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If the boat is pre-owned, the insurance company may also require a current (and then periodic) survey to ensure the boat is kept in a seaworthy condition. Also, high performance boats (much like speedy cars) will command a premium simply due to the type of boating they enable and the risk that goes with it. Home (and cruising) waters of the vessel Insurers will want to know where the vessel will operate, especially in areas that are known for hurricanes. There are endorsements available for certain seasons and geographies. "Port Risk" insurance is lower for boats that are not in use. If you'll not be boating for a while and the boat will be stored ashore, you may qualify for reduced costs. Peripherals added onto the coverage Tenders and motorized water toys like personal watercraft (PWCs) need to be added to the policy in case they are involved in an accident resulting in property damage or personal injury. Some policies also provide for coverage of sports equipment like boards and skis against theft or damage.
See more articles Here's what the experts have to say about boat insurance, including what to know and how to make it cost lost. "Let me tell you about my boat insurance, " said no Boaters delight in all kinds of obtuse nautical details—even down to what kind of bottom paint they've chosen—but dock talk almost never turns to the unsexy topic of insurance; unless it was recently needed, that is. Maybe that's why people know so little about how it works and how to make insurance cost less. Approximately 40 to 50 percent of boaters are uninsured. Think about that the next time you're on the water. High premium costs and high deductibles are certainly reasons for this but so is a lack of understanding of the details. Let's look at the basics. What affects the cost of boat insurance? If you're considering a boat purchase, know that there are several factors that will affect how much you pay. Size, value, type & age of vessel Bigger, more expensive and older boats will demand higher insurance premiums - go figure.
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