Boat & Yacht Insurance
Boat & Yacht Insurance
Like any other major investment, boats and yachts need the right amount of insurance coverage to shield that investment from certain risks. Great Lakes Insurance can offer you peace of mind by offering a wide range of specialized marine coverage and can provide coverage for:
- Physical Damage caused by a collision with a submerged object or another vessel
- Liability for bodily injury or damage to the property of others
- Damage to personal property on the boat
- Gas Delivery, towing and assistance if your boat gets stranded
An insurance policy can come with plenty of options for specialized coverage, such as Roadside Assistance, On-Water Towing, Total Loss Replacement, and more. Boat insurance covers many different kinds of boats. Other than a typical boat that is 26 feet or shorter, we can offer insurance for:
- Personal watercrafts
- Yachts (a vessel 27 feet or longer)
- Jet boats
- Fishing boats
- House boats
- Other watercraft upon consultation
Frequently Asked Questions Boat & Yacht Insurance
How much is boat insurance per year?
Type of boat, length, where it is being operated and other personal factors such as age, horsepower, and monetary value will affect rates. Because of these variables, it is difficult to place an average. Generally though, rates are often around 1.5% of the boat’s insured value. If this is the case, a $50,000 boat would be about $750 per year to insure.
Is Boat Insurance Required by Law?
Typically no, but certain states do require to at least have liability insurance on certain kinds of boats. For example, a powerboat with more than 50 horsepower or used in a state park or state run marina. It is also important to keep in mind that lenders will often require a certain insurance level. Private marinas also usually require proof of insurance (or be listed as additionally insured on a policy) before they accept a contract for slip or mooring services. Contact one of our agents to find out if you’re legally required to have insurance on your boat.
What is considered a yacht and how does that change my policy?
In most cases, a boat at least 27 feet long is classified as a yacht. Since yachts typically see longer excursions out on the water, this can affect rates. There are other options to consider too such as personal effects coverage, pollution liability, and paid crew coverage. At Great Lakes Insurance, we are committed to giving you comprehensive coverage that is right for your budget.
Will medical bills be covered in the event of an accident?
Yes, medical coverage included in your specific policy will help cover any medical expenses incurred through a boating accident.