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Is There A Different Between Insuring A Boat And A Yacht?

Many residents of South Carolina own either a boat or a yacht. If you are one of these residents and are looking to get insurance for your vessel, you might be wondering whether there is a difference between insuring a boat or a yacht. Just based on appearance, yachts are vessels over 27 feet in length, while boats measure 26 feet or less in length.

Here are the differences between boat and yacht insurance that the insurance experts at South Carolina Federal Insurance Solutions want you to know. 

Boat And Yacht Insurance: What You Need To Know

Navigational limit

Boat and yacht insurance have varying navigational limits. Typically, yacht insurance offers a significantly larger navigational limit than boat insurance. 

Overland transportation

Boat insurance typically provides coverage for unlimited overland transportation. On the other hand, yacht insurance usually only allows for several hundred miles of overland transportation.

Deductibles

Yacht insurance allows for up to a 3% deductible for hull damage coverage, and the deductibles on windstorm loss, marine electronics loss, and total loss can vary depending on the policy. In contrast, boat insurance only offers fixed deductibles, usually $250, $500, and $1000. 

Liability coverage

The liability coverage for yacht insurance is significantly broader than what is available with boat insurance. Yacht insurance is designed to offer broader liability coverage to deal with the increased risk of having a larger vessel, a larger crew, and the effects of maritime law. If the captain or a crew member of a yacht is injured on the job, they can sue their employer/ yacht owner under federal law. 

Warranties

Traditionally, yacht policies have warranties like navigational limit territories, seaworthiness, and navigational lay-up limits. Boat policies don’t require warranties, although some insurers opt to include them.

Contact Us Today

Are you looking for boat or yacht insurance? Call one of our experienced insurance advisors at (833) 359-0725.

What Does Boat Insurance Cover?

South Carolina has an beautiful coast and an abundance of waterways. Its residents enjoy water-skiing, fishing and just cruising the day away in their boats! You want to make sure your watercraft and passengers are protected from the unique risks encountered while on the water. Did you know that risks, such as fire or theft, may happen whether or not your boat is in use? If you do not currently have boat insurance coverage, contact Insurance Solutions for a free quote.

Injury Liability

If you are deemed at fault for a boating accident that leads to another individual’s injuries, there is a risk of being sued for injury-related damages. You can potentially shield yourself from these costs by having boat insurance. In addition, a policy can offer coverage to reduce legal expenses that you could incur in these situations.

Property Damage Liability

From mechanical failure to bad weather, there are a number of reasons you could wind up in a boating accident. In the event that a collision is your fault, you are likely to be held liable for any related damages. A boat insurance policy will cover the repair or replacement of any property that was damaged as a result of the accident up to the amount specified in the policy.

Uninsured Boat Operators

If you are involved in an accident on the water caused by someone else, they might have the proper insurance coverage to cover any damages and they might not. If this occurs, it can be beneficial to have your own policy that offers protection for damages that are sustained during a collision with other watercraft operators who are uninsured.

If you would like to learn more about what boat insurance can cover, contact us at Insurance Solutions. We will work with you to find the right insurance policy coverages that best suits your individual needs and risks.

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