Although boat insurance is not legally required in Florida, it’s highly recommended for boaters who want to protect themselves from costly out-of-pocket expenses.
Homeowners insurance typically does not provide sufficient coverage for boats or related medical bills in the event of an accident, making specialized boat insurance a wise investment for Florida boaters.
Why Boat Insurance Matters in Florida
Although boat insurance isn’t required by law in Florida, it’s still a wise investment for several reasons.
Firstly, if you have a loan on your boat, your lender may require you to have insurance to cover the damages.
To ensure compliance, you’ll be asked to provide proof of liability coverage, which will protect you in case of accidents resulting in injury or damage to others.
Even if you’re not required to have insurance, it’s a good idea to consider it for peace of mind. Your homeowner’s insurance policy may offer limited coverage for your boat, but it’s typically not enough to fully protect your investment.
A boat insurance policy can provide coverage for damages to the vessel or personal property, liability coverage, medical payments, uninsured boat owners coverage, and towing coverage.
How much does it cost to insure a boat in Florida?
If you’re planning to insure your boat in Florida, you can expect to pay an average of $652 per year for boat insurance.
This is higher than the average premium for medium-cost states which is around $344 annually but still lower than the average premium for high-cost states.
If you’re lucky enough to live in a low-cost state, you can expect to pay even less, with an average premium of $263 per year.
The cost of boat insurance in Florida can vary depending on a number of factors, including the type of boat, its age, the coverage amount, and the owner’s boating experience.
Other factors that can influence the cost of boat insurance in Florida include the location of the boat, how it’s used, and any safety features it may have.
Do you need boat license in Florida?
Yes, anyone who was born on or after Jan. 1, 1988 and wants to operate a motorboat with 10 horsepower or greater in Florida must successfully complete an approved boating safety course and obtain a Boating Safety Education Identification Card issued by the FWC.
Florida does not have a “boating license,” but the card is proof of completion of the educational requirements and is valid for life.
How can I lower my boat insurance rate in Florida?
Boat insurance can be costly, but there are ways to lower your premium and save money. In Florida, there are several discounts available that can help reduce your boat insurance rate.
If you’re the original owner of your boat, you may be entitled to a discount on your boat insurance policy. This discount recognizes the fact that new boats are less likely to break down or be involved in accidents.
Insuring multiple watercraft on your Progressive boat policy can also earn you a discount. This multi-boat discount is a great way to save money if you own more than one boat or personal watercraft.
Another way to lower your boat insurance rate in Florida is to complete a Florida-approved safety course. By completing this course, you can demonstrate that you are a safe and responsible boater, which can lead to lower premiums.
Bundling your boat insurance with another policy with Progressive, such as your car or home insurance, can also help you save money. This multi-policy discount is a great way to get more coverage for less money.
Frequently Asked Questions (FAQs):
Q: Is boat insurance required in Florida?
A: No, it’s not legally required, but highly recommended for protection against costly expenses.
Q: Will my homeowner’s insurance cover my boat?
A: It may offer limited coverage, but specialized boat insurance is typically needed for adequate protection.
Q: What does boat insurance cover?
A: Boat insurance can cover damages to the vessel or personal property, liability coverage, medical payments, uninsured boat owners coverage, and towing coverage.
Q: How much does boat insurance cost in Florida?
A: On average, it costs $652 per year, which is higher than medium-cost states but lower than high-cost states.
Q: Do I need a boating license to operate a boat in Florida?
Partially yes. Read this article for more clear thoughts