... Physical damage coverage can be written for either an agreed upon price or actual cash value (ACV). The replacement price of components can change a lot over time. ACV will take care of that problem. Medical payments coverage will compensate persons on-board for reasonable medical costs associated with an accident or incident. Some policies will cover injuries to swimmers and skiers that use your boat. Towing and assistance coverage will pay for emergency towing, emergency repairs, and providing fuel while on the water. These can be substantial depending on distance and scope of problem. Personal property coverage will handle the loss of personal items that were on-board a boat involved in an accident or theft. Uninsured boater coverage takes care of the loss of your boat and possibly injuries to you or passengers that are caused by a boater operating without liability insurance. Be sure to carry an adequate amount. There are many boaters that don’t carry any type of insurance. Oil pollution coverage pays the cost of cleaning up after a fuel or oil spill. Many boaters don’t anticipate this issue until their vessel sinks or starts leaking. Boat insurance can vary considerably between different carriers. It pays to shop around for types of coverage and cost. Be sure to have all replacement values available for your boat and equipment when looking at the different policies. Make sure everything is covered in a worse-case scenario. ... Now that you have decided on the type of boat you want, it’s time to look for insurance ...