Boat Insurance – Watercraft Insurance
What is it
Boat Insurance policy is designed to help protect your boat from damages and also offer you liability protection in the event of a financial loss related to your boat.
why do i need it
Whether your boat is a twenty foot pleasure boat, a sailboat or a luxurious yacht, LoPriore Insurance can find coverage that provides property damage coverage for your watercraft as well as liability protection for the unforeseen accidents that occur. Many companies offer optional coverages that allow you to tailor your policy to your needs
Who needs it
Any watercraft owner of the following listed watercrafts should purchase a watercraft boat insurance policy.
- Bow rider
- Cuddy cabin
- Center consoles
- Walk around
- Ski boats
- Pontoon boats
- Jet boats
- Personal watercraft
- Bass boats
- Fishing boats
Boat insurance coverage & options
Property coverage: Boat insurance is built to protect you from the loss of a prized possession and certain risks. Property coverage will assist you in repairing your boat should it be damaged by an accident. It can also help replace your boat should it be stolen. The great thing is that this coverage can protect your boat whether you are on the water or on dry land.
Liability coverage: Should you be at fault in an accident and that accident damages either another boat, somebody’s personal property or causes injury to someone who is not in your boat, your liability can be covered under a boat insurance policy. We can discuss details to make sure your policy is built to cover your exposure.
Medical payments: This is where coverage for medical expenses comes in for you and your passengers. This coverage will assist in covering expenses for you and your passengers in the form of hospital bills, x-rays, medication etc. You can enjoy yourself on the open water knowing that your policy is built to protect you and yours.
Uninsured watercraft coverage: Should you suffer damage and it is determined that the party at fault does not have coverage, you can be covered under your own insurance policy. Whether it is damage to your watercraft or injury to you or your passengers, uninsured watercraft coverage is here to protect you.
How much does boat insurance cost?
When considering purchasing a boat and you are projecting the insurance costs for you boat, listed below are the key rating factors that make up the insurance rate.
- Length of boat
- Value of boat
- Type of motor -including horsepower and speed
- Operators boating/driving experience
- Docking and layup storage locations
Is my boat covered during transport (trailer)?
When transporting your boat with your trailer attached to your vehicle that you are driving, neither your boat or trailer are covered in quite the same way as your car. Listed below are some examples on how it is different.
- If your boat causes damage to another vehicle, the damages you are responsible for could be covered up to the limits of your liability policy
- If another car damages your boat in an accident, your car insurance will not apply to the damaged boat itself
- If your boat detaches from the trailer and car and causes an accident, your car insurance would probably not cover those damages
- Purchasing a boat insurance policy would be peace of mind to protect you from the unexpected while you are towing your boat.
Is boat insurance required in Massachusetts?
Currently Massachusetts law does not require you to insure your boat to operate it. However, most marinas and docking areas will require liability insurance to use their facilities. It also makes sense to cover your prized possession and protect yourself from a possible liability claim brought against you while operating your boat.