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Insurance options for your sailboat

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 | April 27, 2015

For those with a history and passion for sailing there is something even more special about being on a sailboat on the water with the wind and open seas.

The reliance on wind power isn’t the only difference for sailboat enthusiasts. There are also some unique insurance considerations for sailboat insurance.

Boat insurance is different for everyone. If you have a kayak you will not be calling up your agent and trying to get a quote for the same coverage as you would with a yacht. In fact, if you have a sailboat with a small motor or no motor, you may not need coverage at all. Boats without a motor or with a small motor, and of a certain size, will most likely be covered by your home insurance policy.

Even in the event you have a boat that doesn’t require a boat insurance policy, it’s important to still consider one especially if your sailboat was a considerable investment. The coverage a boat insurance policy can offer you and your sailboat in the event of accidents, theft, and liability is most likely worth the extra money for you. After all, a sailboat is most likely one of your favorite possessions.

There are plenty of options once you decide you do need insurance for your sailboat. Those options include:

  • On-water tow coverage is essential in the event that you find yourself experiencing issues and need a tow. Whether it was a collision that caused the issue or a failure with your sails or motor, it’s nice to have the peace of mind that you have coverage if you need assistance.
  • Total loss replacement is imperative in the event that you need to replace the sail boat that brings you so much joy and so many memories.
  • Liability coverage will protect your assets if someone is hurt on your boat. Sailing accidents do happen and liability will cover you if you are sued.
  • Medical payments coverage can serve as added coverage if someone is injured on your boat.
  • Personal property coverage offers you protection in the event that your personal property is stolen or damaged. This is especially important if you have valuable fishing equipment or things of that nature on your sail boat.
  • Uninsured watercraft coverage can protect you and your boat in the event that you are in an accident with another craft and they do not have insurance.

You should also consider the option of “agreed value.” This option means that you and your insurer agree on the value of the boat and you’ll be paid this amount due to a total loss - regardless of depreciation. Like a car, boats depreciate in value as soon as they are off the lot so it is important to make sure you would have enough coverage to replace your sailboat.

In addition, there are a lot of discounts available for boat insurance, depending of course on carrier and what state you are in. Here are some:

  • Multi-policy discount (think home, apartment, car etc. with the same carrier)
  • Paid in full discount
  • Original owner discount
  • Claims free renewal discount
  • Safety course discount
  • Discounts for safety devices

Sailboats may have no motor or may have a motor for extra power; the best way to find out if you need a boat insurance policy for your sailboat is to speak with an agent. Be sure to have the information on hand about your motor size, boat specs and equipment so that you can get an accurate quote from an agent.

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