You are a safe boater so why get boat insurance? While you are being safe, others are speeding along, not paying attention and, yup, probably drinking. Boat insurance is about protecting yourself, your passengers and your property.
Does Oklahoma Require Boat Insurance?
While Oklahoma does not require boat insurance, they do require boaters get training and register their boat. Good news for non-motorized canoes, kayaks, and paddle boats came with a law change in 2012 giving owners the option not to have to register or purchase a title.
Planning on taking an out of state trip? Bringing your watercraft along? Make sure to check on what insurance you need when you cross over state lines.
Is There a Difference Between Boat and Watercraft Insurance?
Boat insurance generally covers motored watercraft: fishing boats, pontoon boats, paddle boats, leisure crafts, and yachts. It may not cover canoes, kayaks or personal watercraft (PWC).
Smaller watercraft can be covered under special endorsements or separate coverage. It may also be covered under your homeowner’s policy. Make sure to ask your insurance agent specifically about the watercraft you are insuring and what kind of policy it will need.
What Does Boat Insurance Cover?
Collision Damage: This may include repair or replacement. It may or may not include wreckage cleanup
Property Damage Liability: This covers damage you may do to someone else’s property: dock, boat, or other structures.
Bodily Injury Liability: This covers injuries you may have caused while using your boat. It includes medical bills, lost income, pain and suffering, and legal costs.
Comprehensive: This is for compensation for theft, vandalism or damage cause other than from an accident.
Additional Coverage: Make sure to ask about coverage for damage caused by those uninsured/underinsured, oil spills, roadside assistance, medical payments not covered in Comprehensive, and personal property loss/damage. Also, ask about what kind of storm damage is covered.
How Much is Boat Insurance?
While insurance costs vary here are a few things contributing to insurance coverage costs:
- The type, size, value, and age of the boat.
- Size of the motor and how much power it has.
- Are you using it on inland waterways or on the open sea?
- How often you use your watercraft.
- Your boating experience.
Savings Tips – Take Advantage of Discounts by:
- Take a boating safety class.
- Keep up your good driving record.
- Maintain good credit scores.
- Store your boat under lock & key, reducing theft risk and storm damage risks.
- Get boat appraised before getting insurance.