Alaska has 33,904 miles of coastline, more than all the other coastlines in America combined. Thousands of rivers and lakes provide ample opportunity for powerboats, jet boats, kayaks, and everything in between. With so much water, it is no wonder Alaska has one of the highest rates of boat usage in the country, despite what could
In fact, Alaska has roughly 40% recreational boating participation, far greater than Florida (28%), California (20%
Commercial fishing is a massive industry in Alaska, and is probably the
Alaska Boat Insurance
As in most other states, Alaska’s state government does not require you to possess boat insurance.
- Loans: Your lender will almost certainly require you to
insureyour boat if you purchase it with the assistance of a loan. In fact, if your lender doesn’t insist upon insurance, you should probably find another lender. Lenders don’t want to lose 70% of the boat’s value if it sinks or is damaged beyond repair. Your insurance policy will denote the bank as the lien-holder. As a result, any compensation from your insurance company will include the bank as a co-payee.
- Marinas: Most marinas, yacht clubs, and dockyards throughout Alaska will require you to show proof of insurance if you plan to dock there. Basically, if your boat damages another vessel (or their dock), they want you to have the means to cover it. You will not face this issue if you keep your boat on a trailer, though there are still excellent reasons for you to have insurance.
Small Boat Insurance
So, as long as you own a canoe or kayak, don’t need a mooring, and have paid it off, is there any reason to pay for Alaska boat insurance? After all, it’s not like you’re likely to run anything over with something that slow. In this instance, you can probably get away without liability insurance. As long as you don’t go about ramming yachts, you’re unlikely to need it. The big exception is if you let someone else use your canoe or kayak. Anyone other than you, your spouse, or your children
If you and your family are the only operators, you probably don’t need liability insurance. Even so, you may want to
Alaska Boat Insurance Cost
If you are accustomed to buying boat insurance in The 48 contiguous states, you may find insurance in Alaska somewhat more expensive. Deals absolutely exist, but you may have to do a little more hunting to find the right price. There are several reasons for this. Everything is more expensive in
Insurers will undoubtedly also take into account where you plan to boat. If you stay
The dangers of boating in Alaska are substantial. We cannot recommend Alaska boat insurance highly enough because accidents in Alaska tend to be expensive. The 26 reported accidents in Alaska in 2016 resulted in $774,000 in damages. That’s $29,700 per accident. $30k is more than enough to put most of us in the red. Insurance can protect you from the financial blow that such accidents can deal.
Alaska suffers from long winters, and extremely cold water, even during the summer months. Any accident or capsize therefore has much higher risks associated with it. The excruciatingly cold water makes victims hypothermic very quickly. In addition, the long distances to medical centers make it difficult to find help in time. Of the 26 reported accidents in Alaska in 2016, 14 of them (54%) resulted in a fatality. It is no wonder, therefore, that Alaska has one of the highest boating fatality rates in the nation. No amount of insurance can stop death, but as a boat owner and operator, you need to be aware of the risks.