Insurance

[sph801]

I'm new to boating and a little surprised at the price of insurance. Everything I was reading stated about 1.5% of the boats value. It's considerably higher. What's everyone pay for insurance? What coverage?


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[biggerseagar]

Go talk to an Insurance agent that deals with boats only.... It will be an education!

[shrew]

Originally Posted by sph801

What's everyone pay for insurance? What coverage?

It's going to vary widely based on the navigable limits. For example a boat insured for freshwater Lakes, Ponds and Rivers, is going to have lower premiums than one insured for saltwater.

Premiums for insurance from Maine to Florida, are going to be higher than those limited to New England.

Because Florida sees more hurricanes and tropical storms, they tend to have a higher payout, therefore home port will have some impact. My boat would have far higher premiums in Florida as compared to New England.

Type of boat will have impact premiums. A Cigarette, Fountain, OuterLimits with cruise speeds of 60-80MPH are going to have higher premiums than a trawler.

Also, the amount of boating experience will also impact premiums.

Contact a marine insurance agent. They are typically multi-line agents who specialize in marine insurance. If you're simply going to the agent who handles your home and auto or attempting to save by bundling with home and auto, you might not be getting the best rate.

My comprehensive and liability premium was cut in half when I went from a boat with an agreed-upon value of $30K to $100K by getting away from my home and auto agent and going with a marine insurance agency.