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Transfer of Ownership Coverage for Boat Insurance

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When you buy or sell a boat, the transfer of ownership process is more than just paperwork—it’s about making sure your investment is protected from day one. Whether you’re purchasing a brand-new vessel or taking over a pre-loved boat, Transfer of Ownership Coverage ensures that your insurance protection transitions seamlessly, without gaps in coverage.

 

What is Transfer of Ownership Coverage?

Transfer of Ownership Coverage allows for a seamless transition of your existing boat insurance policy to the new owner—or for you to take over coverage when purchasing a boat. It ensures there’s no lapse in protection during the ownership change.

This is especially important if you’re dealing with:

  • Used boats and insurance for older boats

  • Commercial boats requiring specialized coverage

  • Boats purchased in different states like Massachusetts, Michigan, Alabama, Arkansas, North Carolina, or New Jersey

Why is Transfer of Ownership Coverage Important?

Boats are a major investment, and the waters can be unpredictable. Without proper insurance, a single accident could lead to massive repair bills or legal liabilities. Transfer of Ownership Coverage ensures:

  • Immediate protection for the new owner

  • No gap in coverage between ownership changes

  • Compliance with marina and state insurance requirements

  • Smooth financial transitions if a claim occurs during the transfer period

How Much Does It Cost to Insure a Boat During Transfer?

  • The boat insurance average cost during a transfer depends on:

    • Boat type, size, and value

    • Age of the vessel

    • Owner’s boating experience and driving record

    • Location and intended use (recreational vs. commercial)

    You can get a boat insurance estimate quickly through our boat insurance quote online tool or by speaking to one of our best boat insurance agents for personalized guidance.

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What Does Boat Insurance Cover?

Boat insurance covers your vessel against damage, theft, and liability for accidents on the water.

All-Risk Boat Insurance

All-Risk Boat Insurance

All-Risk Boat Insurance provides broad coverage for most types of accidental loss or damage to your boat.

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Physical Damage Coverage

Physical Damage Coverage

Physical Damage Coverage protects your boat against repair or replacement costs from accidents, storms, theft.

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Theft & Vandalism Coverage

Theft & Vandalism Coverage

Theft & Vandalism Coverage protects your boat against losses caused by stealing or intentional damage

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Speedboat Insurance

Speedboat Insurance

Speedboat Insurance protects your high-performance vessel against damage, theft, and liability for accidents.

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Charter Insurance

Charter Insurance

Complete protection for charter boats, including passenger liability.

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Sailboat Insurance

Sailboat Insurance

Specialized coverage for luxury Sailboat, with options for global navigation.

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Fleet Insurance

Fleet Insurance

Cost-effective policies for multiple vessels under one plan.

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Third-Party Liability

Third-Party Liability

Enhance your coverage with add-ons like towing assistance, personal accident cover.

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Protect Your Boat, Protect Your Lifestyle

From serene lake cruises to high-speed ocean adventures, we ensure your vessel is covered anywhere you go. Our partnerships with top-rated marine insurance companies mean you get the most reliable protection at the best rates.

FAQs About Boat Insurance

Contact your current insurer and provide the buyer’s details. They’ll help you complete the necessary paperwork or issue a new policy for the new owner.

 

Yes, you can arrange temporary coverage to ensure protection during the transition period.

 

Often yes, especially for older boats or higher-value vessels. A survey confirms the boat’s current condition.

 

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