From fishing pontoons to luxurious yachts, boating offers virtually endless opportunities for fun and amusement. Yet owning a vessel comes with safety and maintenance responsibilities, along with potentially costly risks. To keep yourself and your investment protected, you need to carry a quality boat insurance policy. Here's a closer look at commonly asked questions about this coverage style. 

Top FAQ on Boat Insurance

What does it cover?

Boat policies provide a variety of protections. The most basic option is liability insurance, which offers financial coverage against claims of injury or property damage. Collision protection is focused on the cost of repairs or recovery of your boat after accidents, while comprehensive coverage offers assistance with the replacement of on-board equipment, like fishing supplies.

Is it required?

Unlike auto insurance, Maryland doesn't require boat owners to carry coverage. However, without a policy in place, you put yourself at risk for substantial financial losses. Additionally, if you have a loan on the watercraft, your lender may demand that you carry boat insurance throughout the remainder of the repayment term.

How much coverage do I need?

You should consider your vessel value, equipment worth, and the risks associated with your preferred style of boating when deciding what type of policy to get. Work with an insurance agent to effectively evaluate your circumstances and craft a customized coverage plan.

What factors impact prices? 

Insurers take many factors into account when determining the cost of your coverage. They’ll assess the age, type, power type, size, motor condition, and intended use of your boat. They’ll also factor in where you’ll be using it. The salt, waves, and weather of the open sea impact vessels differently than relatively calm inland waters, for instance. The extent of your coverage will also affect how much you’ll pay. You may be able to reduce costs by asking about discounts, taking a boating safety course, or keeping your record pristine. 
 

Keep your valuable property protected with the assistance of Crothers Insurance Agency. For more than 85 years, this family-owned company has proudly met the coverage needs of residents and businesses across Cecil County, MD, and surrounding areas. Visit the insurance agency online to learn more about their service offerings, or request a boat insurance quote today by calling (410) 658-5200.