Boat Insurance In Oregon: What's The Law?

In the state of Oregon, boat owners are required to register their boats and obtain a Certificate of Number to operate in Oregon waters. While boat insurance is not mandated by the state, it is still a good idea to have one, especially if you're financing the boat or using a dock at a marina. Boat insurance can protect your investment and provide coverage in the event of accidents or injuries. It's similar to auto insurance, offering comprehensive and collision coverage, as well as protection for your passengers and boat from risks like theft, collision, or storm damage.

Oregon boating insurance requirements

In the state of Oregon, there are no mandatory requirements for boat insurance. However, it is still highly recommended that boat owners obtain insurance to protect their boats and cover any potential accidents or injuries. Boat insurance can provide financial protection in the event of theft, collision, or storm damage, and it is similar to auto and homeowners insurance in terms of coverage options.

While Oregon does not mandate boat insurance, there are specific circumstances in which you may be required to have it. For instance, if you are financing the purchase of your boat through a bank, they will likely require you to have insurance. The policy will need to cover the full value of the boat, and the bank may set minimum coverage requirements. Additionally, if you plan to dock your boat at a marina or port, they will typically require you to have boat insurance as well. Each marina or port may have its own specific insurance requirements, so it is important to inquire about their policies before signing any contracts.

It is worth noting that Oregon does have certain boating regulations and safety requirements. For example, all operators of motorized watercraft over 10 horsepower must have an Oregon Boating Education Card. Additionally, the Oregon State Marine Board mandates specific safety equipment on boats, such as personal flotation devices (PFDs) or life jackets for each person on board.

Although boat insurance is not legally required in Oregon, it is a valuable investment to protect yourself and your boat. It can provide financial peace of mind and ensure that you are covered in the event of any unforeseen circumstances. It is important to weigh the benefits of insurance against the potential risks of operating a boat without adequate coverage.

Lastly, it is always a good idea to consult with a reputable insurance provider to discuss your specific needs and understand the different coverage options available to you. They can guide you through the process and help you make an informed decision about insuring your boat in Oregon.

Boat insurance costs

While Oregon doesn't require boat insurance, it's still a good idea to get one to protect yourself and your vessel. Accidents involving other boaters, crashing into a buoy, fuel spills, or even something as simple as a guest falling off your boat can result in costly consequences. A boat insurance policy can help protect you against these events, as well as damage to your vessel. Additionally, if you finance a boat through a lender, the lender may require certain coverages until the loan is paid off.

Boat insurance typically costs between $300 and $500 per year, but in some cases, it can exceed $1,000. Oregon is considered a mid-range state for boat insurance costs. Multiple factors play into the cost of boat insurance in Oregon, including age, make, model, year of the boat, boating experience, and claims history. The type of watercraft, safety measures, boat horsepower, and boating history can also impact the cost of boat insurance.

In 2022, the average annual cost of a boat insurance policy at Progressive ranged from $255 in Minnesota to $753 in Florida. Oregon fell in the mid-range, with an average annual policy cost of $368.

Optional boat coverages that can be added to a standard policy include comprehensive and collision coverage, towing assistance, and trailer trip interruption coverage. Comprehensive coverage can protect against events outside of your control, such as fire, theft, and vandalism. Collision coverage addresses damages caused by other boats and obstacles like docks and buoys. Towing assistance can help if your boat is stuck on the water and requires on-water towing, jump starts, or fuel delivery. Trailer trip interruption coverage will reimburse up to a certain amount for food and hotel expenses if you break down a certain distance from home.

Boat insurance discounts

While Oregon doesn't require boat insurance by law, it is still a good idea to get one to protect yourself and your vessel. Boat insurance can be expensive, but there are several ways to get discounts on your insurance premiums.

One way to get a discount is to sign up for multiple policies with a single insurance company. This is known as a multi-policy discount. You can also get a discount for paying your policy in full upfront, instead of in installments. This is called a paid-in-full discount.

If you are a new customer, you may be eligible for a new customer discount. On the other hand, if you have been with the insurance company for a long time, you may qualify for a loyal customer discount.

Taking a boating safety course can also help you save on your boat insurance. If you have a good driving record, both on the road and on the water, you may be able to get a good driver discount.

Some insurance companies also offer discounts for customers who are members of certain associations, such as the United States Coast Guard or the United States Power Squadron. If you are the original owner of the boat, you may also qualify for a discount.

Another way to save on your boat insurance is to purchase your policy in advance. The further in advance you buy your policy, the more you can save. This is known as an advanced quote discount.

If you only use your boat during certain times of the year, such as in the summer, you may be able to get a lay-up discount.

Finally, if you are a member of a professional or industrial association, you may be eligible for a professional/industrial affiliation discount.

Be sure to ask your insurance company about any discounts that may be available to you, as each company offers different options.

What does boat insurance cover?

While Oregon doesn't require boat insurance, it's still a good idea to get it to protect your boat and cover accidents and injuries. So, what does boat insurance cover?

Boat insurance helps protect your passengers and your boat from certain risks, such as theft, collision or storm damage. It covers your boat whether it's in the water or on land. A standard boat insurance policy will commonly cover fuel spills and wreckage removal if your boat sinks. Additionally, boat insurance may pay for damages or injuries you cause to others while boating.

Depending on your policy, you may also have coverage for on-water towing, mechanical breakdowns, water sports and fishing equipment. Comprehensive coverage protects your watercraft against damage from events outside of your control, including theft, vandalism, explosions, fire, falling trees and objects, hurricanes, lightning, and other weather-related issues. Collision coverage can pay for damage to your boat if you collide with another watercraft or object, regardless of fault. Your boat is also covered if it capsizes.

Boat insurance coverage varies based on your boat or watercraft. A typical boat insurance policy includes coverage for damage to your boat's hull, sails, equipment, furnishings, motor, and trailer. It also includes new boat replacement for new boats, agreed hull value or actual cash value, fuel spill liability, salvage coverage and wreck removal, uninsured boater protection, damage to another boat, damage to other property caused by your boat, and bodily injury/death of another person.

Boating safety courses

In the state of Oregon, there is a mandatory education law for all individuals wishing to operate powerboats greater than 10 horsepower (hp). This means that anyone 12 years or older operating a motorboat greater than 10 hp must complete a boating safety course.

The BoatUS Foundation's Online Course is the only free online boating safety course approved by the Oregon State Marine Board. After completing an approved boating safety course, you must apply for a life-time card (no renewal necessary) issued by the Oregon State Marine Board. The card costs $20 and can be purchased through the Oregon State Marine Board website or through your account on the BoatUS Foundation e-learning site for $21.

The Boat Ed Oregon-approved online boating course is another option to complete your boaters' safety education. The course fee is $44.95, and you will also need to pay a $20 Oregon State Marine Board fee. After passing the final exam, you can print a temporary boating card and go boating right away.

Boat Ed offers online courses that are fully mobile-friendly and can be completed at your own pace. The BoatUS Foundation course can also be completed at your own pace and taken on any device with an internet connection.

In addition to fulfilling the legal requirements, taking a boating safety course can also help you obtain discounts on your boat insurance premiums.

Frequently asked questions