Boat Insurance

One of the best parts of living in South Carolina is easy access to the state’s abundant waterways. From nearby Saluda Lake to the miles of coastline and rivers, the Palmetto State offers plenty of opportunities for Greenville residents who love water sports and recreation. Whether your watercraft is an offshore fishing boat in Charleston or a trusty old pontoon you keep at the lake, make sure you have adequate boat insurance.

Boat Insurance South Carolina

South Carolina does not require boaters to show proof of insurance to register a boat; however, this doesn’t mean you should cruise around without it. Every year, the state reports dozens of boating accidents and related injuries and fatalities. If you are involved in one of these collisions, boat insurance can help pay for pricey repairs, medical expenses, towing coverage, and more.

Types of Boats Insured

At Upside Insurance, we can help you find coverage for just about any personal or commercial boat including:

  • Fishing Boats: South Carolina is a fisherman’s paradise. No matter what type of craft you take on weekend fishing excursions – Aluminum Boats, Bass Boats, Bay or Flats, Center Consoles, Sportfishing Boats, Walk Around Boats – we have you covered when it comes to insuring your beloved fishing boat
  • Sailboats: These wind-reliant vessels offer a relaxing way to enjoy time on the water but usually come with a hefty price tag. Discuss insurance options for your sailboat with a knowledgeable insurance agent.
  • Power Boats: Made to go fast, these boats include everything from your weekend cruiser to a high-performance boat built for speed. Protect your fun at the lake or on the river with insurance for your power boat.
  • Yachts and Catamarans: By far the most luxurious way to get around on the water, motor yachts and catamarans can often be spotted off the coast or docked at marinas in Hilton Head and Charleston. Just like you wouldn’t drive a Rolls Royce without car insurance, you shouldn’t maintain one of these high-end vessels without yacht insurance.
  • Pontoon Boats: These flat-bottomed boats are perfect for lazy weekends exploring South Carolina’s dozens of lakes and inland waterways. Get a free quote for insuring your pontoon when you contact us today!
  • House Boats: Even though it’s a floating house, your houseboat requires a marine insurance policy. Make sure you’re fully covered when you’re floating along in your home away from home.
  • Personal Watercraft: Like a motorcycle on water, personal watercraft offer a fun, fast way to zip across the water. Favorite jet ski brands include Sea-Doo, Kawasaki, WaveRunner, and Yamaha.

Types of Boat Insurance Available

Many of the boat insurance coverages available resemble auto insurance policies. However, with marine insurance policies, there are two major types of insurance policies available – agreed value and actual cash value.

  • Agreed Value: With this policy, you and your insurance company agree upon the boat’s value during underwriting. If your boat is damaged or declared a total loss, you receive an amount up to the pre-determined accepted value. An agreed value policy does not factor depreciation into amount paid out. While this means greater protection in the event of expensive repairs or a total loss, it also means you’ll pay higher premiums.
  • Cash/Market Value: Like car insurance, a marine market value policy pays an amount for damages or loss up to actual cash value of the boat. Recommended for older boats, this type of policy factors depreciation into the payout amount. Because it offers less protection than an agreed value policy, a cash value marine policy is usually the cheaper option.

The agreed value and actual cash value distinctions apply to insurance coverage that specifically protects your boat. However, there are several types of boat insurance available:

  • Collision or Physical Damage Coverage: If you cause a boating accident, this coverage pays for repairs to or the replacement of your boat. How much you’ll receive depends on the extent of damage and whether you purchased an agreed value or market value policy.
  • Liability Insurance: Just as when you’re driving a car, if you cause an accident that harms another boater, you may be held legally liable for the resulting property damage or bodily injuries. Liability insurance pays claims for repairs to the other boat as well as medical expenses for injuries to the other boat’s passengers. This insurance may also cover associated legal fees.
  • Uninsured/underinsured Boater: If another boater causes an accident that leaves your boat damaged or someone in your party injured, but doesn’t have adequate liability insurance, this insurance steps in to pay repair costs and medical expenses.
  • Medical Payments: If you or someone on your boat is injured in an accident, whether you are at fault, MedPay coverage pays the related medical bills.
  • Towing: If your boat dies, towing coverage will cover the expense of getting it safely back to the dock.
  • Other types of boat coverage add-ons include personal property (boat content) coverage, salvage coverage, hurricane transport coverage, fishing equipment coverage, theft, vandalism, and more.

Instead of purchasing a separate marine policy for your boat, you may be able to add a marine rider to your existing homeowners’ policy.

Greenville SC Boat Insurance

At Upside Insurance, we want your time on the water to be safe. To ensure proper coverage for your boat and its passengers, call one of our Greenville insurance agents today! We’ll discuss your coverage options and provide you with free quotes from some of the nation’s top marine insurers. Call us now for a free quote!