MAPFRE Boaters Insurance Review

MAPFRE Boaters Insurance is an insurance carrier with headquarters in Webster, MA. The company was established in 1933 and offers boat insurance in 19 states in the USA.

What types of boat insurance coverage does MAPFRE Boaters Insurance offer?

Although we often talk about boat insurance in the singular, it really includes several types of coverage. MAPFRE Boaters Insurance offers the following types of coverage:

• Bodily Injury Coverage: This insurance pays for your legal defense and for the costs associated with injuries to other people involved in an accident. 

• Property Damage Coverage: Usually, this insurance will look after the property damage you cause to another boat or property when at fault in an accident.

• Collision Coverage: Collision coverage is an optional policy that pays for the cost of repairing or replacing your boat after an accident. If you have a lease, the lender may require you to buy collision insurance.

•  Comprehensive Coverage: If your boat is damaged in an event other than a collision, comprehensive coverage will pay for the cost of the repair. Covered events include storms, floods, fire, vandalism, and theft.

• Fuel Spill Clean-Up: Protects you from cleanup claims or third-party damage caused by the accidental discharge of oil or fuel.

• Salvage/Wreckage Removal: Some standard insurance policies will subtract salvage costs from the insured value of the boat or only offer a small percentage of the coverage amount for salvage. This endorsement protects from the specific costs and liability that go with a wreckage or salvage.

MAPFRE Boaters Insurance also provides access to the following endorsements:

• Fishing Equipment and Carry-On Items: Add replacement coverage for fishing rods, reels, and tackle boxes. You can also add personal effects coverage for items you carry on your boat, such as phones and SCUBA gear. Items are covered if they’re damaged, stolen or fall off your boat.

• Hurricane Coverage: Pays for the damages caused by tropical storms, tornadoes, windstorms, and hurricanes.

• Total Loss Replacement: If it's a total loss, this policy will pay you based on the agreed value, actual cash value or the replacement cost value.

• Medical Payments Coverage: Medical payments insurance covers for the medical costs caused by an accident regardless of who is at fault. Most policies will also cover funeral expenses.

• Personal Injury Protection: Personal injury protection, also known as PIP, typically covers medical expenses, loss of essential services, funeral services, and loss of income. It is similar to medical payments coverage, or MedPay for short. The difference is that MedPay will only cover for reasonable medical expenses.

• Transport Trailer Coverage: This covers non-motorized trailers used to tow your boat. If the trailer is damaged or causes damage, this policy will cover the costs and tow your boat.

What benefits does MAPFRE Boaters Insurance offer?

MAPFRE Boaters Insurance offers the following benefits to its customers:

• Local Agents: Perfect for people who prefer the personal touch of a local insurance agent.

• Digital Claims Reporting: Never fax or mail a document again.

What is the financial strength rating of MAPFRE Boaters Insurance?

The financial strength rating of an insurance company scores its ability to pay contracts and policies. Each agency has its own standards and rating scale and a company's rating can change any day. It's a good idea to check the financial rating of an insurance company before you purchase a policy. There are five main rating agencies.  SuperMoney's financial strength rating is based, among other factors, on the average score of available ratings.

MAPFRE Boaters Insurance scores an A or excellent, which is SuperMoney's second highest available score.