Boat and yacht insurance — sometimes referred to as marine insurance — is designed to protect you and everyone who shares the water from the potentially high cost of accident-related and other damages or injuries. It is a contract between you and your insurance company in which you pay a certain amount — or “premium” — to the insurance company in exchange for a set of available coverages you select. If you finance or lease your vessel, your lender may require specific insurance coverages and limits.

Carrying boat or yacht insurance is a smart decision. Contrary to popular belief, your vessel is not covered under your car or homeowners policy. If you cause an accident or get into one with an uninsured or underinsured operator, you may be held responsible to cover related expenses, such as repairs, property damage, medical bills, lost wages, legal fees and more. Without the proper coverage, your financial well-being may be at risk.

Working with an insurance representative to create a marine insurance policy that fits your individual needs and budget can help protect you, your loved ones and your assets in the event there is a boating accident.

Travelers offers comprehensive coverage options, for a variety of vessels. Here is a general guide to help you find the right policy to insure your boat — in and out of the water.

Boat insurance coverage depends on your state, your insurance company and the coverage options you choose. Standard and available options typically include:

• Physical damage: Collisions with another boat or submerged object.
• Liability: Bodily injury or damage to the property of others.
• Personal property: Including, but not limited to, clothing, stereos, security systems and cameras.
• Towing and assistance: Transportation of your boat to a repair facility when it’s inoperable, gas delivery and roadside.

To get the most complete protection for your individual needs, discuss available coverage options with your insurance representative.

Your boat insurance coverage provides protection to any operator listed on your policy.
Your policy may offer some protection for licensed operators not listed on your policy who you occasionally allow to use your vessel, such as:

• Extended family (visiting grandparent(s), parent(s), aunt/uncle(s), niece/nephew(s)).
• Friends (sharing shifts on a trip, borrowing while own boat is broken down).
• Boyfriend/girlfriend (who doesn’t live with you).
• Marina or maintenance personnel.

Check with your insurance representative to learn more about who needs to be included and who is covered on your policy.

When figuring out how to choose boat or marine policy, it is a good idea to talk to an insurance representative who can help you determine your insurance needs and explain your coverage options. Things to consider and discuss with your agent include:

• What are the basic coverages, if any, required in my state or by my lender (if vessel is financed)?
• Will I be able to afford to pay my deductible and expenses above my policy limits in the event of a loss?
• How much would it cost to replace or repair my vessel, its furniture, fixtures and electronic equipment in the event of a loss?
• Do I frequently take people out on my boat?
• Do I have special features on my boat that might need extra protection?
• Where do I store my boat when it’s not in use?
• How do I transport my boat?
• Where do I plan to use my boat?
• Do I qualify for any discounts on my premium?

Once you purchase a policy, it is important to review your coverage needs with your insurance representative on an annual basis, or whenever there is a major change in the status of your boat or its use (e.g. you renovate your boat or change its storage location), to ensure your policy remains adequate for your needs and budget.

Choosing a boat or any marine insurance policy that fits your needs starts with choosing the right insurance company. Travelers has been an insurance leader, committed to keeping pace with the ever-changing needs of our customers, for over 160 years. As one of the nation’s largest casualty companies, we offer a variety of competitive policy options and packages to ensure you get excellent coverage at a competitive price.

Our highly-qualified insurance representatives are available to help you select coverages with your needs and budget in mind. We also understand that having insurance is about more than just protecting your vessel. It is about making the process after any incident as simple and stress-free as possible. We’re here to support our customers when the unexpected occurs — with fast, efficient claim services and marine insurance specialists available 24 hours a day, 365 days a year.

Many factors affect your cost for boat insurance — among them are the state in which you store and dock your boat, as well as the “navigation territory,” or the waters in which you use your boat.

If you store or dock your boat in a high-risk area that is more prone to catastrophic weather events, your policy premium may be higher. You may also have a windstorm deductible. Certain states or marinas may also require you to carry specific coverages and limits, which could affect your premium price.

Where you use your boat matters, too. For instance, boats used inland typically have a lower rate than boats used on coastal waters.

A boat is a major investment, and one that should be protected year-round. Fire, theft, weather and natural disasters can damage your boat anytime, anywhere. Without adequate coverage, your boat remains exposed to these threats all year long. Your insurance representative can help you determine which policy options best fit your needs and budget.

You may be eligible for discounts based on factors like:

• Your level of boating education.
• Your boat’s safety and security features.
• Your boat is a hybrid or electric.
• You insure more than one boat with Travelers.
• You have another policy, such as car, homeowners, renters, condo or umbrella insurance, with Travelers.
• How and when you pay your premium.

Ask your insurance representative about these and other incentives to ensure you are getting all discounts for which you are eligible.

Yes, we offer a discount of up to 10% for one other qualifying policy and up to 15% off for two or more qualifying policies. Ask your insurance representative about our multi-policy discount.

In many cases, having a GPS unit, radar or other security and safety devices installed on your boat will qualify you for savings. Ask your representative for more information about this and other discounts for which you may be eligible.

With Travelers Flexible Pricing Program, you get to choose whether to insure your vessel for the "agreed value" or "actual cash value". Agreed value provides coverage at an agreed amount in case there is a total loss to the vessel. Actual cash value provides coverage at the depreciated value, and can earn you savings on your premium.

Personal property damage coverage provides protection for items on your boat, including clothing, stereo equipment and other personal belongings. It is included in most boat and other marine policies.

Discuss your personal property coverage needs with your insurance representative. Consider the items you and your guests often bring aboard your vessel and how important it is to protect them when choosing your policy deductibles and limits.

Towing and assistance coverage generally pays the cost to transport your boat to a repair facility in the event it is inoperable due to a covered loss, and can also cover gas delivery and "boatside" assistance if you are stranded. It is included in most boat and other marine policies.

Discuss your towing and assistance coverage needs with your insurance representative to ensure you have adequate protection.

Liability coverage helps protect your assets and financial well-being if you are found legally responsible for causing property damage or injury to other people while operating your vessel. In most cases, it includes coverage for bodily injury, property damage, medical payments and legal expenses. It is included in most boat and other marine policies.

Carrying liability insurance is a smart financial decision. Consider your risk tolerance and financial circumstances when choosing the level of protection that’s right for you – then discuss your liability coverage needs, options, deductible and policy limits with your insurance representative.

It depends on where and how you are transporting your vessel. Overland transportation, which is typically included on marine policies, covers physical damage that occurs while your vessel is being loaded, unloaded or transported on its trailer within a 500-mile radius of your home port or storage yard. This protection is extended to dinghies on yacht policies, too.

Your boat, yacht or dinghy, however, is not covered while being transported as waterborne cargo, including loading and unloading.

It depends on your policy and the circumstances surrounding the loss. The typical boat insurance policy covers your boat when it is being docked (in the water) or is not in use (out of the water).

It depends. If you have the applicable endorsements on your boat or car insurance policies, the trailer you use to tow your boat may be protected. Your insurance representative can help you determine which polices and options are best to insure your trailer.

In most cases, both. Boat policies typically include limited coverage for damage to auxiliary equipment and personal property stored and used on your boat, as well as to the vessel itself.