How Much Boat Insurance Is Right For You?
The amount of boat insurance you need depends on a number of factors, including the boat’s value, motor size, age, and how you use it. For example, if you have a brand new high performance speed boat, you will need more coverage for bodily injury and property damage liability than if you buy a pleasure cruiser. If you are a commercial vessel, still more applies.
Insurance professionals recommend buying at least $1,000,000 in liability insurance, and even more if you have a fast, powerful boat that is both riskier and can cause more damage, or a vessel you use commercially; such as a charter.
For uninsured/underinsured motorists coverage, a typical minimum is $10,000. However, the amount you purchase should reflect the potential injuries and damages you may need to cover if you or one of your passengers is seriously hurt, or your vessel is damaged.
Your other coverage amounts, including collision coverage and comprehensive coverage, should be based specifically on the value of your boat.