Even if not required by law, boat insurance can protect you financially in case of damage, theft, or injury onboard. It also covers medical and liability expenses if someone gets hurt or property is damaged

Standard coverage includes:

• Physical damage: Collision, fire, theft, vandalism, storms

• Liability: Injuries or property damage to others, legal costs 

• Personal property and equipment: Fishing gear, life vests, electronics 

• Towing and assistance: On-water help, fuel delivery, transport to repair facility 

Additional protections may include medical payments, uninsured boater coverage, or wreckage/fuel spill removal

• Agreed value: You and insurer agree on a set amount; you receive this full amount if your boat is totaled 

• Actual cash value (ACV): Payout reflects depreciation—typically lower than agreed value. May save on premiums but pays less in claims