Frequently Asked Questions
Most states do not require you to have boat insurance. However, boat insurance offers protection from theft and liability in case of an accident. If you get a loan to pay for your boat, your lender will most likely require you to carry boat insurance. If you have homeowners insurance, your policy may provide only limited coverage for boats and probably doesn’t cover injuries or accidents while you're on the water. Many types of boats are probably excluded from coverage on your homeowners policy. To make sure you're covered for boat injuries like water skiing accidents, theft and damage, you’ll need boat insurance. If the other guy doesn’t have boat insurance, you’ll need coverage for uninsured and underinsured boaters. Talk to your local independent agent
to find out more.
Safeco insures sailboats used for racing, but not powerboats designed or used for racing. If you race sailboats, yes. If you race powerboats, no.
Yes. It’s inexpensive to be protected with high-quality coverage that lasts for an entire year. Even if you're not using your boat while it's in storage for the winter, it's still important to protect yourself against fire, theft, vandalism, and even liability.
If your policy includes physical damage coverage, we’ll pay up to $500 to cover the cost of on-water towing.
Safeco insures personal-use boats and PWC only. We do not insure watercraft used for commercial or business purposes.
The agreed value of your boat is determined by consulting a local dealer, BUC guide, ABOS Blue Book or NADA guide. If your boat is less than two years old, a bill of sale may be used. Any permanently attached equipment, like ship-to-shore radios, depth finders, loran and GPS systems, fish finders, radar, and sonar systems, is included in the boat’s value so make sure your coverage amount takes that into account. Ask yourself the question “If I were in the market to buy my boat today, how much would I have to pay for it?” Your answer will give you a good sense of agreed value.