7 best boat insurance companies of 2021 | Personal finance

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Best boat insurance faqs

What is boat insurance?

Boat insurance can help cover the cost of repairs and injuries sustained by you and others due to a collision with a dock, buoy, or other boat. Theft, vandalism, fire, storms and other unforeseen events may also be covered.

How much does boat insurance cost?

Typically, you should expect to pay between $ 200 and $ 500 per year for boat insurance. Insurers calculate your exact premium based on the type of boat you own, any past accidents, whether you have taken any safety or other boating courses, and whether you use your boat primarily inland or in coastal regions. The additional coverage options you choose, such as wreckage removal, fuel spill cleanup, will increase the cost of your premium.

What does boat insurance cover?

The type of events and damage covered by your policy depends on the policy you choose, but may include physical damage to the boat due to collision, damage to personal property, bodily injury, towing, liability protection and more.

Do i need boat insurance?

Boat insurance is not required in most states, although exceptions include Arkansas, Utah, and Hawaii. Even though coverage is not legally required in your state, marinas and ports usually ask for insurance if you want to moor or moor your boat at their facilities. Additionally, lenders may require insurance if you lease or finance your boat.


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