Understanding Boat Insurance in Maryland
Intro to Understanding Maryland Boat Insurance
Maryland is home to a wide variety of waterways, including many lakes and rivers, plus Chesapeake Bay and the Atlantic Ocean. If you own a boat in Maryland, it's a good idea to understand boat insurance.
Reasons why you might consider boat insurance in Maryland include financial protection, liability coverage, loan requirements, and the simple peace of mind that you'll be covered if something happens to you or your boat on the water.
There are various types of boat insurance in Maryland. Homeowners' insurance may offer some coverage in some cases, but it's typically fairly limited. Boat insurance is the best way to get protection for your boat and assets as a private owner or commercial operator. Contact Bill's Marine Service today to explore the coverage that fits your needs best.
Is Boat Insurance Required in Maryland?
Boat insurance isn't required by law in Maryland, but you might find some marinas require boat liability coverage to keep your boat there. Furthermore, if you have a loan on your boat, your lender may require some type of coverage, such as comprehensive and collision. These coverage types will pay to replace or repair your boat if it's damaged or stolen.
Types of Coverage Available
Let's take a closer look at how boat insurance works. The types of coverage available are similar to auto insurance. For example, liability coverage for bodily injury and property damage covers injuries and damage that you are liable for when colliding with another boat.
Comprehensive coverage helps cover losses caused by theft, vandalism, fire, animal collisions, or severe weather. This typically includes coverage for physical damage or replacement of the boat resulting from those events. If you own your boat outright, Maryland law does not stipulate that you carry liability coverage at all.
Uninsured boater protection and towing or roadside assistance are not necessarily common coverages like they are with auto insurance, so it's best to check with your insurance provider.
Factors That Affect Boat Insurance Rates
The average boat insurance cost in Maryland was around $500 in 2023. However, you can usually get boat insurance in Maryland with only liability for around $100 per year. The cost of boat insurance typically depends on several factors. The type and size of the boat are likely to affect your cost. Larger boats generally cost more to insure than smaller boats.
Commercial boat insurance also usually costs more than recreational insurance. This is due to the use of watercraft for business purposes, and thus, the company faces more risks and liabilities for transporting people or goods.
If you have boating experience, you're likely to pay less for boat insurance compared to someone with no experience. The cost of comprehensive insurance will likely vary depending on the security of where you store your boat.
How to Choose the Right Policy
Choosing the right policy will depend on your budget and situation. In most cases, you don't need boating insurance to operate a recreational boat in Maryland. However, if you do need it or decide to get it for peace of mind, you should always compare quotes with different providers.
Some ways to lower your cost include having a multi-policy, paying it in full, and having proof of boating experience, such as a safety course. Make sure you read the fine print so you know exactly what's covered and what isn't.
Final Word on Understanding Boat Insurance in Maryland
Even though it's not required for recreational boaters by law, having boat insurance in Maryland can give you peace of mind in case something happens on the water or wherever you have your boat stored. You can find out more by consulting a local agent for boat insurance in Maryland.
Stop by Bill's Marine Service to find out more about all things boating.