Bass boats, ski boats, sailboats, cabin cruisers, pontoon boats, deep-sea fishing boats, utility boats and speed boats have different insurance needs. Older boats typically cost less, but often require additional upkeep and maintenance. Faster boats generally carry more risk — and faster engines often are more expensive when it comes to boat insurance cost. Cruising area. Boating on oceans, lakes, bays, rivers or the Great Lakes all carry different risks.
Coverage options. You have lots of options when it comes to coverages, limits and deductibles, including coverage for your personal belongings, fishing equipment and boat accessories.
The coverages you pick will impact how much your boat insurance policy costs. Boating and driving history. Have you had any accidents, violations or claims in the past 5 years? Boating safety courses. Formal training or certification can lower the cost of boat insurance. Boat insurance discounts In addition to affordable rates, Nationwide offers a number of boat insurance discounts , such as a multi-boat discount, a multi-policy discount and a boater safety course discount. Getting a boat insurance quote The best way to figure out how much boat insurance will cost is to get a quote.
In addition, your motor vehicle driving record, credit score, and history of past boat insurance claims can weigh positively or negatively against you. An excellent driving record on the road and a history of no claims are favorable on the water. Also, you may want to consider education and safety courses. Drivers who complete boater safety instruction account for only 11 percent of deaths due to boating accidents.
All boat owners have a different idea of fun. Recreational use can vary from an occasional father and son, low-key fishing weekend to high-speed water skiing and parasailing all season long. Frequent and riskier activities will drive your insurance cost up. While some variables are out of your control, you can optimize other factors to keep your insurance cost down. A full-service dealer will provide an extensive list of marine insurance products. Available policies range from tire and wheel to towing and engine to Jet Ski protection.
With peace of mind from having boat insurance, you can truly enjoy the water. All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation.
Absolutely; your driving record can have a dramatic effect on your ability to find favorable sailboat insurance rates. This is because insurance needs to consider you and the boat—and how risky you as a captain are to insure.
Car accidents, moving violations, citations, and DUIs are detrimental to insurance premiums on and off the water. And they will find out, regardless of what company you choose. Risky drivers are almost always risky boaters as well. But your driving record can also work in your favor. A safe driving record can reduce your costs and increase coverage options. Yes, liveaboard insurance tends to cost more.
All of these activities carry risks, which must be considered. Additionally, liveaboard insurance policies can cover more than typical comprehensive coverage. This includes assets inside the sailboat, such as furnishings, computers, equipment, and other possessions.
Insurance companies consider risk on a wide scale, and they notice trends that are large enough to make a cost difference. One pricing factor to consider is that, after age 27, men tend to pay higher insurance premiums than women. Insurance companies have found that, on average, men are more likely to engage in dangerous boating behavior, and thus they are riskier to insure. Generally speaking, women can enjoy lower quotes and lower premiums if they have a clean driving and boating record.
Reducing your premiums is actually fairly simple, and there are strategies that take only a few hours to complete. You can also reduce your premiums by increasing your hull deductible. This strategy will cost you more out of pocket in the event of an accident, but safe boaters can usually contend with the risk. Seasonal insurance rates can also be reduced if you haul your boat out or winterize it correctly. If the boat sits in storage for six months of the year, like in a dry slip or a boatyard, you can usually get a pretty hefty winter discount.
I've personally had thousands of questions about sailing and sailboats over the years. As I learn and experience sailing, and the community, I share the answers that work and make sense to me, here on Life of Sailing. This site also participates in other affiliate programs and is compensated for referring traffic and business to these companies. The 5 Best Sailboats For Beginners. Can a Novice Sail Around the World? Best Liveaboard Catamaran Sailboats.
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