Well, Hello pontoon enthusiasts! how are you all doing so far? Today I’m going to write about Pontoon Boat Insurance. Because we must protect our pontoon boat in the water or even in your garage. They are expensive and some damage can break your bank balance if you do not have good insurance for your pontoon boat.
Pontoon Boat Insurances give you more benefits depending on the insurance package that you choose. Remember more annual charge means more coverage for your pontoon boat. But wait, are you new to this pontoon boat insurance niche? Well, don’t worry buddy, I will cover all the topics regarding pontoon boat insurance.
Why do you need to have pontoon boat insurance?
Imagine that you are driving your pontoon boat on a lake, A warm breeze blowing through your hair, the evening sun kissing your skin slightly, and suddenly the gentle sway of your pontoon boat as it glides across the water. Boom, your worst nightmare happened.
So, what exactly is pontoon boat insurance? Think it’s a shield or guard that protects your expensive pontoon boat from unpredictable situations on the water, accidental damage to theft, and everything in between pontoon boat insurance has got you covered.
Pontoon Boats Coverage Options
Pontoon boat insurance offers various types of coverage according to the insurance that you choose for your pontoon boat. If you choose premium insurance then you get more benefits as I first said.
- Comprehensive Coverage: This covers damage to your boat caused by accidents, storms, or even collisions with other vessels.
- Liability Coverage: Have you ever heard the phrase “better safe than sorry”? Liability coverage ensures that you’re financially protected, in case you accidentally damage someone else’s property or cause injury while boating.
- Medical Payment Coverage: Accidents happen, but with medical payment coverage, you can rest easy knowing that medical expenses for you and your passengers are taken care of.
- Theft and Vandalism Coverage: Unfortunately, not everyone on the water has good intentions. Theft and vandalism coverage helps safeguard your boat against unwanted intruders.
Premium Pontoon Boat Insurance
Some insurance companies provide premium insurance packages for pontoon boats. But these are a bit expensive. So my advice is if you have an expensive luxury pontoon boat then you must consider having premium pontoon boat insurance. But if you have a regular or mini pontoon boat that values below 15000$ I think you can stick with normal insurance.
Remember there are some factors insurance companies consider before giving you premium pontoon boat insurance.
- Boat Value: The higher the value of your pontoon boat, the higher your insurance premium is likely to be.
- Usage: Do you use your pontoon boat for leisurely cruises or high-speed water sports? Your usage can impact your insurance rates.
- Location: Are you navigating calm lakes or tackling rough waters? Your location plays a significant role in determining your insurance needs and premiums.
Top Pontoon Boat Insurance Providers in 2024
Now that I covered the basics of pontoon boat insurance let’s get into what are the top pontoon boat insurance providers in 2024.
Top Pick: Geico Marine
A company that in the insurance niche since the 1980s. Geico Marine was established as Seaworthy Insurance, the company was bought by financial giant Berkshire Hathaway in 2007.
I choose this as my top pick because it’s an older company or has a financial giant behind it, but the service and a long-standing connection with The Boat Owners Association of the U.S. (BoatUS), including giving policyholders access to the BoatUS Catastrophe (CAT) Team.
If you are choosing Geico Marine as your pontoon boat insurance company you should know that they have a list of boats that are ineligible for claim insurance.
- Boats over 50 feet in length
- Boats over 40 years old (15 years for houseboats)
- Airboats
- Multihull sailboats (catamarans)
- Watercraft made of wood or composite material
- Homemade boats
- Amphibious land boats or hovercraft
- Boats previously deemed a total loss
- Boats valued over $2,500,000
Pros:
- Insures boats up to 50 feet in length
- Gives policyholders access to BoatUS Catastrophe Team, USA
- Insures boats valued up to $2.5 million
Cons:
- Doesn’t insurance wood or composite boats
- Boats more than 40 years old aren’t allowed for insurance
Top Pick For Fishing Lovers: Markel
Markel is one of the best picks for fishing enthusiasts. Because Markel insurance comes with more optional coverages than other pontoon boat insurance companies. They mostly provided insurance for fishing equipment, and gears in your pontoon boat, like for rods, reels, and other personal effects, plus coverage for boat lifts and trailers too.
However, according to their online reviews and customer feedback, they take a longer time to settle down the insurance.
Pros:
- Special coverage for rods, reels, and other fishing equipment
- Emergency towing and personal property coverage are included too
- Lift and trailer coverage available
Cons:
- Most claims can take a few weeks to settle.
- There are few negative customer reviews online.
Value Pick: Progressive Boat Insurance
I think we can say Progressive Boat Insurance is the most valuable pick. Why? because they are the only ones who provide boat insurance for just 100$ per year. For me, it’s just like free insurance for my pontoon boat, because can you believe that they provide insurance for a cheaper price like that and protect your expensive vessel from all the damages?
Progressive Insurance is a well-known and top-rated insurance company out there in the world. Because of all of this reputation in the market, they don’t want to lose it for boat insurance. That’s why they give Few restrictions on cruising areas and provide larger coverage options for pontoon boats.
Pros:
- Rates start as low as $100 per year.
- Large selection of coverage options.
- Few restrictions on cruising areas.
- Get a huge discount if you are the original owner of the boat.
- Trailer Trip interruption facility.
Cons:
- Many stated restrictions on boat types.
HOW ARE INSURANCE RATES DETERMINED FOR PONTOON BOATS?
Insurance rates are determined for pontoon boats with several various factors. These factors also can be a benefit or headache when you insure your pontoon boats. I will list down some major factors that are considered by most insurance companies today.
- Boating experience
- Age
- Driving record
- Whether your pontoon is stored or trailered
- Your Location
- Your medical status
TIPS FOR FINDING THE BEST PONTOON BOAT INSURANCE
As a pontoon boat owner, it’s important to find the best insurance company. But with so many insurance companies all over the market, it’s difficult to find the best one. So that’s why I thought to share this article with you. I selected here by comparing all the factors with over 20+ insurance companies. But sometimes these companies will not satisfied with you at some point.
So my advice is to take at least 3-4 insurance companies and first search their names in Google. Then you can simply find their feedback. Then take a look at their official website and social media. If a company runs without a proper website in the 21st century you need to consider twice before choosing that company as your pontoon boat insurance company. (If you are an insurance company that doesn’t have a website yet for your company, consider creating a website from Rarelayouts.)
After that give them a call and ask verbally about their services and packages. Most insurance companies have a front desk with more employees to answer the calls.
Bottom Line
Having boat insurance for your pontoon boat is not necessary. However, having pontoon boat insurance can secure your boat and your money when you face an accident. So my advice is if you have a good decent pontoon boat you must have boat insurance. If not you will have to break the bank if something happens to your pontoon boat.
