Do I Really Need Boat Insurance?


As the saying goes, the two happiest days in a boat owner’s life are the day you buy your yacht and the day you sell it. It’s no secret, as a boat owner, you’ll have plenty of beautiful memories and fun trips on the water, whether it’s a pond, lake, or the ocean. However, owning a boat can involve a lot of work, maintenance, risk, and never-ending expense. And one vitally important thing to consider if you own a yacht is to insure it!

Often, boating lovers think they don’t need any additional protection in the ocean, especially if they’re experienced and have a safe track record on water. The truth is that boat insurance is just as important as car insurance, and yes, you’re more prone to risk on the water than on the roads due to the numerous uninsured boaters out there! So, no matter how much you’re on your guard or a how much of a crackerjack boater you are, unfortunately, you simply can’t protect yourself against these inexperienced and reckless boaters or nature’s wrath!

With reliable boat insurance, you can benefit from a whole lot of advantages! From protecting you financially to keeping your prized possession safe from all possible risks (injuries onboard, off-season damage, theft, etc.), it certainly brings utter peace of mind. (And let you sip your well deserved cold beverage while enjoying the gentle ocean wind!). Let’s have a look at why you should totally opt for boat insurance!

But, What is Boat Insurance?

Yacht, Crew and Passengers Insurance | Yacht Agent Montenegro

Let’s say you’re out on the lake, relishing a gloriously wonderful day, brimming with joys and proud for being finally a boat owner. Sadly, your happy day is abruptly ruined when you stumble upon a boulder that was hidden just below the water surface – yikes! Your gorgeous, well-maintained boat suddenly has an enormous wound on the side, hurting both your boat and your heart.

That’s where marine insurance comes on board! With valid yacht insurance, you can rest assured that your boat will be reconditioned to its original condition – with all expenses covered by the insurance company. Marine insurance can really be an amusing subject. Well, not exactly that enjoyable. But still, it’s more fun than having to pay thousands of dollars to repair your yacht.

And What Happens If My Vessel Is Not Insured?

Let’s just say you’re sailing down a stream without a paddle. (To be more precise, it’s more like you’re in a sinking ship since there’s a huge hole in there – but you get the point!). While you may think that marine insurance is only for the boating season, the risks linger all year round and even during winter. Of course, you could save some bucks by canceling your policy when your vessel is not in use, but just because your precious boat in storage doesn’t mean it won’t be stolen or damaged. Although “seasonal” coverage may be available, the best option is to retain full coverage year-in and year-out. Accidents happen on and off the water, and your significant investments deserve uninterrupted protection, no matter where they happen to be.

What Does Marine Insurance NOT Cover?

While the best times to enjoy your boat are those spent on the water, your prized possession may see dry days if you ever transport or store it ashore. Generally, (depending on your State), when a boat is offshore, it’s not covered by marine insurance! Refer to your existing insurance policies to find out what coverage you have in such cases. For example, if it’s hitched to your truck or car, it may be covered by your automobile insurance policy. And if it’s parked on your property, your homeowners’ insurance will often take precedence over boat insurance.

Be sure to check with an insurance agent to understand how your policies will cover your boat at different times. You can contact licensed insurance advisors at Mimbs & Associates Insurance for further information.