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Does Boat Insurance Cover a Cracked Engine Block? Like engine failure, your insurance may cover a cracked engine block if the damage was caused by something other than negligence. Damage due to severe weather or other unexpected, sudden incidents, like hitting a submerged object, may be covered.

The term laid-up ships means ships, which are temporarily idle due to lack of cargo or which are temporarily phased out of commercial operations. Ships are laid-up when freight rates are not sufficient to cover the running costs. During times of economical crisis laying-up is often preferred to the sale of the ship.

If you have collision and comprehensive, then your vehicle may be covered if the engine is damaged in an accident or by an event outside of your control. A blown engine that's the result of a mechanical failure or wear and tear won't be covered by comprehensive or collision coverage.

Lay-up is the time period the vessel is not used. Normally lay-up is for boats in northern climates that are not used in the winter months. Boat insurance companies provide a discount in the premium for boats that are laid-up. The boat can be laid-up ashore or afloat.

Lay-up cover is an optional benefit you can choose that may reduce your premium (and the cover we provide) for an agreed time while you're not using your caravan. You can choose lay-up cover for up to 12 months (for up to your entire policy period).

If you've added the optional 'Lay-up period' cover (available to add on to Comprehensive Boat Insurance), you'll pay a reduced premium but your coverage will be reduced during the lay-up period (that you choose) when your boat is not in use, for example, in winter.

The average cost of boat insurance ranges from about $200 to $500 per year. However, this figure is a rough estimate based on the most common types of boats. In reality, boat premiums can range anywhere from less than $100 per year to thousands of dollars annually.

We'll also discuss special coverage options for particular use cases or types of boats. Best Overall: Geico Marine » Best for Fishing Enthusiasts: Markel » Best for Yacht Owners: Chubb » Best for Jet Ski and Personal Watercraft Owners: SkiSafe » Best for Houseboats: American Family » Best for Discounts: Progressive »

What does boat insurance not cover? Boat insurance generally won't cover maintenance or general wear and tear, including gradual weathering and deterioration, insect damage, mold, or damage from animals or marine life.