A common misconception boat owners have is that their boat, trailer, and onboard items are automatically covered, either by an existing homeowner's insurance policy or auto insurance policy.
The truth is that most homeowner or auto policies don't cover physical damage, liability, or theft when your boat's on the water. If you don't already have a separate boat insurance policy, call your agent or insurance company to get a clear understanding of where you're covered and where you may need additional protection.
When you talk to your agent, one key question to ask is if your boat and trailer are covered when they're stored on your property. Since boat insurance policies differ widely, there's no "one size fits all" answer. For instance, your homeowner's policy may cover your boat, with your auto policy covering the trailer.
Even if your boat is covered by your homeowner's policy, many insurance companies "go the extra knot" to offer policy enhancements and options designed with boatowners' specific needs in mind. For example, here at Allstate we offer boat insurance features and options including:
- Physical Damage coverage that protects things like your boat's anchor, life jackets, and navigation systems for up to 10% of the boat's value—with the option to add additional coverage.
- Our Premier Plus Option, which pays the full value of your boat up to the value originally listed on your policy—a welcome feature should your boat get totaled.
Boat owners may assume that an auto insurance policy's protection extends to the trailer and boat. In fact, your auto insurance policy may cover the trailer—although you may need to specifically add it to your policy—but what about your boat?
Again, talking to your agent or insurance company is the best way to find out for sure. Policies differ greatly and there's no substitute for your agent's in-depth knowledge of how your policies can work together.
We mentioned it earlier, but it's an important rule of thumb: a separate boat insurance policy is typically required to cover physical damage, liability, or theft while your boat's in the water.
The good news is that Allstate offers boat insurance with multiple discounts and coverage options, starting at just $24 a month. From Emergency Service coverage designed to help out if you need a tow to the Premier Plus Option that protects you up to your boat's full Agreed Value, we can build a personalized policy that protects you, your boat, and your passengers.
Call us at 1-866-601-BOAT (1-800-601-2628), or find an agent near you for more information and to get a no-obligation boat insurance quote.