Boating can be quite a blast, but it can also prove to be dangerous. Boating accidents are on
the rise. One wrong move on the water could have your beautiful boat all washed up—and your
finances along with it. Boating insurance isn’t as frequently talked about as other kinds of
insurance, but if you own a boat, the benefit of having it is undeniable. Prices can vary but like
other kinds of insurance, the amount you pay on boat insurance can vary due to a number of
House insurance is higher in an area where it is more likely for your home to be damaged by
hurricanes or bad weather. Likewise, boat insurance is higher if you live near larger bodies of
water, the ocean, or in areas that have a high potential for loss compared to local lakes or streams.
The way you drive a car has similarities to how you would drive a boat. If you have a
history of incidents on the roadway, insurers will translate that as you having potential incidents
on the waterways. Your claim history also affects the likelihood of the insurer viewing you as a
risk. Consider the driving histories of anyone you decide to add to your policy, as well.
Like your auto and homeowners insurance, credit can play a factor in how much your boat
insurance costs. Data shows that individuals that have favorable credit ratings and healthy
financial habits are safer boaters and cause fewer claims than individuals with poor credit and
have a less than stellar financial history.
Obviously, the value of your boat can play a role in the cost of your insurance but really when it
comes to Liability and Medical Payments the type of boat, horsepower, length, type of engine,
and max top speed play a huge role in your rates. For example, if you own a Pontoon Boat
that typically has less than a 100hp motor and reaches speeds of less than 55 mph it’s easy to
see the risk is far less than if you own a 21’ Ski Boat with an inboard engine that has a lot of
horse power and travels at high speeds. Boats that have unique values due to age and
collectibility or boats that have high stated values can also be costly to insure especially if you’re
paying for Replacement Cost or Agreed Values.
We love helping you do the things you love. Before you head out onto the water,
make sure you have boat insurance that’s right for you. We’d be happy to help you set up a policy. Give us a call at (417) 883-4343.