A boat policy typically helps cover physical damage to your boat, whether it's on the road in or in the water, up to the limits of your policy. A boat policy typically won't provide coverage if you are found liable for damages that occur to another vehicle or person while you're hauling your boat. That coverage may come from your auto policy.

A boat policy may also cover physical damage to your hauling trailer. However, you generally need to purchase separate coverage specifically for trailers and other boat accessories, and you may be subject to a deductible if you have a claim, according to the Insurance Information Institute. Not all insurers offer optional boat trailer coverage on a boat policy, so be sure to ask your insurance provider about available options.