Boat Insurance Information - Facebook Posting Examples

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Boat Insurance Considerations

Hull coverage protects the value of your boat or yacht. There are three primary types of coverage.

Replacement Cost
Under this policy type your totally destroyed 2008 model year boat will be replaced by the insurance company with the same year and model boat in like condition or you will be given sufficient money to buy that same year and model in like condition.

Agreed Value Contract
You are paid the boat insurance policy amount limit.

Actual Cash Value
The insurance carrier pays you the depreciated value of the boat.

If your boat sinks in a navigable waterway, you will be required to raise the boat and move it at your own cost if you have not included this coverage in your boat insurance policy. This can be a large expense so you should consider the options when setting up your boat insurance policy parameters.

It's also important to remember that your boat insurance will be voided if you travel outside the specific navigation area that your boat or yacht is insured for. This is normally a warranty/guarantee on most boat insurance policies. Study your policy closely.

Boat Insurance Policy Questions

Are boat insurance rates higher for new boat owners?

Boating experience is one of the factors incorporated into boat insurance rating. If you have little or no prior boating experience, it's understandably difficult for an insurance carrier to judge your ability to operate a boat safely. Therefore, first time boat owners can expect to pay more for boat insurance than an experienced boater. Completing a boat safety course as a first time owner will demonstrate both a willingness and ability to operate your boat safely and that can help to reduce rates.

Is there a difference between boat and yacht insurance?

A boat is usually classified as being 26 feet long or smaller, and a yacht is 27 feet and larger. As a longer vessel, yachts often have larger navigational ranges, encounter a larger variety of hazards, so yacht insurance tends to be more detailed and expensive than a smaller boat insurance policy.

How to Reduce Your Boat Insurance Costs

There are steps you can take to influence the cost of your boat insurance premium.

Boating Area: The time of year and waters where you will be using your boat will play an important part in deciding how much you will pay for boat insurance. Boat insurance rates in coastal waters, such as the Gulf of Mexico, an area exposed to hurricane and tropical storm risks, will be higher than rates for boats limited to inland lakes and rivers.

Completing a boat safety course will demonstrate both a willingness and ability to operate your boat safely and that can help to reduce boat insurance rates.

Safe Driving Record: A clean driving record, with no recent moving violations, can help a boat owner receive discounts due to their proven ability to operate vehicles in a safe manner.

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