Boats give you the freedom to experience the wind and waves of Granite State’s wonderful waterways from new vantages, zipping around enjoying the scenery at high speeds or looking for lovely places to fish or just play. However, there are also some logistics attached, from maintenance to repairs. That’s why savvy boat owners and renters are always looking for ways to save money.
So…do you need boat insurance? This question comes up a lot, and the answer in the State of New Hampshire, is no, although registration and at least a boating education certificate are both required. With all that said, choosing to go without insurance — just to save money — can be a severe financial risk. The cost of repairs for a boat can often be an order of magnitude higher than a passenger vehicle on the road.
In some instances, expensive damage and severe injuries can take place in a matter of seconds. The U.S. Coast Guard reported that 4,040 boating accidents caused more than $63 million in property damage in 2022 as well as 2,222 injuries and 636 deaths.
Boat Insurance, meanwhile, covers liability, which protects you and your family in the case of damage or injury on the water. It can also cover collisions as well as other damage beyond your control. Finally, boat insurance provides coverage in the event you collide with a boat where the owner is uninsured.
The average cost of boat insurance for a boat owner can vary depending on size and type of boat, but any level of cost of protecting yourself, your loved ones, and your property, is always worth it — especially if something unexpected happens to your vessel, from a collision to damage from a storm.
A $100,000 policy is often reasonable for boat insurance coverage, but the policy may need to be larger for certain boats that are faster or more powerful. It also may be less for an older boat with a smaller engine.
In cases where there may be several owners of one boat, insurance experts recommend comprehensive coverage to protect everyone’s investment. Comprehensive coverage can include claims when the boat is out on the water or when it’s moored, since there’s always the possibility of damage from vandalism, fire, or weather, even if no one is aboard and the boat is not underway. People financing a boat are also often required to have some kind of insurance, which provides protection for the lender in case something happens before the loan is fully paid off.
Boat owners wondering do they have to have boat insurance also need to be aware that there are some differences from auto insurance, including that any nautical damage must be paid for upfront and then any costs will be reimbursed by the insurance company later.
The exact answer to “Do I need boat insurance?” may be slightly different if you’re renting a boat. This is because not all insurance companies will provide temporary coverage for a short-term boat excursion. However, some marinas (including North Water Marine) do require a security deposit for a boat rental in the event of damage to the marina’s property.
North Water Marine on Lake Winnipesaukee offers an innovative approach to the issue of boat insurance. We’re one of the first marinas in New Hampshire that is able to offer insurance coverage to boat rental customers. The policies are backed by national carriers and can provide peace of mind for renters.
Renting a boat can also be a good chance to try out all sorts of new GPS-equipped watercraft, including pontoon boats, without major financial investment. Rentals can be for an afternoon to multiple days, and boats can be delivered to nearby lakes. A boat license is required for those who want to pilot a rental boat that has more than 25 horsepower, but captain services are also available.
This type of insurance is available only to renters, not owners, but there are plenty of amenities available at North Water Marine to renters and boaters alike, including valet service, storage, and launching services. Accessories such as tubing and other gear are also available for renters as well as boat buyers.
If you’re interested in this type of insurance and are considering a boat rental, the important thing is to purchase the insurance prior to finalizing the details of your boat rental.
To learn more about boat rentals and insurance options available from North Water Marine please contact us!