Insurance requirements tend to vary per state. Most states don’t require boat insurance, however, and Georgia is no exception. Boatowners are not legally required to purchase or carry boat insurance in Georgia. This doesn’t mean all boatowners should go without insurance, however.
Is My Boat Covered Under Home Insurance?
Most home insurance policies come with a boat endorsement that provide limited overage for boats. This coverage is small, typically at $1,000. Large or expensive boats may not be covered under home insurance, and not all accidents may be covered. Coverage may also be limited for fast boats.
Types of Boat Insurance Coverage
Boat insurance covers the physical boat as well as liability that may arise from operating the boat. There are three main sections of boat insurance:
- Physical Damage covers the boat in case of loss or damage due to fire, wind, hail, lightning, theft, vandalism and more.
- Bodily Injury and Property Damage Liability steps in if the policyholder causes property damage or bodily injury to someone else while operating the insured boat. It can cover medical payments for bodily injury victims as well as legal expenses should the victim decide to sue.
- Guest Passenger Liability covers accidents caused by a guest operating the boat with the owner’s permission.
Boatowners can also cover the boat trailer, permanent fixtures and other accessories. Personal belongings are sometimes covered under boat insurance if kept on the boat, but this depends on the item and the situation.
How Much Is Boat Insurance in Georgia?
Boat insurance rates vary depending on many different factors, including:
- Credit score
- Claims history
- Value of the boat
The average cost of boat insurance in Georgia is about $256 a year. This can vary per zip code within Georgia, as well. Rates can change depending on the cost of living and crime rate in the area. Areas with a higher crime rate will charge more for insurance to compensate for the possible risk of theft or vandalism. If you live in an area with a high cost of living, you may also pay more. This is because the other vehicles (water and otherwise) on the road are likely to be more expensive to repair or replace if you cause an accident with your boat or boat trailer. Insurance agencies compensate for that high value risk by charging more for boat insurance premiums.