If you are like many boat owners, you may assume your homeowners’ insurance covers your most prized possession – your boat. Unfortunately, many homeowners’ insurance policies limit or fail to cover marine-specific hazards, such as wreck removal, salvage work, or environmental damage. Many policies are great for smaller boats, but if you own a larger vessel, you may have concerns about your coverage. Boat insurance can help take your mind off many of these concerns, even if you have some coverage through your homeowners’ policy.
What Boat Insurance Do I Need?
You should always consider where you take your boat and the type of vessel you own when shopping for insurance coverage. In general, “all-risk” policies tend to offer the best coverage, but even though such policies imply they provide total coverage, it doesn’t mean they cover every type of loss. There are often exclusions regarding animal damage, wear and tear, manufacturers’ defects, and freezing.
If you purchase an “all-risk” policy, you will probably be able to add additional coverage. You may have the option to purchase coverage for uninsured boater liability, towing and assistance, personal effects, and medical payments.
When shopping for insurance, you should also inquire about the claims process. Your agent may assist you when you need to make a claim or deal with the aftermath of an accident.
What is the Average Cost for Boat Insurance?
Insurance companies consider a variety of factors when calculating the cost of a boat insurance policy. More than likely, one or more of the following factors will impact how much you pay for your insurance coverage:
- Boating Safety Education – Your policy may be cheaper if you are formally certified or trained.
- Cruising Area – Boaters in high-risk areas usually pay more.
- Liability Limits – Higher costs are associated with higher limits.
- Driving Record – Boaters with better records pay lower insurance costs.
- Deductible – The lower the deductible, the higher the premium.
In many cases, it may be possible to reduce the cost of your coverage. For example, if there are seasonal restrictions where you boat, you may be able to get a discount when your boat is laid-up. Discounts may be available for drivers with good driving records or individuals who complete boater education courses. It is less expensive to insure freshwater vessels, so you should talk to your insurer about the type of boat you own. You may also be eligible if you bundle your boat insurance with other types of coverage.
About Mariners Insurance
Mariners General Insurance Group was founded in 1959 to protect boat owners and marine business clients. We are marine insurance experts and insure boats worldwide – in every ocean on the planet. Marine insurance is critical if you own a boat or nautical business. Trust the professionals with all of your Boat Insurance needs – trust Mariners Insurance. Call us at (888) 402-5018 any time you have questions or concerns about insurance for your vessel or marine business.