Is insurance coverage the same across all companies? While this statement may hold true for various types of insurance, it does not necessarily apply to boat insurance. Boat insurers that offer boat insurance provide a diverse range of coverage options tailored to their specific level of specialization, underwriting appetite, and target customer base. This article aims to provide an explanation of cheap boat insurance in Wisconsin, including details about its cost and the necessary requirements.
What Is Boat Insurance?
Boat insurance is a specific type of insurance that provides protection for boat owners. Vehicle insurance is comparable to automobile insurance as it provides protection to the owner against claims associated with physical damage to their vehicle as well as injuries or fatalities resulting from operating the vehicle. When looking to purchase boat owners’ insurance, it is important for potential buyers to thoroughly evaluate the terms of the policy. This is because the coverage and costs can differ significantly depending on the insurance provider and the type of boat being insured.
How Does Boat Insurance Work?
In its most basic form, boat owners’ insurance works the same way as other types of insurance that most people are familiar with. As long as you pay your monthly insurance premiums, the insurance company offers to cover a number of risks that come with owning or operating a boat. For boat owners’ insurance, these could be risks like damage to the boat, loss or theft of things stored on the boat, or harm to or death of the boat’s passengers or other people.
People who own boats can get insurance for a lot of different types, like ships, sailboats, and even yachts. The policy’s coverage will be based on how much the boat is worth and how it is likely to be used. For example, a houseboat owner might want to protect their home from being damaged or destroyed, but they might not need to protect themselves from accidents on the boat if they keep it parked all the time. So, if you own a yacht, on the other hand, you probably want to protect yourself from both types of risk as well as third-party responsibility.
Some things that boat owners’ insurance can cover are life jackets, oars, and buoys, which are used to keep the boat safe. There may be more insurance coverage for electronics like TVs, GPS units, and radios. You might also be able to get insurance for any personal things you keep in the boat. This is similar to how home insurance covers theft or loss of personal property.
Read also: 7+ BEST BOAT INSURANCE COMPANIES OF 2023
Cheap Boat Insurance Wisconsin
The top cheap boat insurance companies in Wisconsin include the following:
#1. BoatUS
Not only does this cheap boat insurance offer a wide variety of policy choices and coverage enhancements, but its membership program in Wisconsin also provides members with substantial savings at marine supply stores, towing companies, and more.
In the world of recreational boating, BoatUS is a major player. BoatUS insurance quotes are available to the public without membership; however, purchasing a membership grants access to member-only services and discounts similar to those provided by vehicle clubs like AAA. There are a variety of ways to save money on your boat insurance, one of which is by completing a BoatUS safety course (available to anyone, regardless of whether they have BoatUS insurance).
#2. State Farm
State Farm, like many other cheap boat insurance companies in Wisconsin, will pay for repairs to another boat’s hull or dock, as well as medical bills for those who are injured in boating accidents. It also includes liability coverage for rental boats as an add-on, which is not common among boat insurance policies. When you hire a boat from State Farm for a vacation or while your own boat is being repaired, you are covered against any potential legal repercussions. The company may also reimburse some of your rental fees if you rent a boat while yours is in repair. If someone rents your boat and causes damage to it, State Farm may assist in covering the costs.
The emergency service insurance that is a part of your standard policy covers the costs associated with receiving emergency assistance for your boat, motor, or trailer. This rider only offers towing, which is typically an afterthought. When your boat is destroyed or severely damaged and you are compelled by law to have it removed, State Farm will pay for the cost of having it raised, removed, or destroyed.
#3. Progressive
Progressive provides a wide variety of price reductions. By doing things like paying for your policy in full or taking boating safety classes, you may be able to reduce your regular payments. Having numerous boats insured with the same company or bundling boat insurance with other policies might save you money. Progressive offers all of these and more, adding up to more than ten potential discounts that could cut your boat insurance premium. Discounts are available for things like being the boat’s original owner, maintaining a clean driving record for the past three years, making payments on schedule, and more.
If you have an accident and your claim is $500 or less, Progressive will not raise your premiums. Also, no matter how large the claim, Progressive won’t raise rates for boaters who have been policyholders for at least four years and have had no accidents during that time. You can pay more to have a “disappearing deductible” that lowers your deductible by 25% after each year without claims.
#4. Foremost
Boat owners can tailor their insurance policies to their specific needs by purchasing additional coverage “riders” from their insurance provider. Foremost stands out from the competition by offering more than five boat insurance packages that are specifically designed for different boat types, ages, and coverage levels. Selecting the characteristics of the coverage that best meets your requirements might be made easier in this way.
The three primary Foremost plans are the Saver, Plus, and Elite plans. Saver, a low-cost insurance option, offers actual cash value payouts that are equal to the cost of repairing or replacing your boat, less any depreciation. In the event of an accident, if you have a total loss replacement settlement, your boat will be repaired to its pre-accident state using the same materials. The Elite package is the most all-inclusive option because it includes everything from liability for pollution (spills) to coverage for your pet and towing services.
