Are you a speed boat enthusiast? Are you investing in a power boat and trying to determine what coverage you need? Contact a local independent insurance agent for free power boat insurance quotes from several reputable insurers.
These friendly professionals can shop around and find you the best rate for a policy that meets your unique needs.
Speed Boat Safety Statistics
While you’re thinking about purchasing insurance for your speed boat, it might be good to refer to a few facts. This data can help you understand the risks you face and how insurance companies think about your protection needs.
- In 2019, open power boats reported more accidents than any other type of watercraft.
- That year, 46% of all accidents occurred in boats of this type.
- In 2019, only 14% of fatalities took place on boats whose operator had completed boat safety training.
Is Speed Boat Insurance Required?
Regulations vary by state and county, but speed boat insurance is not required by law in most jurisdictions. However, this does not mean you shouldn’t consider it. Boating accidents are quite common, especially for boaters who are new to the activity.
Even if you have a lot of experience operating a jet boat or performance boat, you should still consider a boat insurance policy to cover yourself in case of accidents or injury.
The Top Causes of Power Boat Accidents
The following were the top five causes:
- Operator was inattentive or distracted.
- Operator was inexperienced or untrained.
- Boat was traveling at excessive speed.
- Operator failed to properly look out.
- Operator was under the influence of alcohol.
In 2019, alcohol was a contributing factor in 18% of all watercraft deaths.
Types of Power Boat Insurance
Every power boat operator has different needs, so it is important not to buy a one-size-fits-all policy. Get coverage that is customized for you. The right agent can help tailor your coverage to fit your unique needs.
Your policy may contain several different types of speed boat insurance to cover various aspects of your risk, including the following:
- Property damage liability coverage: No matter how experienced a boater you are, there is always a chance you could collide with another boat, a dock, or other property. Property damage liability insurance covers you in case you damage another boat, a dock, or other structure. If you plan to operate your speed boat in an area populated by other boaters, be sure you are prepared with adequate property damage liability insurance.
- Bodily injury liability coverage: This coverage protects you in case you injure another person while operating your power boat. You are covered whether that person is a passenger on your boat, on someone else’s boat, or even on land. This is perhaps the most important coverage in your power boat insurance policy, because a collision with a fast-moving speed boat can cause traumatic injuries. Your power boat liability insurance will help to cover legal costs in the event that an injured party files a lawsuit.
- Collision coverage: This covers your boat and trailer if an accident physically damages your boat. If you end up striking a submerged log or rock, or if you fail to navigate a landing properly, you may have a large expense on your hands to repair your watercraft and get it back in working order. This portion of your policy will help you cover these costs, after your deductible is met.
- Comprehensive coverage: Whether you are driving, docking, towing, or storing your boat, it is at risk of many types of damage. It might be a target of vandalism, or you might fail to secure it properly when it’s moored. It might suffer from a fire or capsize after a severe storm. It could even be stolen while sitting on a trailer in your driveway. Whatever the risk, comprehensive insurance protects your investment when "other than collision" events damage your speed boat.
Is Power Boat Insurance Available Online?
You can easily search for speed boat insurance quotes online. This is a convenient method of research that can help you get a lot of preliminary information fast. When it comes time to buy, you might have some questions - and that's where a living, breathing insurance agent can be very helpful.
An independent agent is a great resource when you're looking for quotes online or offline. Independent agents have access to several top insurance companies, understand many different coverage options and available discounts, and can help you find the right power boat insurance for your needs.
Find Discounts and Savings on Your Powerboat Insurance
Power boating has its risks, and every year scores of people are injured or killed while operating speed boats. If you are a speed boat enthusiast, safe driving precautions can keep you and your passengers safe, and can also help you to keep your power boat insurance costs down. Remaining claims-free is one of the best ways to lower your boat insurance costs.
Here are some important safety tips for speed boaters:
- Do not operate a powerful speed boat until you have undergone safety training.
- Do not allow inexperienced users to operate your boat unsupervised.
- Keep your eyes open, and be vigilant in all directions.
- Avoid racing your boat at excessive speeds.
- Most importantly, do not overindulge in alcohol while operating a power boat.
Getting the Best Power Boat Insurance at the Best Price
When you decide to buy power boat insurance, find an independent agent. These agents will help you find the right policy for your needs at a rate you can afford. You will feel more confident about your insurance coverage, because you had more choices and more help.
Simply find a local independent insurance agent. Your agent will fully assess your insurance needs and ensure that you get the quality, affordable power boat insurance you need for peace of mind on the water.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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USCG 2019 boating statistics