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“At Travelers, if your boat is less than 30 feet and you have one or more policies, you can save 10 percent for one policy and 15 percent for the second.” A personal loan can be a great option for financing a boat. In some ways, boat insurance is a mash-up of home and auto insurance.

Like home insurance, a boat policy covers you for liability if someone is injured on your craft and gives you the choice between replacement cost or cash value in a total loss.

“But if you’re buying a ,000 or ,000 boat, your homeowners policy is not going to cover you for what you need.” Lynne Mc Christian, the Florida representative for the Insurance Information Institute, says boats are unique and require their own policy.Unlike home and auto, a boat policy may allow you to “lay up” or suspend coverage for specified periods when you’re not using the boat. The moment you drive it off the lot, it starts depreciating,” says Cyr.“Sometimes boaters aren’t aware of that and (on) some nice day in November, they take the boat out for the day and have an unfortunate incident, only to find out that their boat was to be out of the water from Oct. To help boaters save money on insuring older vessels, insurers offer the option of “agreed value” (think sticker price) versus “market value” (think depreciation) in the case of a total loss.Like auto insurance, boat coverage typically includes coverage for bodily injury that your boat inflicts on others, property damage your boat inflicts on docks and other boats, and physical damage to your boat should you hit something or run aground.You can also purchase comprehensive coverage against theft, vandalism, fire and flood, personal property coverage for your fishing gear, uninsured boater insurance and even roadside assistance in the event you need a tow.The boat financing options can help you purchase a new or used boat through a commercial or private sale. If you’re looking for a competitive rate, you may want to consider using the boat as security for the loan.

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