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Top Factors that Affect Boat Insurance Costs

Top Factors that Affect Boat Insurance Costs

In our last article, we explored some of the common factors that contribute to boat insurance costs. While some of these are subjective, and there is no one-size-fits-all policy, potential boat owners and shoppers can get a feel for the Boat Insurance costs they can expect, and existing owners can use this guide to determine whether they have a fair quote.

Factors such as boat type, size, features, and price will obviously be reflected in the insurance premium price. However, have you considered the following?

Increase in boat owner numbers.

According to Insurance Directory, the increasing number of boat owners can influence the cost of boat insurance because many people are new to boat ownership, and perhaps to driving a boat, and may be more likely to have claims. Large numbers of boat owners can also make it harder to find good marina space, or inland storage space if a hurricane is reported. On the positive side, having more boat owners in the market can increase the number of insurers and give consumers better prices because of competition.

Storage location.

Boats that are stored in a shed are less likely to face claims. Boats that are in hurricane-prone areas are also more likely become damaged than those in dry docks in winter storms.

Navigation area.

Someone who intends on taking their boat around a small local peninsula faces significantly less risk than someone who plans on taking their boat out in open oceans, especially in international waters.

Driving record.

Many of the factors related to poor vehicle operation, such as DUI arrests, can also come into play while they are driving a boat. Therefore, insurance companies check the DMV records of consumers for information about their overall driving ability. Of course, people with a clean driving record get better deals on boat insurance, explains the article.

Boat ownership experience.

The more experienced a boat owner is, and the fewer claims he or she has, the better insurance rates they will be able to obtain.


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 (800) 992-4443 any time you have questions or concerns about insurance for your vessel or marine business.