Understanding Boat Insurance

If you own a boat, having a robust boat insurance policy can ensure that you enjoy your investment for years to come. As is the case in most states, boat owners in Nevada are not required to purchase boat insurance. However, this coverage is affordable, it can provide peace of mind, and it can spare you from having to spend hundreds or thousands of dollars out of pocket in the event of an accident, making it an important thing to consider purchasing.

What Does Boat Insurance Cover?

Boat insurance provides coverage for various types of damage that you may otherwise be financially responsible for.

Property Coverage:

This coverage pays for damage to the boat due to incidents such as accidents, sinking, theft, vandalism or weather damage. In most cases, this coverage applies whether your boat is in the water or on land when the damage occurs. The insurance policy specifies whether it pays the actual cash value of the watercraft if it is stolen or destroyed or if it pays what it would cost to replace it.

Liability Coverage:

This coverage pays for the damages someone else incurs if your boat injures them or their property. For example, if your boat collides with another boat and you are at fault, the liability coverage pays for the damages to the other person, up to your policy’s limits. Liability coverage may also pay for damages caused by your boat, such as if it causes a large wake that results in property damage.

Most boat insurance policies have medical payments coverage, which pays for medical bills you may incur if you or your passengers are injured in an incident. Many policies include uninsured watercraft coverage, which pays for damages if an uninsured boater hits your boat and the collision results in property damage or injuries.

Optional Add-ons

You may add additional coverage options to your policy to make it a better fit for your needs and lifestyle, including:

• Boat trailers
• Boating accessories
• Special equipment on the boat
• Emergency towing and assistance

What Exclusions Do Boat Insurance Policies Have?

Boat insurance does not cover all types of damages or all incidents that could result in damage. Common exclusions include:

• Overuse
• Mold damage​
• Faulty design
• Damage from pests
• Normal wear and tear
• Manufacturer defects
• Damage from aquatic life

How Much Does Boat Insurance Cost?

What you pay for boat insurance depends on the coverage you have, the type of boat you have, where you use it and your boating experience and claims history. Your driving experience and whether you have taken safe-boating courses may also impact your premium. On average, policyholders pay $200 to $500 annually for coverage.

Nevada Insurance Enrollment Can Help You Find the Best Boat Insurance

At Nevada Insurance Enrollment, our insurance agents can help you compare boat insurance policies and prices and determine whether you qualify for discounts, making it easy to find the right coverage for your needs and budget.