Watercraft & Boat Insurance

Philadelphia Boat Insurance Offers: Things You Should Know Before Investing

Watercrafts can be an exciting and fun time; but like any other moving vessel, they are susceptible to accidents. For this simple reason, it’s a good idea to have the right insurance to cover you financially and guarantee peace of mind while out on the water. Personal watercraft, unlike small boats, are not normally protected by homeowner’s insurance (and in the rare cases they are, coverage limits are low). Personal watercraft insurance (PWC) is structured primarily to protect these assets.

What is Watercraft Insurance?

Boat insurance, yacht insurance, and personal watercraft insurance are all covered under this umbrella. It protects any vessel with a motor that can reach at least 25 miles per hour (mph) from damage. Incidents covered by boat insurance include, but are not limited to: physical loss or damage to the boat, theft of the boat, and towing. These types of incidents are not uncommon, which is why it’s so important to have this insurance in addition to your standard auto insuranceThe size of your vessel is the largest factor in determining the type of insurance you should purchase.


Watercraft liability can encompass medical payments for physical harm to the boat’s owner and family, guest passengers, third parties using the boat while the owner is absent. Certain plans encourage you to purchase extra liability coverage as an add-on.


Watercraft Insurance Procedure for a watercraft insurance policy works in a similar way to other forms of insurance. The policyholder is protected from potentially expensive risks (both common and uncommon) in return for paying a set of insurance premiums. An insurance provider will consider the policyholder’s track record of prior claims when underwriting a policy. Premium costs will vary from low to high depending on the craft’s size, age, intended uses, and the aforementioned track record of the policyholder.

Why do you need insurance for your boat or personal watercraft?

Typically includes the following:

You’ll enjoy the water even more when you’re not worried about the safety of yourself, your passengers, or your investment. Here are a few things to consider:

  • If you’re in an accident or your watercraft is stolen, it costs money, often a lot of money, to fix or replace it.
  • If you or any passengers are injured in an accident, medical costs can be extremely expensive.
  • If your watercraft is responsible for damage or injury to others, you may be sued for much more than you’re worth.
  • Your watercraft also needs protection when it’s on land. Accidents can happen while towing a watercraft.

Why do you need insurance for your boat or personal watercraft?

Things to consider and questions to ask your agent

Here are a few things to consider as you prepare for the discussion:

  • How much can you afford to pay if your boat or personal watercraft is in an accident, damaged or stolen?
  • Is my boat or watercraft covered for use year-round?
  • What discounts and programs are available?
  • How much medical insurance and liability coverage is enough?
  • Do I have coverage if I need to have my boat towed in an emergency?
  • What’s the process for filing and settling a claim?
  • Does the insurance company have a good reputation for customer service? Is it known for paying claims fairly and promptly?

Home and auto insurance policies may provide limited coverage for personal watercraft. Talk to your insurance representative about coverage limits. You may want to consider purchasing a personal watercraft policy to protect yourself and your water vehicle in the event of an accident. The personal watercraft policy covers:

  • Bodily injury
  • Property damage
  • Guest passenger liability
  • Medical payments
  • Theft

Liability limits start at $15,000 and can be increased to $300,000. Typical policies include deductibles of $250 for property damage, $500 for theft and $1,000 for medical payments. Additional coverage can also be purchased for trailers and other accessories. You should talk to your insurance representative about the type of coverage that would best suit your needs. Remco Insurance Services’s mission as an independent insurance agency is to provide you with all your insurance needs. We will assist you in managing and planning for all future risks. We evaluate your needs as experts and provide you with a range of insurance options.