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tcbass

Boat Insurance?

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Thinking about getting a new boat and was wondering if there is any insurance that covers thinks like the motor blowing up, hull issues, if you find out the transom is rotten, and such. 

 

Is there any such insurance?

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Lots of boats have lifetime hull warranties but have to be transferred owner to owner I believe. That's something you should look into and I believe is boat specific for the warranty.  That warranty generally only covers manufacture defects. 

Hull damage  is covered under collision insurance assuming you hit something.

 Mechanical issues, assuming you go with an older motor, can be covered under insurance now. Progressive has mechanical insurance  that they now offer for such things. I'm not completely sure the full extent of it  because I do not have it. My motor is brand-new and has an eight year full warranty. If you go new, motors generally come with a three year full warranty and a 5 to 6 year extension of a full warranty is offered for a very small price. 

 One thing you want to look at when you get insurance is how collision repairs are handled. If you have an older motor some plans will only pay a depreciated value  for a motor repair or lower unit rebuild. Other plans will have a higher deductible but will replace the damaged unit with new in the same situation. 

Don't ever go cheap with boat insurance. The second an accident happens you'll be kicking yourself because you got cute trying to save 50 bucks.

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It varies state by state too.  Some states don't require boat insurance.  I live in MN and its not required even though its the "land of 10,000 lakes."  I've found that boat insurance in general is dirt cheap compared to other forms of insurance so you'd be a fool not to have it regardless, especially if your boat was a nice one and had some value.

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