Boat Insurance for Used Boats: What You Need to Know

Buying a used boat can be a smart and cost-effective way to enjoy life on the water. But just like with a new vessel, protecting your investment with the right insurance is essential. Boat insurance for used boats comes with unique considerations that every owner should understand before setting sail.

What Should My Boat Insurance Cover?

Boat insurance policies can be tailored to your needs. In many cases, you might want to consider including the following:

• Liability coverage may financially protect you if you’re responsible for another party’s injury or property damage while operating your boat.
• Physical damage coverage can cover repairs or replacing your boat if it’s damaged or destroyed by a collision, fire, theft or weather.
• Uninsured boater coverage may assist with costs if someone else is at fault for an accident but does not have the necessary insurance.
• Medical coverage may assist with medical expenses for you and your passengers after an accident, no matter who was at fault.
• Towing and coverage can offer financial aid if your boat breaks down on the water.

Depending on how and where you use your boat, optional add-ons like personal effects coverage or trailer coverage can also be valuable.

How Does Coverage Differ for Used Boats?

Insuring a used boat often involves more scrutiny than a new one. Boat insurance companies may require the following:

• A marine survey—Carriers may mandate a professional inspection to assess the boat’s condition and value.
• Depreciated value coverage—Some insurers may only offer coverage based on actual cash value rather than replacement cost for used vessels.
• Maintenance history—Insurance companies may ask for proof of maintenance records and repairs, as these can influence your premium and eligibility.

Used boats may also have exclusions for pre-existing damage or wear and tear. It’s important to read the policy carefully and ask your insurer about any limitations.

Get the Right Coverage for a Used Boat

If you’re planning to purchase a used boat in the Blairsville, GA, area, contact Esquire Insurance Services of Georgia today. Our team can help you navigate your options and secure an ideal policy.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.