Boat Insurance
Enjoy your time on the water
Boat & Marine Insurance
Whether you love boating on Table Rock Lake in Branson or fishing on Lake Springfield, The Resource Center can help you find the right boat insurance policies for many types of boats, including bass boats, cruisers, fishing boats, pontoons, runabouts, sailboats, catamarans and utility boats. Although you may have some existing boat liability insurance coverage through your homeowners policy, the insurance professionals at The Resource Center still recommend considering a separate boat insurance policy with property insurance and liability coverage. If you’re a boat owner looking to get coverage, contact The Resource Center office in Springfield or Branson.
Determine which level of insurance coverage is right for you
Boat Coverage
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Liability Insurance Coverage
Most boat insurance companies offer liability insurance coverage limits that start at $100,000 and can be increased to one million. Typical policies include deductibles of $250 for property damage, $500 for theft and $1,000 for bodily injury liability coverage or medical payments. Higher limits may be available.
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Actual Cash Value Policy
Actual Cash Value policies (also known as "ACV" insurance) pay for replacement costs minus your deductible at the time of the loss. In the event of a total loss, used-boat-pricing guides and other external resources are used to determine your watercraft's approximate market value. Partial losses are settled by taking the total cost of the repair less a percentage for depreciation.
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Agreed Amount Value
The "Agreed Value" insurance policy is a type of policy where you and your insurer have pre-agreed on a value for your vessel. In the event of a total loss, you will be paid your agreed-upon amount of valuation. Agreed Amount Value policies can also replace old items for new in the event of a partial loss without any deduction for depreciation.
Frequently asked Questions about Boat Insurance
Is my boat covered in storage or while being trailered?
It depends on your policy. Some cover your boat during transport and storage, some do not. Ask your agent so you know your boat is protected year-round, not just when it is in the water.
Does boat insurance cover passengers?
Liability coverage generally includes protection if someone on your boat gets hurt. If you regularly head out with passengers, it is worth talking to an agent to make sure your limits are where they should be.
What does boat liability insurance cover?
It covers bodily injury and property damage you cause to others on the water. Most policies start at $100,000 and can go up to one million. Standard deductibles run $250 for property damage, $500 for theft, and $1,000 for bodily injury or medical payments, with higher limits available if you need them.
What is the difference between Actual Cash Value and Agreed Amount Value?
Actual Cash Value pays out what your boat was worth at the time of the loss, minus your deductible, with depreciation factored in on partial losses. Agreed Amount Value means you and your insurer agree on the boat’s value upfront. That is what you get in a total loss, and there is no depreciation deducted on partial losses either. For newer or higher-value boats, Agreed Amount Value is usually the smarter choice.
What types of boats can you insure?
Bass boats, pontoons, fishing boats, runabouts, cruisers, sailboats, catamarans and utility boats. If you take it out on Table Rock Lake or Lake Springfield, we can find coverage for it.
Does my homeowners insurance cover my boat?
It might cover limited liability for smaller watercraft, but it was not designed for boats. It will not cover damage to the boat itself, and the liability limits are usually not enough. A separate boat policy gives you the property coverage and liability protection that actually makes sense for a boat owner.
Is boat insurance required in Missouri?
Missouri does not require boat insurance, but most marinas and lenders do before you can dock or finance a watercraft. And if you head out without it, you are personally on the hook for any damage or injuries you cause. Our agents in Springfield and Branson can make sure you have the right coverage for how you use your boat.
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