Uninsured because your boat isn't worth that much? You're leaving yourself open to a six-figure settlement if someone gets injured in a collision or while skiing off your boat. Shop around for a liability-only policy just to see what it would cost; you might be pleasantly surprised. But make sure you're comparing apples to apples by taking a good look at the policy language before purchasing. The most comprehensive liability-only policies cover not just personal injury but also medical payments, uninsured boaters coverage, salvage, wreck removal, and fuel-spill liability.

When it comes to insurance, you get what you pay for. If you compare only the premium rates when you're shopping for boat insurance, you may feel let down if you ever have to file a claim.