Louisiana Boat Insurance

Your Complete Guide to Louisiana Boat Insurance

retired couple on a boat

From solo fishing trips on beautiful Caddo Lake to waterskiing with friends out on the Cane River, boat owners in Louisiana have plenty of options. It is little wonder that so many residents of this vibrant state have invested in the purchase of a recreational water vessel.

Unfortunately, boating accidents sometimes happen. You can make sure that a family fun day at the lake doesn’t end up causing you large financial losses by investing in an affordable boat insurance policy. A local independent insurance agent can help you find a great policy at a competitive rate.

Louisiana Boating Statistics

  • There are about 306,000 recreational vessels registered in Louisiana.
  • More than 100 boating accidents occur in this state each year.
  • The average boating accident in Louisiana results in $7,654 in damage.
  • The most common type of boat accident in LA is collision with another recreational vehicle.

Boating is fun. Losing money due to an accident is not. Be sure to cover you vessel and your finances by investing in an affordable boat insurance policy.

What Is Louisiana Boat Insurance?

Boat insurance is designed to cover boats that have motors or sails. A new boat can set you back tens of thousands of dollars, so it is worth insuring this large investment. 

Imagine if your boat was damaged by rocks in shallow water, or if it was destroyed by a hurricane-induced storm surge while docked at the marina, or worse, if you caused someone else serious injuries after colliding with their watercraft. Without boat insurance, your financial losses could be devastating. 

While your homeowners insurance or renters insurance policy may be able to offer you some coverage, these policies typically offer very limited coverage. Instead of risking a large financial loss that could have been avoided, you can invest in an affordable boat insurance policy. Independent insurance agents can help.

Is Boat Insurance Required in Louisiana?

Unlike with auto insurance, you are not mandated by law to carry boat insurance in Louisiana. 

However, there are times when boat insurance might be required. If you financed the purchase of your boat, your lender is likely to require you to have boat insurance until your loan is paid off. Also, if you dock your boat at a marina, having boat insurance might be a stipulation of your marina lease agreement.

Regardless of whether it is required, having boat insurance may be a good idea — particularly if your boat is very expensive or if you will be operating it at high speeds. A local independent insurance agent can help you determine whether this coverage is cost effective for you.

How Much Does Boat insurance Cost in Louisiana?

The average boat insurance policy in Louisiana is just $294 a year. That is very little to pay for the peace of mind that a policy can afford you. Of course, there are several factors that go into calculating costs, so your quoted price may be higher or lower than this average amount. 

Your rate can be influenced by such things as:

  • The type (or types) of boat you are insuring (e.g., bass boat, sailboat, yacht, etc.)
  • Your boat’s length and the size of its engine
  • Where your boat will be stored when not in use (i.e., at your home, at a marina, etc.)
  • Your driving record and claims history, both on and off the water
  • The amount of  coverage you desire
  • The size of your deductible

The only way to find out how much a boat insurance policy will cost you is to contact a few insurance companies and start requesting quotes. Independent insurance agents make this easy by obtaining customized quotes from competing insurers on your behalf.

What Does Louisiana Boat Insurance Cover?

Boat insurance policies can vary from one provider to the next. Some of the coverage that comes standard with some policies may be optional with others. A local independent insurance agent can help you review a few different policies so you can be sure you are purchasing the one that offers you the coverage you desire at a competitive rate.

Most of Louisiana’s boat insurance providers will offer some or all of the following types of coverage:

  • Boating liability insurance: This is designed to cover the costs for which you are responsible if you are at fault for a boating accident that results in third-party injuries or property damage. If you must go to court, your boating liability insurance can cover your legal fees, court costs, and damages.
  • Physical damage insurance: This is similar to the collision insurance you can buy for your car. It is designed to cover damage to your own boat as well as your boating equipment if either is damaged due to a collision, regardless of fault.
  • Comprehensive insurance: This coverage, much like comprehensive auto insurance, covers non-collision-related damage to your vessel, including that caused by fires, hurricanes, heavy winds, floods, theft, and vandalism.
  • Equipment insurance: This is designed to cover loss or damage to the equipment you keep on your boat, such as fishing gear, GPS devices, and towables.
  • Uninsured boater insurance: Because boat insurance is not required in this state, many boat owners do not have it. If an uninsured boater crashes into your vessel, you may be out of luck when it comes to collecting the funds needed to repair your boat or pay for your medical bills. Uninsured boater insurance provides those funds to you quickly and without the hassle of a lawsuit.
  • Medical payments insurance: This is designed to pay for any medical expenses that you and your passengers may incur as a result of a boating accident, regardless of fault.
  • Fuel spill/wreckage cleanup: Local ordinances require that you remove wrecked vessels from the water and clean up any pollutants left behind. This insurance coverage can provide you with the funds and resources necessary to clean up the wreckage.

Boat Insurance Discount Opportunities in Louisiana

Independent insurance agents work for you, not for an insurance company. They are therefore invested in finding you the best rates for your boat insurance coverage. One way they do this by looking for discount opportunities for which you may be eligible.

Some money-saving opportunities that you may qualify for include discounts for bundling your boat insurance with other policies like home or car insurance, discounts for taking and passing a boater safety course, and discounts for certain industry or professional affiliations.

Talk to your local insurance agent to learn more.

Find the Best Boat Insurance Policy in Louisiana

A boat insurance policy that covers all of your risks may save you a lot of money if you happen to be involved in a boating accident. Working with an experience insurance professional can help you be sure you are getting the best coverage possible. 

There are more than 400 independent insurance agents located in the state of Louisiana. Contact an insurance agent near you to learn more and to start comparing customized boat insurance quotes.

Sources © 2019, Consumer Agent Portal, LLC. All rights reserved.

https://www.uscgboating.org/library/accident-statistics/Recreational-Boating-Statistics-2017.pdf

© 2019, Consumer Agent Portal, LLC. All rights reserved.

Now, who's ready to get their insurance problems solved?