All the Reasons to Get Boat Insurance


The process of buying a boat and all the things that come with it can seem intimidating, exhausting, and hopelessly expensive.

At SkiSafe, we put some much-needed effort into helping our boaters understand the ins and outs of boat insurance, what it’ll protect you from, and why it’s worth it in the long-run.

Here’s a more in-depth look at what good boat insurance coverage can do for you.

The Process of Getting Boat Insurance

In simple terms, here’s how the process will go – you (the insured) and the boat insurance company (the insurer) will agree to the terms of conditions outlined in the policy, including:

The Type of Policy Coverage, For Example:

  • Agreed Value
  • Replacement Cost Coverage
  • Actual Cash Value
  • Etc.

Additional Protections, For Example:

  • Towing and Roadside Assistance
  • Personal Property and Equipment Coverage
  • Etc.

The Amount of Coverage, i.e.:

  • The amount of risk for damage to the watercraft and/or liability that is covered for the watercraft and individual.

The insured then agrees to pay a premium for the coverage afforded under the policy.

In return, the insurer will pay for any covered claims under the watercraft policy (like fire, theft, and other damage or expenses), subject to the policy limits and terms.

» RELATED: Boat Insurance – What It Is and What It Covers

After all that, you may be asking yourself – is boat insurance even worth it? Well, if you’ve ever been placed in a situation of financial distress from an expensive item, the answer is yes.

Protecting your investment and giving yourself peace-of-mind are well worth it. Ultimately, it boils down to your risk appetite and goals.

What Are the Different Types of Boat Insurance?

There are many different types of boat insurance coverage options to choose from – like liability protections, hurricane haul-out, towing and roadside assistance, and much more.

While many boat insurance agents will sign you up for something resembling a “one-size fits all policy”, SkiSafe is a bit different. We know every boater has different needs and will therefore need different coverage. We customize every single policy to fit what you and your boat specifically require.

One-size fits what? We’re not familiar with that concept.

Here are some of the most popular coverage options we offer. Keep in mind – you can pick and choose which are right for you. And if you’re not sure, our boat insurance experts are more than happy to help.

  • Towing and Roadside Assistance
  • Agreed Value
  • “All Risk” – Fire, Theft, Collision and more
  • Bodily Injury and Property Damage Liability Protection
  • Medical Payments
  • Personal Property and Equipment
  • Hurricane Haul-Out
  • Marinas as Additional Insureds
  • Tender / Dinghy
  • Disappearing Deductibles
  • Environmental / Fuel Spill / Pollution

» MORE: The Different Types of Boat Insurance – Which One Do You Need?

How Do I Know Which Is Best for My Boat?

That was a lot to take in - we know. Here comes the feelings of intimidation, exhaustion, and hopelessness again. Well, not with SkiSafe. We’ve got your back.

In terms of knowing which coverage options are best for your boat – there’s no easy answer. Every boater and their corresponding circumstances are different. That’s why all of our boat insurance policies are personalized and heavily customizable.

With insurance in general, there are always a few moving parts. You should have a general idea of how much coverage you want in case something happens – enough to cover significant damage, a total loss, and if a serious injury were to occur.

It’s best to think about what types of risks you and your watercraft are exposed to, and then apply sufficient coverage to protect against those risks.

» MORE: Choosing the Right Coverage Limits

We will work with you to make sure you select a policy tailored to your needs.

When Should I Buy Boat Insurance?

This one’s easy – right when you buy the boat, aka the earlier the better.

You don’t want to leave your boat exposed to any risks even if it’s just for a day or two. It’s a lot cheaper to pay your boat insurance premium upfront rather than a pricey repair or total loss.

Plus, with boat insurance offered by SkiSafe, you won’t have a payment amount that you can afford. We will never overcharge for proper coverage.

» RELATED: Boat Insurance Discounts

Is Boat Insurance Worth It?

If you’re still on the fence after all that - we get it.

We understand it can be tempting to think ‘why should I pay for something like insurance if I know I’m an experienced boater and will not have a claim?’

Unfortunately, some claims are unavoidable even by the most experienced and safest boaters. Something could happen (like a hurricane or theft) that is completely out of your control.

Think of it like this:

You spend $100,000 on a brand-new Chaparral boat. You’re so excited to get that beauty in the water, so you bring it to your local marina.

Insurance is on your to-do list, and you know you’ll eventually get around to it. Then a big hurricane hits.

The boat sustains $20,000 in damage. Without a policy in effect, your new boat just got a lot more expensive.

Now think of it like this:

You have your $100,000 Chaparral and a boat insurance policy. Your insurance costs $300 annually. That $20,000 is now covered subject only to your policy deductible.  This saves you nearly $20,000 in out of pocket expenses.

To sum it all up – it’s worth it. You are in no way, shape or form throwing your money away. It’s going toward the protection of your investment. It’s actually some of the best money you can spend.  

The SkiSafe Difference

 We understand that insurance is all about mitigating risk and providing peace-of-mind to the boat owner.

A policy premium is a fraction of the cost compared to possible repairs, replacements, medical bills and liability exposure. And our policies are personalized to fit your needs and come at a very competitive price.

The kind of service that SkiSafe offers is more affordable, simpler, and less complicated when getting a quote and/or policy.

» RELATED: Boat Insurance Quotes: What You Need to Know

We’re always happy to review your options at any time. We can help you decide which options make sense to protect your assets.

And we won’t charge you an arm and leg for it. We always aim to offer our boaters affordable coverage. You’ll find that our policies are very well priced.

The value seems pretty clear. Stay protected, don’t take the risk. There’s no scenario where it’s worth gambling with your finances like that.

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