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Because of the proximity to Lake Ontario and the Finger Lakes, a large number of residents of Upstate New York own boats or other types of watercraft. To keep people as informed as possible, Consolidated Agency, the premier insurance agency in Rochester, NY, answers some of the most frequently asked questions about boat insurance in the following sections. Since 1988, Consolidated Agency has helped clients choose the right types and amounts of boat coverage, as well as business, car, and home insurance, offering expert guidance and top quality insurance products.

The Boat Insurance FAQ

What Is Boat Insurance?

Insurance agencyBoat insurance pays to replace or repair your fishing, paddle, pontoon, or leisure boat, in case it gets damaged or stolen. It covers almost any type of motorized watercraft or yacht, except for jet skis and other personal watercraft. It also does not normally cover kayaks or canoes.

What Does Boat Insurance Cover?

Like car insurance, boat insurance offers a wide variety of coverage types. Property Damage Liability covers you if you should damage someone else's boat, dock, or personal property. Bodily Injury Liability covers lost income, medical bills, and legal expenses if you injure another person. Collision coverage pays to repair or replace your boat in the event of a collision while comprehensive coverage protects you against non-collision losses, like fire, theft, and vandalism.

Is Boat Insurance Mandatory?

Boat insurance is mandatory in some states, but New York State does not require it by law. However, a lender may require you to insure your boat before they loan you money to buy it, and a marina may require proof of insurance from your insurance agency to dock your boat on their wharf.

Is Boat Insurance No-Fault?

Although New York is a no-fault auto insurance state, it does not extend these laws to boat insurance. Thus, whoever is deemed at fault, their insurance company is the one that pays for repairs to property or medical coverage for injuries.  

How Much Boat Insurance Do You Need?

The amount of collision or comprehensive coverage you need depends on the size, value, and type of boat you own. You should buy at least enough collision and comprehensive insurance to cover the replacement value. You should also buy enough Uninsured Boater Coverage to protect yourself in case you’re struck by someone without enough insurance to make you whole. Moreover, experts recommend you buy at least $1 million in liability coverage to protect your assets in case of serious injury or damages.

Consolidated Agency, the most experienced insurance agency in Rochester, NY, can walk you through the confusing insurance landscape and help you design the boat insurance policy you need. Visit them online for contact details, or call (585) 467-4110 to request an insurance quote from a friendly, knowledgeable professional. 

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