Unlike car insurance, which North Carolina state law requires all drivers carry, boat insurance is not required. Boat owners, however, would be prudent to consider insuring their boats and several types of Greensboro boat insurance are available for your protection.

Greensboro Boat Insurance Options

Similar to your car insurance coverage, there are a variety of boat insurance options you can choose, including:

      • Liability Coverage – to help pay for death, bodily injury or property damage to a third party for which you are held responsible. Liability coverage also protects you from financial losses incurred from defending yourself or being subjected to judgements in a liability suit.
      • Collision (Damage) Coverage – to help pay for damages to your boat as the result of a collision.
      • Comprehensive Coverage – to help pay for damages or destruction due to non-collision boat incidents. Sometimes called hull coverage, this protection may include fire, lightning, theft, vandalism or windstorm. It also typically covers motors, trailers, sails, accessories and other equipment.
      • Medical Payments Coverage – to help pay medical or funeral costs from injuries due to a boating accident.

You’ll find Greensboro boat insurance in two forms:

        • Boat Owners Insurance – for smaller boats sized less than 26 feet in length.
        • Yacht Owners Insurance – coverage for boats 26′ or more in length or for more expensive boats.

When Boat Insurance IS Required

There are a couple of scenarios where boat insurance may be required. First, if you’ve borrowed the money to buy your boat, your lender will likely require that you maintain insurance coverage to protect their financial exposure. This will include full coverage for collision, non-collision and liability incidents.

Secondly, many moorages and marinas require that boat owners wanting to use their facilities maintain a certain amount of insurance coverage. If your boat is dry-docked and undergoing maintenance activities, you’ll want to make sure it’s protected against any damages that could be sustained such as fire, theft or vandalism.

Loss Settlements

Coverage for physical damages to your boat generally falls into two categories:

        • Agreed Value
        • Actual Cash Value (ACV)

Claims payments on an “Agreed Value” loss settlement policy are based on the value of the boat agreed upon at the time the policy is issued and a claim for a total loss is typically paid according to the amount on the policy.

ACV policies are paid based on current market value, taking into account depreciation.