Do I Need Boat Insurance if I Just Rent a Boat?

Renting a boat can save you from the responsibility of owning, upkeeping and purchasing a boat. You won’t be completely free of responsibility when it comes to an accident, however. Any accident you may be involved in on the rented boat can fall back on your shoulders, especially without the right coverage. 


If you rent from a company, the rental company will typically cover you under their boat insurance policy. However, this isn’t always applicable. 


In many cases, people will rent a boat from a friend who owns one. Unlike when you rent a boat from a company, your friend likely won’t have high limits on boat insurance. It is important when renting a boat from a friend that you both have the insurance you need to be covered. 


It can be risky renting a boat from a friend because of the boat insurance limits and your personal experience. Rental companies will only allow experienced boat drivers to operate their boats, but you won’t necessarily face that boundary when renting a boat from a friend. 



The boat owner needs to protect their asset and thus should only allow experienced boaters to rent and operate their boat. If you plan to rent the boat you own to another person, you need the right boat insurance protection. Property insurance is necessary here. If you plan to be the person who is renting the boat, you need boat insurance for liability risks. Rental boat insurance covers most liability risks. However, short-term boat renters coverage can have limitations. Since each policy is so unique, individuals need to obtain a copy of the policy to verify the details of it. Before renting out your boat, speak with your insurance agent about the possible risks and whether or not another driver will be covered by your policy. 



If you are the person renting, speak to your current insurer. Learn if you have coverage if you plan to rent out your boat. And, if you plan to be a boat renter, be sure you protect yourself from risks. Liability insurance will be a key component to safe operations here. Do not overlook the importance of a comprehensive boat insurance plan in any case. Even a small accident or collision can create thousands of dollars in loss.  



No matter which party you are when it comes to renting a boat, make sure you have the right insurance to protect yourself and your assets.