What type of insurance can we help you with? Click here to contact us.

Factors Affecting The Cost Of Boat Insurance

Factors Affecting The Cost Of Boat Insurance
Boat insurance quotes, as with all insurance, vary greatly and for a wide variety of reasons. In order to properly evaluate an boat insurance quote and understand what you may be able to do to get a lower one, you need to be aware of the major factors that determine your premium amount.
In 2017, there were over 4,000 recreational boating accidents in the US and 658 fatalities. That’s motivation enough to protect yourself with both boating safety protocols and boat insurance, but there’s no reason to pay any more than you have to for the coverage you need.

Here are the major factors that will affect how much you pay, under four general rubrics:

1. The Boat Type & Its Features
While, on average, boat insurance tends to range from $300 to $500 a year, there are many variables that can place it above, below, or anywhere within that range. Whether it be a fishing boat, speed boat, sailboat, yacht, or other type of vessel will have a huge impact. The length and bulk of the vessel will also be important.

High horsepower boats always cost more to ensure than low hp vessels, and make/model and inboard versus outboard motor also make a difference. And the more expensive and new the boat, the more it will likely cost to insure.

2. Factors Related To The Boat’s Users
Next to the description of the boat itself, the description of the person or persons who will be using it is the single biggest factor affecting premium costs. But this is really a set of factors.

To be considered are the following: the age and gender of the boat owner, who else may occasionally drive the boat, your motor vehicle and boat operating record, your insurance claims history with previous boat insurance, your boating experience level, and even your credit score.

How, where, and how often you plan to use your boat is a major factor. Towing water skis, for example, can up rates as compared to just going on simple fishing trips now and then. Passing a boating safety course and keeping all important safety gear on board at all times may also help lower your premium.

3. The Region Of The Country
Boat insurance rates vary greatly around the country, and so it matters a lot which region, state, or even locality you are located in. Rates in Florida, for example, may be higher than in Texas, even for the exact same type of policy.

For that reason, you can’t compare quotes from one region with those from another, or it’s like comparing apples to oranges and means nothing. But there are certainly big differences among what boat insurance companies will offer you even in the same locale – which brings us to our last point.

4. The Insurer & Your Policy Details
Finally, realize that insurer’s with higher volumes of clients or just with a greater desire to help boaters save money, will offer lower rates. It always pays to compare!

But also work on customizing your policy to lower rates. You can adjust coverage amounts, forego unnecessary riders, bundle to secure discounts, or reduce coverage during the off-season to save. There are many possibilities, and a good agent will be able to help you trim down your premium size without losing anything essential.

For more information on how boat insurance premiums are calculated, or for a free quote contact Flagler County (FL) Insurance Agency today!