Find the Best Boat Insurance Rates & Companies in Massachusetts
From solo fishing trips on beautiful Pontoosuc Lake to outings with friends on a powerboat near Cuttyhunk Island, boat owners in Massachusetts have plenty of opportunities to enjoy their watercraft. It's little wonder so many residents of this New England state own a recreational water vessel. But as a responsible boat owner, you need to be prepared for collisions and other potential incidents with the right boat insurance.
Fortunately, a Massachusetts independent insurance agent can help you find all the boat insurance you need. They'll get you set up with the ideal policy for your vessel. But first, here's a closer look at Massachusetts boat insurance requirements and more.
Best Boat Insurance Companies in Massachusetts
Boat insurance is sold by many different carriers in Massachusetts, but it's helpful to know where to get premium coverage. That's why we've offered a few of our selections for the best boat insurance companies in Massachusetts. When you're ready to get coverage, start by checking into these outstanding carriers near you.
- Progressive: This carrier offers boat insurance and many other types of personal and business insurance. Progressive also has an excellent AM Best rating for financial strength and offers 24/7/365 customer service.
- Safeco: This carrier offers boat insurance and many other types of personal insurance for various vehicles and watercraft. Safeco has outstanding ratings from AM Best and the Better Business Bureau (BBB), offers 24/7 claims reporting, and provides free online quotes.
- Travelers: This carrier offers boat insurance and several other types of personal and business insurance. Travelers also has excellent AM Best and BBB ratings and provides many discounts for boaters.
An independent insurance agent in Massachusetts can help you find the best boat insurance from one of these top-rated carriers in your town.
What Boat Insurance in Massachusetts Can Cover
Boat insurance often consists of several types of coverage. In Massachusetts, you can often select from the following options:
- Boating liability insurance: This can pay expenses related to third-party lawsuits involving claims of personal property damage or bodily injury caused by your boat.
- Comprehensive insurance: Pays for damage to your boat due to a non-collision event such as a flood or theft.
- Collision insurance: Pays for damage to your boat from a collision with another object, regardless of fault.
- Equipment insurance: This endorsement covers loss or damage to the equipment you keep on your boat, including fishing gear, GPS devices, and towables.
- Medical payments insurance: This covers medical expenses you and your passengers may incur due to injuries sustained in a boating accident, regardless of fault.
- Fuel spill/wreckage cleanup coverage: This can cover wreckage and pollutant clean-ups if you're responsible for a boating accident.
- Uninsured/underinsured boaters insurance: This covers the costs of damage to your boat, medical expenses, etc., if you get into a collision with another boater who doesn't carry adequate coverage to reimburse you.
Your Massachusetts independent insurance agent can help you build a complete boat insurance policy with each type of coverage necessary.
Is Boat Insurance Required in Massachusetts?
While most states require car insurance, boat insurance is another story. Massachusetts doesn't require boaters to have a boat insurance policy by state law. However, many marinas in the state require boat insurance before vessels may dock there. Further, boat insurance is often required by lenders if you finance your boat.
It's wise to consider the many possible disasters that can lead to expenses you'd have to cover out of your own pocket without boat insurance before you decide to skip it. Even if you're not technically required to have coverage, boat insurance can reimburse you for lawsuits, repairs to or the replacement of your boat after collisions, theft or vandalism, and many other threats. For many boat owners, this makes the cost of boat insurance beyond worth it.
What Boat Insurance in Massachusetts Will Not Cover
Massachusetts boat insurance comes with its own set of exclusions, just like any other type of coverage. You can often expect boat insurance to exclude the following:
- Damage to or theft of lifeboats, anchors, or other accessories (without policy endorsements)
- Damage caused by mold or marine life
- Insect and animal infestations
- Accidents and other incidents caused by unnamed operators
- Normal wear and tear of the boat
- Damage caused by faulty machinery
Your specific boat insurance policy has its own set of unique exclusions that must be reviewed when you first get coverage. Knowing your policy's exclusions can help you avoid filing claims that would get denied by your carrier.
Average Cost of Boat Insurance in Massachusetts
The average cost of boat insurance in Massachusetts is about $527 per year. However, the cost of boat insurance often varies due to the following:
- The type of boat you have, including its engine size, length, make, and model
- The amount and types of coverage you buy
- Where your boat is stored while not in use
- Your policy's deductible amount
- Your personal driving record and prior claims history
An independent insurance agent in Massachusetts can help you find the most affordable coverage available in your city.
What Boat Insurance Discounts Are Available in Massachusetts?
Most carriers in Massachusetts offer many boat insurance discounts. Often, you can expect to see the following boat insurance discount options:
- Security discounts: Discounts are often offered to boaters who protect their vessels against theft, etc., with security devices.
- Lay-up discounts: Discounts are often available to boaters who use their boats only during summer.
- Boater safety course discounts: Discounts are often available to boaters who complete approved boater safety courses.
- Loyalty discounts: Discounts are often offered to boaters who remain with the same boat insurance carrier for a set number of years.
- Bundling discounts: Discounts are often offered to boaters who bundle their boat insurance with another type of policy, such as home insurance, through the same carrier.
- Affiliation discounts: Discounts are often offered to boaters who belong to various groups or organizations, such as AARP.
A Massachusetts independent insurance agent will look for and apply any boat insurance discounts you're qualified to earn to your policy.
Popular Questions about Massachusetts Boat Insurance
Is boat insurance required in Massachusetts?
Massachusetts doesn't require boat insurance by state law. However, many boaters are still required to have coverage by their lenders if they finance their boats.
How much does boat insurance cost in Massachusetts?
In Massachusetts, boat insurance costs an average of $527 per year. The cost of boat insurance can vary based on the boat's specs, the type and amount of coverage you need, and other factors.
What is the best boat insurance company in Massachusetts?
We found that Progressive is the best boat insurance company in Massachusetts. Progressive's rates, coverage options, discounts, and more easily earned them our top recommendation.
If I get in an accident while towing my boat, who pays for the damage?
Your boat insurance can cover the cost of damage to your own boat and third-party property if you cause an accident while towing. Your policy can also pay for medical expenses if you, your passengers, or third parties were injured in the incident.
Do you need boat insurance in Massachusetts?
You don't need boat insurance by state law in Massachusetts. However, you're often required to have coverage if you plan to dock your boat at a marina.
What does boat insurance cover in Massachusetts?
In Massachusetts, boat insurance policies can be customized to meet each boater's needs. You might choose to buy collision coverage, comprehensive coverage, liability coverage, and others to complete your policy.
Why work with a Massachusetts independent insurance agent when shopping for boat insurance?
Massachusetts independent insurance agents can help you find the boat insurance you need from a top-rated local carrier. Independent insurance agents work hard to find quality coverage at the most affordable rate. They'll shop and compare boat insurance quotes from a number of different carriers for you.
And down the road, they can help you file boat insurance claims or update your coverage as needed. Your agent can help you find boat insurance in Boston or wherever you reside.
Sources
https://www.investopedia.com/how-much-does-boat-insurance-cost-7485669