We are independent & ad-supported. We may earn a commission for purchases made through our links.
Advertiser Disclosure
Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.
How We Make Money
We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently of our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

What is Boat Insurance?

By Shannon Kietzman
Updated: Feb 19, 2024

Boat insurance is a necessity for any boat owner, whether the boat is intended for living on or just for leisure use. A boat is considered just as much of an asset as a house or any other form of property. For this reason, more and more insurance companies offer insurance to boat owners.

Whether on land or on sea, there is no telling what can happen to a boat. Therefore, it is important to be prepared for any tragedy that may occur. Most insurance companies provide boaters with a variety of coverage options. These options can range from covering the boat’s life to the life of its owner.

Like car insurance, boat insurance usually consists of two primary phases. These include liability in regards to protection, as well as indemnity and property loss. Boat insurance can also provide coverage for physical damage to the boat. If the hull, machinery, and furniture are damaged, for example, they are all covered by boat insurance.

There is also boat insurance coverage for poor workmanship on the boat and for any vandalism that may occur to the boat. With boat insurance, the boat is also protected if the owner should sail in an area deemed to be dangerous for boats. In addition, boat insurance can cover accidents that occur at sea with other boats. Boat insurance can even cover injuries if a person aboard the boat gets hurt in some way.

These days, it is mandatory to have boat insurance before setting sail. In addition, lenders ensure new boat owners purchase boat insurance before taking the boat off the lot. Not only does this protect the boat owner, but it also protects the lender if the boat becomes damaged or destroyed. One perk to boat insurance is that it can be established to cover the full cost of replacing or repairing the boat if it becomes damaged, despite the change in its value due to depreciation.

With boat insurance, the actual cash value or the figure that is agreed upon beforehand is given to the boat owner if the boat is lost or damaged. Therefore, it is important to select the boat insurance that best fits the boat owner’s lifestyle and needs.

WiseGeek is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.
Discussion Comments
By Rundocuri — On Mar 02, 2014

I agree with you Talentryto, because you never know when you may need your coverage when you own a boat. This type of policy is as easy to get as a car insurance policy, and boat insurance quotes are available through licensed insurance agents in person and online.

By Talentryto — On Mar 01, 2014

Owning a boat can be a lot of fun, but it can also be costly. Anyone who enjoys this type of leisure activity enough to purchase their own boat should certainly invest in the best boat insurance her or she can afford.

WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.

WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.