Boat Insurance FAQ

How is the agreed value of my boat determined?

The agreed value of your boat is determined by consulting a local dealer, BUC guideABOS Blue Book or NADA guide. If your boat is less than two years old, a bill of sale may be used. Any permanently attached equipment—like ship-to-shore radios, depth finders, loran and GPS systems, fish finders, radar and sonar systems—is included in the boat’s value so make sure your coverage amount takes that into account. Also websites like, and Boat Trader can help you to get a sense of your boat’s value. Ask yourself the question “If I were in the market to buy my boat today, how much would I have to pay for it?” Your answer will give you a good sense of agreed value.

Why do I need boat insurance?

Most states do not require you to have boat insurance. However, boat insurance offers protection from theft and liability in case of an accident. If you get a loan to pay for your boat, your lender will most likely require you to carry boat insurance. If you have homeowners insurance, your policy may provide only limited coverage for boats and probably doesn’t cover injuries or accidents while you’re on the water. Many types of boats are probably excluded from coverage on your homeowners policy. To make sure you’re covered for boat injuries like water skiing accidents, theft and damage, you’ll need boat insurance. If the other guy doesn’t have boat insurance, you’ll need coverage for uninsured and underinsured boaters. Talk to your local Tulsa Insurance Guy agent to find out more.