Do you need a different type of boat insurance if you have a yacht?

I have a chance to upgrade my boat to a yacht. I currently have boat insurance. Do I need a new policy for a yacht?

Answer
“Depending on which company your boat insurance policy is with, you may need a separate yacht policy.
Some insurance companies cover both boats and yachts under a standard boat insurance policy. If this is the case, they often offer additional coverages for yachts. This could include customized territory coverage or weather-related coverage.
Other insurance companies may offer specialty yacht policies. Typically yacht policies cover the following:
  • Bodily injury liability
  • Property damage
  • Personal property
  • Fuel spills
  • Commercial towing
  • Dinghies
As yacht policies are designed for larger boats with a crew, you’ll want to be sure that your policy meets all your needs. Like car insurance, every boat insurance policy is different. Each insurance company will have different terms and conditions for its policies.
Comparing policies can sometimes be tricky and time-consuming. Whether you’re planning to bundle your insurance or shop with a new company, the Jerry app can be a useful tool. We’ll get you instant customized quotes from multiple providers so that you can easily choose the policy that works best for you—and if you need to switch providers, we can help with that, too! By comparing rates and coverages, you’ll be sure you’re getting the correct policy for your new yacht.”
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Emily Maracle
Answered on Sep 01, 2021
Emily Maracle is a car insurance specialist living in New York. Originally from the Pacific Northwest, she has a degree in English Literature and a background in customer service. She enjoys cooking, gardening, and living sustainably. In the future, she can't wait to upgrade to a hybrid or electric car.
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