Are Yacht and Boat Insurance the Same?
Yacht and boat insurance both are intended to insure watercraft and the people using them, and there are often many similarities between the two policies. There are also usually some points where they differ, though.
Generally speaking, yacht options come with more coverage options than their standard boat insurance counterparts. For example, a yacht policy might offer an option to add on coverage for recovering a sunken watercraft, which is a coverage that many boat policies don’t include. Also, yacht policies frequently have more deductible options than boat policies do.
In most cases where the two types of policies differ, yacht policies tend to offer the more robust insurance coverage of the two. There is one common exception to this trend, however. Whereas boat policies frequently have no restrictions on towing, yacht policies sometimes limit towing to a certain distance. They might only cover towing for a few hundred miles, for instance. Boat policies normally don’t have such a restriction.
What Coverages Do Yacht Policies Provide?
Many of the main coverages in yacht policies are similar to those found in both auto insurance and boat insurance policies. The distinctions that make these policies unique often lie in the coverages’ terms and conditions, as well as in some optional coverages that may be available.
Many yacht policies make the following coverages available:
- Bodily Injury Coverage, which may cover injuries caused to another person
- Property Damage Liability Coverage, which may cover damage caused to another’s property
- Collision Coverage, which may cover damage that a yacht sustains during a collision with another boat
- Comprehensive Coverage, which may cover damage that a yacht sustains during a non-collision incident
- Uninsured and Underinsured Boaters Coverage, which may cover collisions caused by improperly insured boaters
- Medical Payments Coverage, which may cover medical costs and funeral expenses of people on an insured yacht
- Equipment and Personal Effects Coverage, which may cover gear and personal belongings kept on a yacht
An agent can go over any other optional coverages that a particular policy offers.