How Much Does Boat Insurance Cost
May 30, 2010 by · Leave a Comment
With the boat, and a list of potential insurers, comes a world of questions. One of those questions will undoubtedly be, how much does boat insurance cost? This is largely dependent on the company you choose as they all have different boat insurance rates. There are a few rules of thumbs that can give you a good estimate on whether you’ll be paying a higher or lower premium.
Insurance rates have gone up dramatically in recent years, along with most other expenses. Where a few years ago annual coverage for a single motor, brand-new boat would be $680 per year, these days that boat insurance rate would probably be closer to $1000 yearly. As different companies have different qualifications and coverage options there are no real set rules for a specific price range.
Take into account the type of policy you need. There are two types, a Boat owner policy and a Yacht policy. Boat owner policies are cheaper and usually lumped into an existing house or car policy. They cover boats up to 26 feet and have unchangeable limits and coverage. Yacht policies are for larger boats, they are more expensive but have custom limits and coverage.
Then there’s the style of your boat insurance rates, again there are two types. Named Peril coverage covers damage only from a specified threat and thus is more affordable. All risk coverage raises your premium but covers any accident that you could possibly have, with a few exceptions that would be detailed in the policy.
There are many types of boat insurance, all with their own benefits and premium amounts. You can choose between things like total loss of boat, hull damage, equipment damage, personal contents damage, wreck coverage, injuries, towing, among others. You must consider which of these you need and which you can do without. Do you need total loss coverage if you will be taking the boat out once a month? Probably not, and it is those types of decisions that will influence your boat insurance rates.
As mentioned before, motor size and type will influence your premium as well. An outboard motor may not be as fancy and convenient but it is considered safer by most boat insurance companies. Onboard motors are more of a risk since everything is enclosed and a problem cannot be quickly detected. On motor size, if the manufacturer states your motor will achieve speeds over 50 mph, expect an increase in your cost.
Believe it or not, your credit rating is also a factor. Having a clean credit report and a high credit score will reflect well on you and can provide you with some discounts when it comes to choosing your boat insurance. All of this information will be pertinent when it comes to getting your boat insurance quotes. Quotes and actual rates can and probably will vary, but this knowledge will give you the best idea of what to expect.
Buying Boat Insurance Tips
May 30, 2010 by · Leave a Comment
Many people will tell you owning a boat, or buying a boat is always a momentous occasion. There is nothing quite like a day on the water, enjoying the sunshine, the fresh air and the thrill of speeding along the waves. However with the boat ownership, come boat expenses and boat insurance heads the list of recurring expenses. There are numerous boat insurance companies. Digging your way through the maze of boat insurance quotes is a daunting task.
More boating accidents and injuries occur than people realize and you need boat insurance to protect you and your boat. Boat insurance coverage provides protection for legal liability because of an accident resulting from the ownership, maintenance, or use of your boat, including bodily injury and property damage. Many boaters take unnecessary risks operating a boat that drivers of automobiles would never take. Alcohol consumption aboard boats is common and impairing judgments and thus validating the need for boat insurance.
It is likely your boat was a major investment and needs protection just like your home and automobile. Use caution when shopping for boat insurance. Cheap boat insurance may be inexpensive at first, but just like the cheapest car insurance, your needs at the time of a claim should be considered.
Boat Insurance companies have a wide range of coverage’s from powerboat insurance, sail boats and luxury yachts. Many specialize in one area or another. Shopping for boat insurance with different companies can save you hundreds or even thousands of dollars.
Ask you boat insurance agent questions and. lots of them. Create hypothetical situations and ask you agent, what happens if.
Boat owners need a clear understanding what their policy coverage’s are. Due diligence is the rule. Once you have determined your needs and what is available for insurance for your boat, you will enjoy your boat owning experience without the added stress of worrying about boating accidents. Don’t think for a minute you can live without boat insurance.
