necessary to find a top surveyor in your area. Your broker should be able to provide this, but if need be, talk to other boat owners and professionals at marinas. The surveyor is key to this process and having a high-quality one is mandatory.

  • Use a broker. It can’t be overstated enough. Brokers will save you money during the point of purchase and in the long run by ensuring you get a good deal on the right boat. A good broker’s experience is your best asset as you pursue a used boat purchase.

Any Questions?

Boat Insurance

LET NATIONWIDE PROTECT YOUR FISHING BOAT, SAILBOAT, PONTOON BOAT, SKI SURF BOAT OR OTHER RECREATIONAL BOAT VALUED UP TO $350,000.

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