Top Boat Insurance Myths


Sometimes, the decision to buy a boat insurance policy is met with hesitation and an assumption that it is not needed. Many boaters also think they do not need insurance because it is not required in 48 states. Unfortunately, this leaves many boaters susceptible to financial loss or liability.  

Our main goal at SkiSafe is to protect you against the perils and hazards that you may encounter while on and off the water. That’s why we’ve compiled a list of the most common boat insurance myths and exposed them. 

For any boat insurance skeptics out there, we hope this changes your perspective and gets you on your way to protecting yourself. Because at the end of the day, the overall process of buying insurance is not as scary as it may seem. We promise.  

Myth 1: “My state laws don’t require insurance, so I don’t need it.”   

Even if your state does not mandate a minimum amount of coverage, the benefits of obtaining a boat insurance policy are plentiful. Without one, you are rolling the dice with your finances in many ways. 

Accidents happen, sometimes you’re at fault and other times someone else is at fault. Regardless, they are inevitable. Get yourself insured. You’ll be happy you did so.  

P.S. to get started visit the SkiSafe website. We make it easy. 

Myth 2: “I want the cheapest policy possible. Anything more is a waste of money. 

The most affordable coverage is likely a liability-only policy. You may be held responsible for someone else’s injuries or property damage arising out of the use or ownership of your boat, making it vital to retain bodily injury and property damage liability coverage. You don’t want to face a suit for damages to a third party and find yourself liable for their damages, medical bills, repairs, or your legal fees. 

A boat insurance policy should cover you for all the risks you face – such as fire, theft, collision, extreme weather and towing, in addition to liability protection. 

» MORE: Comprehensive Boat Insurance Coverage – What It Is and How to Get It

Myth 3: “Boat insurance is expensive.”

Many boaters overestimate the price of a comprehensive boat insurance policy. In fact, we find that it’s one of the most affordable costs associated with owning and operating watercraft. 

Think about what you have invested in this boat. Its very likely a lot of time, money, and effort. That could all be for nothing if you don’t pay a small premium to protect yourself from significant financial exposure. You’ll find that a few hundred dollars a year is money well spent. 

» MORE: How Much Does Boat Insurance Cost? 

Myth 4: “Purchasing a policy is way too confusing, so it’s just not worth it.”

Insurance is often misrepresented as a confusing, lengthy contract with an obscene amount of legal jargon. While it is a  contract, securing the right coverage needed to protect your interests isn’t that difficult. 

Insurance pros can help you along the way – whether that’s your agent or broker, or your provider’s customer service team. We always recommend looking for good customer reviews when it comes to service, technology, and user experience.  

At SkiSafe, we are happy to help customers with any questions or concerns they may have. Whether getting an initial quote or reviewing your coverage options, we are here to help throughout the entire process.  

» MORE: Boat Insurance Customer Service  

Myth 5: “I don’t need personal property coverage.” 

You want to protect your assets – plain and simple. That’s what insurance is for – whether it’s a homeowner’s insurance policy for your house, auto coverage for your car, or boat insurance coverage for your boat.  

But, those aren’t the only assets. What about everything inside your house or your car’s accessories, or items aboard your boat? Those are assets too and should be covered in your policy. 

Of course, the actual structure of the boat would most likely cost you a pretty penny to fix or replace. But there are tons of expensive items and accessories that come with owning watercraft. Your personal belongings, such as water skis, a wakeboard, fishing poles, and marine electronic devices should also be protected with personal property coverage. 

» MORE: Personal Property and Equipment Coverage - Explained

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