What Does Boat and Yacht Insurance Cover?
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Boat and yacht insurance coverage
Our basic boat or yacht insurance includes valuable coverage designed to help safeguard your watercraft. Your time on the water should be relaxing, which is why our base policy automatically includes uninsured/underinsured boater protection, personal property coverage, medical payments, commercial towing reimbursement and accidental fuel spill liability. We want to offer reliable protection that helps give you the freedom to fully enjoy your time spent on the water.
Uninsured/underinsured boater coverage
Uninsured/underinsured boater coverage provides protection for incidents involving another boater who is responsible for the incident but may not have insurance or doesn’t have enough coverage. This protection can help cover your medical bills and bodily injury resulting from an accident with someone who’s either uninsured or underinsured, up to the chosen limits. Coverage extends to you, your family and your passengers. Requirements for uninsured/underinsured boater coverage vary by state.
On-water towing and assistance
On-water towing and assistance coverage provides reimbursement for transportation of your watercraft to a repair facility when it’s inoperable, as well as for gas delivery (but not the gas itself) and roadside assistance. Optional coverage for towing services** for your insured watercraft while afloat is available. This includes on-water towing when your vessel is inoperable, with assistance dispatched by an authorized service provider where available. This service helps you get back to shore safely when unexpected troubles arise on the water.
Personal property coverage
Personal property coverage protects personal property on the watercraft, including but not limited to fishing equipment, clothing and boating-related equipment such as life vests.
Collision and physical boat or yacht damage coverage
This coverage provides protection in the event of a collision, such as with a submerged object or another boat.
Boat or yacht liability coverage
Boat or yacht insurance liability coverage helps cover costs of bodily injury or damage to the property of others.
Flexible coverage options
Choose between two ways to protect your watercraft. In simple terms: Pay more now for better coverage (Agreed Value) or save money now but potentially pay more later if damage occurs (Actual Cash Value).
Agreed-value coverage
- Provides “replacement value” for most covered partial losses.
- Generally pays repair costs with limited depreciation on certain items.
- Higher premium but typically offers more comprehensive protection when damage occurs.
Actual cash value coverage
- Offers a premium discount to lower your immediate costs.
- Settlement is based on depreciated value (original value minus wear and tear).
- Lower premium but you may pay more out of pocket for repairs.
More boat and yacht insurance coverage details
Specialized coverages help provide protection beyond the base policy for your boating needs. Hurricane haul-out coverage can help with costs of moving your watercraft before storms, while dinghies and tender protection helps ensure that your auxiliary watercraft is covered. These coverages, among others, help create thorough protection tailored to your specific boating lifestyle.
Hurricane haul-out coverage
Travelers will share a portion of the cost, up to a specified limit per occurrence and policy period, to move your watercraft to safety when there is a watch or warning for a tropical depression, tropical storm or hurricane within 50 miles of your boat or yacht.
Dinghies and tender protection for yachts
Your yacht insurance policy automatically includes coverage for dinghies and tenders up to 16 feet in length with motors of 50 horsepower or less. These smaller vessels, essential for transportation between your yacht and shore, are protected under the same policy without requiring additional premiums.
More about boat or yacht insurance
Boat and yacht overview
Keep your family, friends and watercraft protected. Get an insurance quote today.
Ways to save
Bundling policies and taking safe boating courses can save you money on boat or yacht insurance.
FAQ
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