Do You Need Insurance For Inflatable Boat – Windrider of The Rockies

Boat insurance will guarantee your benefits in case of an accident. But the law doesn’t require insurance for every boat. So, do you need insurance for inflatable boat?

It’s not obligatory to buy insurance for inflatable boats because inflatable boats have engines with a capacity of less than 50 hp or have no engine. But in some cases, you will have to show the bank or marina your boat insurance.

In this article, we will give you more information about the insurance need for your inflatable boat. Let’s dive in!

Do You Need Insurance For Inflatable Boat

It’s not obligatory to buy insurance for inflatable boats

Do You Need Insurance For Inflatable Boat?

Do You Need Insurance For Inflatable Boat

Boat owners will have to buy boat insurance if their boats have motors with a capacity of 50 hp and more.

But inflatable boats often have no engine, or the capacity of their engines never reaches 50 hp. Therefore, in general, it’s not mandatory to have insurance for inflatable boats.

However, you will need boat insurance for your inflatable dinghy in some situations. 

The bank will request you to provide insurance for your boat if you want to finance its purchase. In this case, the boat insurance must cover all the expenses of the dinghy. 

It may need to have some other policies according to the bank’s requirements. The bank will also ask you to list them as the lienholder of the boat.

In this way, if your boat gets an accident, the bank will receive some compensation from insurance. 

Besides, you will have to present boat insurance for your dinghy when you come to ports or marinas. They only allow you to moor your boat or use their facilities if you have a suitable boat insurance policy. 

You will have to present boat insurance when mooring your dinghy in the marina

Why Should You Get Insurance For Your Inflatable Boat?

Insurance for inflatable boats is optional, but you should get it for the following reasons.

Homeowners insurance has limitations

Your homeowner’s insurance can cover your inflatable boat, but it has some limitations. 

There are restrictions relating to the value of your boat. The covered boats must cost under $1000 or $2000, depending on each policy.  

Besides, the coverage of some policies doesn’t include damages outside your property. That means you may not get any compensation if your boat has an accident in the water. 

Also, with homeowners insurance, you will get less coverage amount than boat insurance.

Your inflatable boat may get risk

Inflatable boats are also at risk of accidents like other watercraft. So, getting boat insurance will protect your benefits in such cases.

In addition to coverage of accidents in the water, boat insurance also compensates for other unforeseen events. In case of theft, vandalism, or fire, you may get a new boat for compensation. 

Do You Need Insurance For Inflatable Boat

Your inflatable boat may get risk.

Boat insurance will pay unexpected expenses for you

If your inflatable boat causes damages to others, you will have to pay a lot of money to deal with the consequence.

Boat repair costs, hospital fees for the injured, and other expenses can cost you a great deal. But you won’t need to worry about these expenses if you have boat insurance.

See more: Hard Floor for Inflatable Boat

Everything You Should Know About Boat Insurance

If you intend to get insurance for your inflatable boat, here are some things you should know. 

The coverage of boat insurance

When it comes to coverage, boat insurance is quite similar to auto insurance. Boat insurance policies will cover the following issues.

Coverage for property

If your inflatable boat gets damaged or stolen, boat insurance will make restitution. No matter where your boat has accidents, property coverage is applicable. 

You will have 2 options for coverage: replacement cost and actual cash value. In case you have to replace your boat because of serious damage or theft, you will choose an option. 

If you want to get a replacement cost, you will receive an amount of money. This money will be enough to bring your boat to the situation before the incident or buy a similar boat. 

For actual cash value, the insurance claim will calculate the depreciation of your boat. Then, the insurer will give you the compensation after minus this depreciation. 

Coverage for liability

Liability coverage will make up for damages your inflatable boat causes to others. 

In a watercraft accident, your inflatable boat ruins other boats and make someone injured. Boat insurance will cover all these damages. 

Besides, if someone sues you over issues included in the insurance policy, liability coverage will pay the legal fees. 

Coverage for medical expenses

If you or your passengers get injured while traveling by inflatable boat, boat insurance will pay for medical expenses.

Do You Need Insurance For Inflatable Boat

Coverage for medical expenses

Recommended add-on options

To guarantee your benefits, you can add the following options to your boat insurance.

  • Boat trailers
  • Towing and road transit
  • Personal property on the boat such as fishing equipment
  • Boat’s mechanical problems
  • The consequence of natural disasters

Things that boat insurance will not cover

The issues listed below will be out of the coverage of boat insurance. 

  • Damages caused by regular wear and tear 
  • Technical problems caused by manufacturers
  • Faults in boat’s design
  • Rust, corrosion, or mold damage
  • Damages caused by overuse

Cost of boat insurance

The cost of boat insurance varies depending on insurance providers. On average, you will need to pay between $200-$500 per year for your inflatable boat insurance.

Below are some factors that affect boat insurance costs.

  • Boat’s value
  • The age, length, and type of boat
  • The capacity of the boat’s engine (if any)
  • Mooring area of the boat
  • Desired liability limits
  • Claim history
  • Driving records
  • Where you use the boat
  • Your boating qualification

You can consult several insurance providers to see which one gives you the most suitable offers.

Do You Need Insurance For Inflatable Boat

The cost of boat insurance will vary depending on the age, length, and type of your boat.

Frequently Asked Questions

Is insurance compulsory for inflatable boats?

No, only boats with motors of at least 50 hp must have insurance. The engine of inflatable boats can’t reach this speed. So, it’s up to you to purchase insurance for your inflatable boat. But you should consider the advantages of boat insurance to make the right decision. 

Can you have any discount on boat insurance?

Yes, in some cases you can get discounts and reduce the cost of boat insurance.

If you have good driving records or boating experiences, insurers will offer discounts. Also, your boat insurance cost will be lower when you have other policies of the same insurance provider. 

How can you find good insurers for your boat?

You can consult the opinion of your boating friends about their insurance companies. If these companies have handled claims well, they will give you good-quality services. 

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Final Thoughts

Hopefully, through this article, you have known if you need insurance for your inflatable boat. 

Getting insurance for your dinghy is optional, but boat insurance can protect you against many unpredicted risks. Thus, you should consider carefully and find a good insurer for your boat. Thank you for following this post! Windrider of The Rockies.

Reference: Insurance For Boat

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