Boat Insurance For “Powerboats”

Boat Insurance For
Although boat insurance is not legally mandatory in Florida, it is highly advisable to get your boat covered – especially if it is particularly valuable or you will be using it often. Plus, the lender will require boat insurance on any boat you have a loan out on anyway.
But every boat is different and may require somewhat different policy features for ideal coverage. Last time, we looked at bass boats (fishing boats), but today, we will focus on power (or “speed”) boat insurance.

What Exactly Is A “Power Boat?”
There are many ways to classify waterborne vessels. One way divides them into 6 major types of boats for which you can buy insurance. On this list is the category “powerboats,” also sometimes called “speed boats”

In the broadest possible way of defining powerboat, it simply refers to a motorboat, to any boat with a motorized propulsion system. For our purposes, however, we limit the definition to faster, sleeker, sportier boats that are designed primarily for pleasure cruising as opposed to fishing or mere transportation.

Some fishing boats may still qualify as speed boats. Cruisers, bay boats, jet boats, and ski boats are further examples. Even some houseboats are speedy enough to count as powerboats for insurance purposes. The fastest boats most boaters would use top off at around 75 mph, but even a boat capable of cruising at half that speed could be called a speed boat.

What Does Power Boat Insurance Look Like?
The typical power boat policy will include coverage of the vessel itself (repair or full replacement), liability coverage in case of injuries, and some coverage of equipment or other property kept on board.

Your boat’s hull length, hull material, and propulsion method (outboard motor, inboard motor, or both) will all factor into the cost of the insurance. Safety features of the vessel, your boating record, passing a boating safety course, and the frequency and locations you use your boat at will also be important.

Probably the most important factors in determining your boat insurance premiums, however, are simply the value of your vessel and the amount and type of coverage you want to protect it with.

Aside from basic coverage, powerboat policies usually also offer:

  • Boat trailer insurance
  • Emergency towing coverage.
  • Mechanical breakdown coverage for your motor.
  • Water sports liability coverage for waterskiing, kite boarding, tubing, and more.
  • Additional coverage for personal effects lost, damaged, or stolen while on board, such as cellular phones, cameras, fishing gear, or jewelry.

Each boat insurer will vary in which coverages they offer and how they are packaged. But you can always customize your powerboat policy to fit the exact needs of your boat and of your boating habits.

To learn more about boat insurance for power or speed boats, and for a free no-obligation quote, contact the boat-insurance experts at Flagler County Insurance Agency today!