Everything you need to know about insurance basics, like coverage types, limits, cost and more.
Repair Cost Coverage for Boats
Whether you’ve got a fishing boat, personal watercraft (PWC) or power boat, insuring your boat is one of the smartest moves you can make. And making sure you’re aware of all your coverage options will help you better protect your investment.
Learn how optional coverages, like repair cost coverage, provide greater protection for your boat if the unexpected happens.
What Is Repair Cost Coverage for Boats?
In the event of a covered loss, if your boat is damaged, but not destroyed, this additional coverage can be purchased to help pay for repairs “without a deduction for depreciation.” This means we’ll pay what it costs to return your boat to its pre-accident condition when repaired.
For instance, suppose you’re docking your boat and accidentally damage the fiberglass hull. Repair cost coverage will help cover the costs to restore your boat. Or if your boat is vandalized and the windshield is broken, we’ll help to make your boat whole again with this coverage.
Why Do I Need Repair Cost Coverage?
Being protected from the unexpected can save you in the long run, and that’s why repair cost coverage is so important. Remember, this coverage helps pay for repairs without a deduction for depreciation. If the boat you bought years ago is accidentally damaged in a covered loss, we’ll help pay the amount to fix it and not factor if it is worth less today — which means a greater value for you.
Does repair cost coverage cover a total loss?
Repair cost coverage does not apply in a total loss scenario. If you need coverage for a total loss without a deduction for depreciation, reach out to your American Family Insurance agent to discuss agreed value hull coverage to your boat insurance policy.
What Is Covered by Boat Repair Cost Coverage?
Repair cost coverage helps pay for the cost of the repair work done on your boat, equipment or watercraft trailer when a covered loss occurs. Boat repair cost coverage protects your finances by helping to cover:
- Damage to the motor
- Damage to the hull
- Damage due to grounding or hitting hidden objects underwater
How Much Is Boat Repair Cost Coverage?
When you add repair cost coverage to your boat policy, your premium will typically increase — but it’s a small price to pay if your boat experiences damage. Issues arising from foul weather alone can leave you with a hefty bill to get your boat back in the water.
If you visit a highly trafficked marina, or if you moor your boat on a slip, this extra coverage can be key. You’ll find more peace of mind knowing that if something happens while you’re away, your boat can be better protected.
Looking for ways to save on boat insurance? Learn more about our boat discounts.
Additional Boat Insurance Coverages
American Family Insurance offers optional coverages to enhance your protection and your peace of mind. Take a look and find out ways you can customize your boat policy to match your needs:
Diminishing Deductible coverage
This great program rewards safe boat owners with a credit that grows over time. With this coverage, we’ll credit (lower) your deductible to help you better prepare for the out-of-pocket expenses if you have a claim.
Personal effects and fishing equipment coverage
This add-on coverage protects you against the loss of those extra items you may use on your boat, such as fishing equipment, diving equipment and clothing. Learn more about the personal effects and fishing equipment endorsement.
Agreed value hull coverage
With this coverage, we will pay the agreed value limit shown on your policy for your insured watercraft in the event of a covered total loss. The coverage includes repair cost coverage for partial losses.
Uninsured or underinsured watercraft coverage
This coverage helps protect you against damages suffered in an accident caused by a driver who has no liability coverage or inadequate liability coverage.
How to Add Boat Repair Cost Coverage To Your Policy
Connect with an American Family Insurance agent to learn more about your coverage options for protecting your boat or watercraft.