In Indiana, there are approximately 208,599 recreational boating vehicles. If you're keen to set out on the open waters, the right coverage is necessary. Boat insurance will protect your property and liability.
An independent insurance agent can help review your policies for accuracy. They work with several markets so that you get the best coverage for a fair price. Connect with a local expert to get started.
How Much Is Boat Insurance?
Like any personal or commercial insurance policy, your premiums will vary. Carriers look at numerous risk factors when rating your boat insurance. Check out a few key things companies will use.
- The value of your boat
- The coverage you select
- Your motor vehicle records (MVRs)
- Your boating experience
- The number of claims you've incurred
- The drivers on the policy
Your exact costs can be determined by obtaining quotes. Not all boat policies are created equal and should be reviewed by a trained professional. One way to save instantly on premiums is by bundling your home, auto, and boat insurance policies with the same carrier.
Do You Have to Have Insurance on a Boat?
While car insurance is required in Indiana, like most states, boat insurance is not. With an average of 4,168 boating accidents per year, the right coverage is necessary. Even though this policy isn't regulated, it should be carefully considered to avoid financial ruin.
When you carry boat insurance, it can protect all the what-ifs in and out of the water. There are several options you can select when obtaining coverage for your boat and accessories. Your policy will pick up the loss when you have uninsured watercraft coverage if involved with an uninsured boater.
What Does Boat Insurance Cover?
From liability to property damage, your boat insurance can have you pretty well protected. An Indiana watercraft policy will help pay for numerous risk exposures. Take a look at how coverages could apply.
Boat liability coverage: Pays for bodily injury or property damage
Boat medical payments coverage: Pays for the medical expenses of you or your passengers that are injured after an accident on your boat.
Uninsured watercraft coverage: Pays for your injuries or losses sustained after a collision with an uninsured at-fault driver.
Other items that can be covered under a boat policy
- Boat trailers
- Towing coverage
- Boat accessories
- Special equipment
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How Can I Insure a Boat I Don't Own?
In Indiana, the general rule is you can't insure something you don't actually own. There are exceptions to this rule that should be discussed. Check out this story on boat insurance for reference.
Pretend a friend gives you their old boat because they bought a new one. They decided that it was too much pain to retitle the craft to your name, so they just let you keep it. If you get into an accident and your friend is still the boat's titled owner, you could have an issue.
One way around any complications is to have your friend listed on your policy as insurable interest. The payment for a claim will go to your friend in the event of a loss, but it keeps everyone out of a legal battle. Not every carrier may allow this, but it's worth knowing in case the situation arises.
Is a Boat Covered under Homeowners Insurance?
Your boat and most all motorized vehicles will be insured on their own separate policies. Your Indiana homeowners insurance is protection designed primarily for your property and liability. Again, some exceptions may apply depending on the motorized vehicle.
If you use a motorized vehicle to maintain your property, your homeowners policy will supply the coverage. For instance, a golf cart or ATV is an example of a motorized vehicle used to maintain your property. When you're using your toys exclusively for fun, you'll have to obtain other insurance.
Do I Need Insurance on My Boat Trailer?
In Indiana, your boat insurance policy will have a section carved out for trailers. There will be a spot for each watercraft to have a trailer added. Some carriers may even require at least one trailer on the policy to insure. You will need the serial number, make, model, length, and value of each.
How to Buy Boat Insurance
When you're looking to get your boat out on the water, the right coverage is necessary. If you're trying to go at it alone, there is a better way to obtain boat insurance. A trusted adviser can help review your coverage at no cost to you.
An independent insurance agent will have access to their network of carriers. This saves you time and premium dollars so you can get the best policy in town. Connect with a local expert on TrustedChoice.com for tailored quotes today.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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