Known for its many mountains and lakes, Vermont has many opportunities for boaters to get on the water. Whether you use your boat on the "Sixth Great Lake," Lake Champlain, the Green River Reservoir or the Connecticut River, it's a good idea to look into boat insurance. When you search for quotes on a policy that meets your needs, be sure to consider the following aspects of boating and the importance of insurance.
Boating: A Popular Pastime
The reasons why people flock to the lakes or rivers vary. Some fish the lakes and streams, others enjoy water skiing or recreational boating and some prefer to enjoy the view while floating effortlessly along the glassy smooth surface of the mountain lakes. Sometimes, these peaceful activities result in accidents, which is when a comprehensive boat insurance policy helps keep your head above water. Here are some statistics:
- Vermont is home to more than 60 lakes.
- The Connecticut, St. Lawrence and Hudson river basins offer miles of river boating in Vermont.
- A single boating accident in 2011 caused $18,000 worth of damage in Vermont.
- Three people died on Vermont waters due to boating collisions in 2011.
You Are Not Required To Carry Boat Insurance, but ...
While VT does not mandate that boaters carry insurance on their craft, it does require operators to secure a boat safety certificate to legally operate a boat if they were born after 1974.
Even though you need not have boat insurance, without boat insurance, one collision or injury could sink your boating dreams if you cannot afford to pay for damage or the costs of a lawsuit.
Can You Find Insurance for Your Boat?
Boats come in all shapes and sizes. Chances are your Vermont insurance agency has a policy that meets your needs. You can find insurance quotes on the following types of watercraft and more:
- Bass boat
- Bay boat
- Center console
- Fishing boat
- Cuddy cabin
- Deck boat
- Downeast cruiser
- Dual console
- Ski boat
- Flat boat
- High performance boat
- Jet boat
- Pontoon boat
- Utility boat
What Does Boat Insurance Cover?
Most Vermont insurance companies will give you the following types of coverage options for your boat:
- Collision damage: This coverage helps pay for repairs or the replacement of your boat should you crash with another boater or object.
- Liability: This covers damage you might cause to someone else’s boat, dock or other property. It also helps pay to treat an injury you might cause someone while using your boat and any legal fees you may have stemming from a lawsuit.
- Comprehensive: This provides other than collision compensation due to theft or vandalism.
Some Vermont providers offer additional boat insurance coverage options such as coverage for fishing equipment, oil spills, personal property and roadside assistance, as well as coverage for damage and injuries from accidents caused by uninsured or underinsured boaters.
The amount of compensation you receive should you need to file a claim depends on the deductible you choose and whether your boater’s insurance covers your boat’s actual cash value, replacement cost or an agreed upon value.
- Actual cash value: This pays what your boat is worth today. If your vessel is more than 5 years old, an actual cash value policy most likely will not cover the entire expense to replace it. It will pay only as much as your older boat is worth.
- Replacement cost coverage: This coverage does not take depreciation into account. It will replace that 10-year-old boat with a brand new one.
How Do You Get Reasonable Quotes?
The quotes of your boat insurance depend on a number of factors. Vermont insurance companies will consider the following when calculating your premium quotes:
- The type, size and age of the boat you wish to insure
- The size of motor and how it is powered
- Whether you are using it on inland waters or the open seas
- Whether you have selected additional coverage options
- Your credit history
In general, boat insurance quotes can range anywhere from as little as $75 for a small bass boat to as much as $500 per year for larger, more expensive models.
Ask your insurance company if they offer any of the following discounts when you ask for a quote:
- Seasonal boat insurance
- Boating safety course completion
- Good driver discount
- Multiple policy discounts
Find Savings on Boat Insurance
Whether your boat is big or small, fast or low-horsepower, or sailing or motorized, you have probably invested much into your vessel. Be sure you have protection on Vermont waters with a boat insurance policy.
Contact a knowledgeable Trusted Choice® independent insurance agent to receive comparisons on boat insurance quotes. Our experienced agents can help you find the perfect policy that meets your unique boating needs without breaking your budget.