Uncharted Waters: Exploring the Depths of Boat Insurance 

Boat Insurance
December 4, 2023
Little girl on a boat wearing the captain's hat - boat insurance in Washington

Whether your watercraft is a raft bought in a big-box store in Olympia, a yacht negotiated at a dealership near SeaTac, or anything in between, you need affordable boat insurance. Boat insurance helps protect your vessel in case it gets stolen, damaged, or sunk in various calamities, or causes financial or medical injury to yourself or others. 

In short, there are lots of reasons to protect your water-bound investment, large or small, whether your craft comes with sails, oars, or an engine. So, let’s set sail and get a better understanding of the issue. 

What Does Boat Insurance Cover? 

Or, to put it another way, why do I need boat insurance in the first place? The answer might be obvious if you have a yacht that costs more than most people’s homes. In fact, it might actually be your home. But boat insurance is a wise investment regardless of the size of your investment or whether your vessel follows a course in the Pacific Ocean or paddles across the nearest Washington river or lake. 

With the right coverage, your insurance can help pay for accidental collisions with a rock, pier, or other vessel. It can cover your boat sinking, being struck by lightning, or even any off-season damage it might sustain from fire, flooding, or other mishap while in storage or on the road to its launching site. It can also cover theft, vandalism, and physical injury to others. 

The point is that highly affordable boat insurance covers just about any costly accident you might have while your boat is on the waterway, on the way to home or destination, or even in dry dock

How Does Boat Insurance Work? 

Boat insurance works much like car insurance or your homeowners or renters policy. You and your boat insurance agent set deductible levels and coverage limits based on both the value of your watercraft and your budget. 

The larger your deductible, the less you’ll pay in premiums. On the other hand, a lower deductible will result in insurance claims at a lower level of damages. You and your agent can crunch the numbers and discuss the best and most responsible option for your budget. 

Silly man holds giant fish in boat - boat insurance in Washington

Does Boat Insurance Cover My Speedboat’s Motor? 

It can. It depends on your policy details, the extent of your coverage, and the age of your watercraft. Ask your boat insurance agent for details and cost comparisons for the unique coverage you need. 

Keep in mind, if you’re dealing with an independent boat insurance agent, they can compare rates and details from multiple policies offered by a range of major insurance carriers to find the coverage that specifically meets your requirements at the best possible price. 

Doesn’t My Car Insurance Cover Towing a Boat? 

Yes and no. Mostly no. The liability coverage on your auto insurance policy will likely cover injury or damages inflicted by your boat or trailer on the person or personal property of others. And if you have comprehensive coverage on your car, it will cover damage to your vehicle by an accident caused by the vessel you’re towing when you’re at fault. This is yet another reason to have comprehensive coverage on your automobile. 

The bad news is that the car policy won’t cover the damage sustained upon your boat or the trailer hitching it. That could cost you thousands of dollars in damages or even the total loss of your boat and hitch in a road accident. All of this will come out of your own pockets unless you have the right boat insurance. 

Check With Vern Fonk for Cheap Boat Insurance in Washington 

There are all kinds of smart economic reasons to carry boat insurance. Your independent Vern Fonk Insurance agent will learn about your boat, its value, and your specific needs, then go to work shopping for highly affordable coverage for your ultimate peace of mind. 

Simply call (800) 455-8276 to talk with one of our independent insurance agents. You can also call for a quick quote online or schedule a face-to-face with a Vern Fonk Insurance agent at a Washington office location near you