Answers About Your Dinghy Insurance…part 2

The prerequisite for this blog is part 1 (won’t make as much sense without that anyways)…

Who’s covered under a Boatowners Policy??

  • You, the policy owner
  • Any resident in your home
  • Anyone you give permission to use your watercraft (for Watercraft Liability and Watercraft Medical Payments coverage only)


How does it differ from home or auto insurance?

Like home insurance, a boat policy covers you for liability if someone is injured on your craft and gives you the choice between replacement cost or cash value in a total loss.

Like auto insurance, boat coverage typically includes coverage for bodily injury that your boat inflicts on others, property damage your boat inflicts on docks and other boats, and physical damage to your boat should you hit something or run aground. You can also purchase comprehensive coverage against theft, vandalism, fire and flood, personal property coverage for your fishing gear, uninsured boater insurance and even assistance in the event you need a tow.

Which boats are typically covered by a policy?

  • The boat(s) listed on your Policy Declarations or any boat you replace it with
  • Any boat you operate while yours is being repaired due to an accident
  • Any boat you rent or borrow

How do ‘agreed value’ and ‘market value’ policies differ?

To help boaters save money on insuring older vessels, insurers offer the option of “agreed value” (sticker price) versus “market value” (depreciated price) in the case of a total loss.


Is my boat covered when it’s out of the water?

Sure, it will be covered by your auto policy when you are trailering it and be covered to a certain extent by your homeowners when you have it there.  You really need to ask your agent about the homeowners protection though as it may be limited to being covered in an enclosed structure.

Your homeowners insurance may provide limited coverage if the boat is damaged while parked on your property, but it may not stretch to cover stolen contents or vandalism.

Is my boat covered everywhere?

Not everywhere but probably most places including the inland waters of the U.S. and Canada or the coastal waters of the U.S. and Canada for smaller boats up to 26 feet. For larger craft, there are territories defined such as coastal stretches – contact your agent to make sure you have coverage where you plan to boat.

How can I save money on boat insurance?

So that is the basics – now where can you save money?

  • Multiple policy: You can qualify for a discount on your boat insurance if you have a home or auto policy with us
  • Home ownership: Save money if you currently own a home, townhouse, condominium or manufactured home that is not currently insured by us
  • Boat education: Save money if you have taken an approved boat education course
  • Organization: Available for membership in certain organizations such as the Boat Owners Association of the United States (BoatU.S.) or the International Game Fish Association
  • Diesel engine: Your boat may qualify for a discount if it has a diesel engine
  • Automatic fire extinguisher system: Your boat may qualify for a discount if it has an automatic fire extinguisher system
  • New boat: Your boat may qualify for a discount if it is five years old or less
  • Full Pay: You can earn a discount when you pay your entire policy premium in full
  • Easy Pay Plan: Save money by having your payment automatically withdrawn from your checking or savings account
  • Early signing: Applies if you sign up seven or more days prior to your policy effective date

If you love in PA or OH, call us for your insurance needs and to answer questions you may have, toll free 844-675-2111


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