Boat Insurance in Massachusetts

WHAT IS IT? WHO NEEDS IT? COVERAGES OFFERED

Boat insurance is a lot like car insurance in some ways, except the policy’s language has been adjusted to mitigate boat-specific risks. Boaters will notice both similarities and differences between the two.

Should someone be injured or drown in a boating accident, the operator and/or owner might be held responsible.

Bodily Injury Liability Coverage
Medical Payments Coverage
Property Damage Liability Coverage

What is Boat Insurance?

Boats are a lot of fun to use, but being on the water comes with certain risks. Thousands of boating accidents occur each year, resulting in property damage, injuries and (sometimes) even death. Purchasing boat insurance won’t prevent something bad from happening on the water, but it may afford Massachusetts boat owners with financial protection if there is a covered incident.

Who in Massachusetts Should Have Watercraft Insurance?

Most Massachusetts residents who own a boat or other watercraft ought to consider carrying watercraft insurance. Although watercraft coverage generally isn’t required by state law (like auto coverage often is), there are still several reasons to carry a policy.

First, some lease and loan agreements might dictate that insurance is purchased regardless of whether state law requires it. Carrying insurance is a common stipulation of these policies, for financial institutions want to protect their interest in a boat.

Second, owners who have expensive boats will likely want insurance regardless of whether they finance, lease or own their boat. Physical perils like theft, fire and accidents can result in devastating losses if insurance isn’t in place. Many boat owners would struggle to replace their watercraft without incurring a significant monetary cost.

Third, operating a boat of any size poses potentially serious liability risks. Should someone be injured or drown in a boating accident, the operator and/or owner might be held responsible. Resulting lawsuits can be expensive to defend against and settle. Watercraft insurance that comes with liability coverage may help mitigate legal costs like these.

TESTIMONIALS

Customers Love Us

When I called the staff at Paul T. Murphy Insurance, they explained how auto reform would allow me to increase coverage and save money at the same time. I moved my home and umbrella insurance to my current auto carrier and saved over $350. In July 2008 when my auto insurance renews with Safety Insurance, I will save another $300 just for having my auto and home insurance with the same company. The staff at Paul T Murphy Insurance Agency really understands the new Massachusetts reform and how to pass savings and additional coverage to their clients.

Frank

Winchester, MA
After many years of doing business with the Paul T. Murphy Insurance Agency, I am thrilled to learn of this relationship with Northrup to service the Lynnfield area. I have trusted both my personal and business policies with Paul and have never received less than the best of service. I like the face that they service as professionals but treat you like a friend. Recently during a complicated Workers Comp claim, Paul showed up to walk me through what I thought would be a mess of paperwork and confusion – the personalized service I receive spoke volumes. I have never gotten service like that from anyone else. I also like the fact that they are always ready to save me money without ever compromising my coverage.

Tony Bartolo

Lynnfield, MA
One of the best business and personal decisions I ever made was to collaborate with Paul Murphy Insurance Company for our families insurance needs. Starting with our business policies, then eventually all of our personal policies, we have slowly transitioned all to be managed by PMI. Many companies loosely tout that they treat you as one of the family; PMI proves it in their actions. We are glad we are part of their family.

Kelly Ilebode

Boston, MA

What Coverages Do Watercraft Policies Make Available?

The similarities and differences between watercraft and auto insurance policies show up in the two insurances' coverages. Watercraft insurance has coverages that are quite similar to auto insurance coverages, as well as ones that are quite different.

Some of the watercraft coverages that are similar to auto coverages include:

Bodily Injury Liability Coverage, which often covers injuries that people outside of the insured watercraft sustain
Medical Payments Coverage, which often covers injuries that people on the insured watercraft sustain
Property Damage Liability Coverage, which often covers damage that a watercraft causes to others’ property
Collision Coverage, which often covers damage that a watercraft sustains in a multi-boat accident
Comprehensive Coverage, which often covers damage that a watercraft sustains in a non-collision incident

Some of the watercraft coverages that auto policies generally don’t need to provide include:

Coverage for on-water towing by another boat
Coverage for sports gear and fishing tackle kept onboard
Coverage for safety gear kept onboard
Coverage for recovering a sunken vessel

Does Homeowners Insurance Cover Boats?

Homeowners insurance may cover boats in select cases, but boaters should be careful before relying on this insurance to protect them when on the water. Not all homeowners policies extend coverage to watercraft, and those that do frequently have strict limitations.

Homeowners policies that do cover boats frequently cover only small boats. They often have strict limits on how long a boat can be and how powerful its engine can be -- if an engine is allowed. While canoes, kayaks, paddleboards, small sailboats and dinghies might be covered, vessels of any real size are likely to be excluded.

Additionally, homeowners policies may offer only limited coverage for boating-related liability claims. Even if a homeowner’s full personal liability coverage extends to boating accidents (and it might not), a major accident could easily exceed the limits of a typical homeowners policy.

For these reasons, many boaters are wise to purchase watercraft insurance even if their homeowners offers some coverage. An insurance agent who specializes in watercraft and homeowners policies can help boat owners navigate their particular insurance needs and coverages.

Where Can Massachusetts Boat Owners Get Boat Insurance?

For help insuring a boat or other watercraft that’s in Massachusetts, contact us at Paul T. Murphy Insurance. Our independent agents can show you boat insurance options from several insurers, and we have the expertise necessary to help you identify the one that best meets your needs.

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This material is for informational purposes only. All statements herein are subject to the provisions, exclusions and conditions of the applicable policy, state and federal laws. For an actual description of coverage, terms and conditions, please refer to the applicable insurance policy or check with your insurance professional. The illustrations, instructions and principles contained in the material are general in scope and, to the best of our knowledge, current at the time of publication.

What is Boat Insurance?

Who in Massachusetts Should Have Watercraft Insurance?

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TESTIMONIALS

Customers Love Us

Frank

Tony Bartolo

Kelly Ilebode

What Coverages Do Watercraft Policies Make Available?

Does Homeowners Insurance Cover Boats?

Where Can Massachusetts Boat Owners Get Boat Insurance?

Get a Free Insurance Quote!