Comprehensive & Collision
Comp and collision pays for repairs to your boat if it's damaged or stolen. Similar to your auto insurance policy, you'll pick your out of pocket expense (deductible). For example, if you file a claim for $5,500 in damages and you have a $500 deductible, you pay $500 out of pocket and insurance will pay the rest. Comprehensive includes pet injury coverage for cats and dogs. It will pay up to $1,000 if your animal is injured during a covered accident (included, is a $1,000 death benefit for your pet).​
Bodily Injury & Property Damage Liability (BI/PD)
BI/PD pays for damages you cause to another's property. This includes injuries to other boaters and passengers, as well as damages to things other than the boat. It also pays for legal expenses if you’re sued.​
Medical Payments
You can choose the coverage limits for your medical bills (and your passengers’) if you’re in an accident. For some states, this coverage kicks in once your health insurance limits are reached.
Uninsured/Underinsured Boater (UB/UIB)
What happens if you are hit by a boater who doesn’t have insurance and injures you or others on your boat? This scenario happens more often than you might think. Occasionally, uninsured boaters pay for damages out of their own pocket. But if they don’t have insurance and are unwilling to pay for your damages, your only recourse may be taking them to court leaving you to pay. Life your auto coverage, UB/UIB also pays for your injuries/medical bills and lost wages if you can’t work.
Add-on coverages for even more protection
For example, let’s say that you bought a new boat 3 years ago for $30,000, but it’s now only worth $20,000. If you have a total loss, it’s going to cost you $30,000 (or more) to buy a brand new one. Your policy will pay you the $30,000+ and not the depreciated value of $10,000. That’s a real $10,000 difference.​
