Physical damage coverage—This can protect your boat from damage due to accidents, vandalism or natural disasters. It generally covers the boat and sometimes personal items on board. 

Liability coverage—If your boat causes injury to others or damages property, liability coverage can help protect you against legal claims and cover the associated costs. 

Uninsured/underinsured watercraft coverage—This generally comes into play if you’re involved in an accident with another boater who doesn’t have adequate insurance. 

Medical payments coverage—This can help cover medical expenses for you and your passengers in case of an accident. 

Additional coverage options—Depending on your policy, you might also have coverage for towing and assistance, personal effects, and fishing equipment. 

Type and size of boat—Larger and faster boats generally carry higher risks and have higher insurance costs. 

Boat’s age and value—Newer and more expensive boats may cost more to insure due to their higher replacement costs. 

Usage—Boats used frequently or for activities like fishing tournaments or charters may have higher rates due to increased risk exposure. 

Boating area—Boating in oceans, large lakes or areas with heavy traffic might lead to higher insurance costs compared to quieter inland waters. 

Storage and security—How and where you store your boat when it’s not in use can impact your rates. Secure storage can reduce the risk of theft and vandalism, potentially lowering your premium. 

Owner’s experience and claims history—Experienced boaters with clean boating records often enjoy lower insurance rates. A history of claims can lead to higher premiums. 

Safety equipment and certifications—Having safety equipment on board and completing boater safety courses can sometimes reduce insurance costs.