#5. Markel
Markel’s policy extends to boats and watercraft used for commercial purposes such as fishing, sailing classes, leasing, and chartering, which is not the case with other boat insurance providers. The liability for any damage the vessel may cause to the storage facility where it is rented is also covered by the marine insurance policy.
Markel includes numerous types of boats, whether they be boats you lease for tourism or boats you own and control. It also provides liability coverage for property damage, injuries, pollution (including fuel spills), and the crew, among other things, and has a number of boat insurance policies to choose from. Personal watercraft insurance policies from Markel begin at just $100 annually. This cheap boat insurance provider is also one of the few that lowers your deductible after consecutive years without claims in Wisconsin. Without filing any claims, your deductible will decrease by 25% per year.
#6. National Boat Owners Association
If you are uncertain about which boat insurer is best for you, it may be beneficial to consider using a boat insurance agency. The National Boat Owners Association (NBOA) is a platform that connects individuals with insurance providers who offer coverage for a wide range of boats and watercraft. This includes speedboats, sailing ships, fishing boats, sailboats, yachts, and jet skis, among others.
NBOA partners with insurance companies that provide a diverse selection of coverage options. These options include liability protection with varying limits, ranging from $100,000 to over $1,000,000. Additionally, they offer towing support as well as private asset reimbursement. In addition, certain insurers provide total loss replacement coverage, which ensures that if your boat is completely destroyed, it will be replaced with a new one that is either the same or similar make and model. Although a membership is not required to purchase insurance, it is necessary in order to access benefits such as emergency dispatch services, towing insurance, marine financing, and company discounts.
You may want to see: FLORIDA BOAT INSURANCE: Coverage, Cost & Best Options.
What Are Wisconsin Boat Insurance Requirements?
State law does not require boat insurance in Wisconsin. However, it is important to note that certain marinas may request proof of insurance prior to granting docking privileges. Additionally, private lenders often mandate full collision insurance until the boat loan is completely repaid. Progressive offers a range of coverages designed to protect your boat from unforeseen losses and potential dangers. These coverages are available at affordable rates, and Progressive also provides numerous discounts to help you save money.
Wisconsin Boat Insurance Cost
The average cost of boat insurance ranges from $245 to $652 per year, which is equivalent to $20 to $54 per month. The specific amount you pay will depend on various factors, including your location and other relevant considerations. In addition to the insurance company you choose, there are several other important factors that can affect the annual cost of your boat insurance. Understanding these factors can assist you in estimating the cost of your boat insurance and recognizing potential opportunities for discounts. Some of these factors include your location, the history of your boat, and your driving record.
Does Wisconsin Require Insurance on Boats?
State law does not require boat insurance in Wisconsin. However, it is important to note that certain marinas may require you to have insurance in place before granting you permission to dock. Additionally, if you have obtained a boat loan from a private financier, they may stipulate that you maintain full liability and accident coverage until the loan is completely paid off.
Is Boat Insurance a Good Idea?
While boat insurance may not be a legal requirement, it is still highly valuable to safeguard your investment. Having insurance ensures that you are protected financially in the event of damages to your boat, as well as any harm or injuries you may unintentionally cause to others. Discover additional information about the specific boat insurance requirements mandated by each state.
Is It Hard to Insure an Old Boat?
Insurance companies take into account the age of the boat as a crucial factor in determining boat insurance costs. Insurance costs for older boats, typically those that have surpassed a certain age threshold, are usually higher.
Can You Drink Alcohol on a Boat in Wisconsin?
In Wisconsin, it is legal to have an open alcoholic beverage container while on a private boat. This means that simply having alcohol on board is not sufficient grounds for a water patrol to stop you.
What Is Required on Your Boat in Wisconsin?
According to regulations set by the USCG and Wisconsin, it is mandatory for all vessels under 16 feet in length to carry at least one Type I, II, III, or V PFD (Personal Flotation Device) on board for every person present. In addition, it is required for canoes and kayaks to have a wearable personal flotation device (PFD) for every individual present on the vessel.
Do You Have to Wear a Lifejacket on a Boat in Wisconsin?
It is the law. All boats that are 16 feet or longer must have at least one USCG-approved disposable personal flotation device on board, which should be easily accessible. Every person operating a personal watercraft must wear a life jacket that has received approval from the United States Coast Guard (USCG).
Can You Drive a Boat Without a License in Wisconsin?
No, according to Wisconsin law, individuals born on or after January 1, 1989, are required to successfully complete a boater safety course and possess a boater education card when operating a sailboat or personal watercraft (PWC) in Wisconsin.
References
- chubb.com
- investopedia.com
- money.com
