Oklahoma Boat Insurance
Find the right boat insurance policy for you.
Written by
Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
With more than 200 of them, Oklahoma is home to the largest number of man-made lakes (due to damming of rivers) than any other state. You probably knew that when you purchased your new boat to enjoy one, several or all 200 of them.
Whether you use your boat occasionally, or live on-board, finding boat insurance to protect yourself and your boating pastime is important. Before you search for boat insurance quotes, however, there are several things to consider.
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Why Is Boat Insurance Important?
The popularity of boating in Oklahoma has exploded within the past 15 years. And with that explosion of popularity, the number of boating accidents increased. Nearly 80 boating accidents take place every year on Oklahoma waters. While most of the severe and fatal accidents involved alcohol, nearly 60 of them occur each year due to negligence or inattentive boating.
You are a safe boater. But what about the other guy in his souped up speed boat? You'll want to protect yourself and your passengers from the reckless behavior of other boaters with boat insurance. Should your craft be damaged, you'll want the protection necessary so you can be back on the water after swift repairs.
Am I Required to Carry Boat Insurance by Oklahoma Law?
While the state of Oklahoma does not mandate boat insurance, it does set forth several stipulations before you can legally operate your vessel. Oklahoma joins more than 40 states with educational requirements for operating a boat or PWC on state waters.
Before you head out to the lake, you should complete and pass this Oklahoma–approved online boating license course. When finished, you will have satisfied the educational requirement for Oklahoma.
Even though you are not required to carry boat insurance, one accident can beach your boating dreams.
Can I Insure the Type of Boat I Own?
Most Oklahoma insurance companies offer policies that fit your boating needs and will cover the following type of boats:
- Fishing boats
- Bass boats
- Speed boats
- Banana boats
- Pontoons
- Sail boats
- Yachts
- Canoes
- Paddle boats
What Does Boat Insurance Cover?
Most Oklahoma insurance companies offer several types boat insurance policy options. They include:
- Bodily Injury & Property Damage Liability: This policy covers your legal liability for an accident that involves injury to another person or damage to someone's property, up to the limit of liability you select. This protects your personal finances from being raided to pay for medical bills or damage to other boater's craft. Your insurance company pays for the cost to replace or repair damaged property and other damages you are legally obligated to pay, as well as medical bills and wage loss incurred by an injured person, as the result of an accident.
- Uninsured Boater: This may pay for damages when a covered person is injured and the person at fault for the accident does not have liability insurance.
- Medical Payments: This coverage pays the cost of necessary medical care you receive as a result of a boating accident and can be used regardless of who is at fault. Covered people include the named policyholder and anyone in the boat at the time of the accident.
- Comprehensive & Collision Options: With comprehensive and collision coverages, your Oklahoma insurance company pays for damage to your boat if you're involved in an accident or another covered loss, regardless of who is at fault. You only pay your deductible. Collision coverage applies if you collide with another boat or object, and Comprehensive coverage applies if your boat is damaged by an event other than a collision, such as fire, theft or vandalism.
I'm a Serious Boater in Need of Serious Insurance
In that case, you may wish to look into more boat insurance options to provide the total coverage for all your boating needs. Most Oklahoma insurance companies offer additional coverage options that include:
- Personal Effects Replacement: This coverage pays for loss of or damage to personal effects while on board an insured boat or while being carried on or off an insured boat. This coverage is available for all boats and personal watercraft. Personal effects could include:
- Binoculars
- Cell phones
- Coolers
- Scuba equipment
- Fishing equipment
- Cameras
- On-Water Towing & Labor Coverage Service: You can choose an amount, for example $300, $500 or $1,000 per occurrence, to be paid toward towing and labor costs, depending on the amount of coverage chosen. Labor coverage applies when work is performed at the time and place of disablement, while the boat is in the water.
- Roadside Assistance: This coverage provides towing to the nearest qualified repair facility and covers necessary labor at the time and place of disablement when the tow vehicle or boat trailer is disabled due to any of the following:
- Mechanical or electrical breakdown
- Battery failure
- Insufficient supply of fuel, oil, water, or other fluids
- Flat tire
- Lockout, or lost or stolen keys
How Much Can I Expect Boat Insurance Quotes to Be?
The average cost of boat insurance in the U.S. is $300 to $500 annually. It is possible, however, for your costs to exceed $1,000 annually. There are a great many factors used to determine quotes for a boat insurance premiums, which include:
- The size and value of your boat
- How often and where you use your boat
- Your boating experience
You can also find discounts on boat insurance in Oklahoma if you:
- Take a boating safety course
- Maintain a good driving record
- Maintain a good credit score
- Store your boat in a boathouse or in locked storage when it isn’t in use to reduce the risk of theft and weather related damage
- Have your boat appraised by the insurance company before you get it insured
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Save Today, Boat Tomorrow
Chances are you have already invested hundreds, if not thousands of dollars into your boat. To be sure your boat is water worthy despite an accident (and that you are cover in the case of one), contact a knowledgeable Trusted Choice agent so they can start searching for the best boat insurance policy available in Oklahoma. You are the captain of your vessel, and we are at your service.