Insurance
When it comes to insuring your boat, it’s often best to separate your boat insurance from your homeowner’s policy. Many homeowners’ policies limit or don’t cover marine-specific risks, such as salvage work, wreck removal, pollution or environmental damage. But there are exceptions. Many homeowners policies include perfectly good coverage for smaller boats and motors, usually with a horsepower limit of from 25- to 100-horsepower.
Insurers consider many factors when deciding whether or not to offer a policy. Almost any vessel can be insured for a price. You want to consider the following to make sure the policy you purchase meets your needs:
- Age of Boat
- Length
- Value
- Speed/Horsepower
- Condition
- Type (Inboard, Outboard, utility, cruiser)
- Ownership (more than 2 owners)
- Where it will operate (Ocean, lakes, bays, rivers, Great Lakes)
Boat Insurance Cost Factors
Many factors are used to set the cost of a policy, and they vary among insurers. Here are some items to consider:
- Cruising Area – where you boat
- Boating Safety Education – if you have been formally trained or certified
- Good Driving Records – both boating and driving
- Liability Limits – the higher the limit the higher the cost
- Deductible – the higher the deductible the lower the premium
- Towing insurance requirements for offshore fishing.