If you are looking for new or used boats to buy, you may wonder what are the costs of boat insurance. The answer to that question depends on a number of factors that vary by state and by insurance company. These are some common factors that can affect the costs of boat insurance.
Factors taken into account to determine the costs of boat insurance
- Length. In general, the boats measure 26 feet and less; the yachts measure 27 feet and more.
- Price. As you would expect, the most valuable boats usually require a more expensive insurance. Considering the price of your boat can help you get an idea of how much the insurance will cost.
- Kind. Fishing boats, ski boats, sailboats, motor yachts, pontoon boats, deep-sea fishing boats, multi-purpose boats and racing boats have different needs in terms of insurance.
- Antiquity. Older boats usually cost less but often need additional repair and maintenance.
- Speed/Horsepower. The faster boats carry a higher risk, and faster engines tend to be more expensive so the cost of boat insurance is higher.
- Navigation area. The risks are different according to the waters that the boats sail, oceans, lakes, bays, rivers or the Great Lakes.
- Coverage options. You have many options when it comes to coverages, limits and deductibles, including coverage for your personal belongings, fishing equipment and accessories for the boat. The coverages you choose will determine the costs of your boat insurance policy.
- History of the boat and navigation. Have you had accidents, committed traffic violations or received complaints in the last 5 years?
- Navigation safety courses. Training or official certification can reduce the cost of boat insurance.
Discounts on boat insurance
In addition to the economic premiums, Many websites/companies offers a series of discounts on boat insurance , such as a discount for several boats, a discount for several policies and a discount for safety course for sailing enthusiasts.
They also offer discount packages for weekend insurance, night insurance, fishing insurance with light equipment and insurance for offshore professionals.
How to get a boat insurance quote
The best way to know how much boat insurance will cost is through a quote. Lots of companies offers insurance for many types of watercraft, including insurance for fishing boats, ski boats, recreational boats, sailboats, pontoon boats, as well as watercraft insurance , such as Watercraft, WaveRunners, and Sea vehicles.