Boat Insurance: Part of the Deal

We have been told — over and over again, ad nauseum — that 15 minutes can save you up to 15 percent on car insurance. That slogan applies to Progressive insurance, but other companies tout their ability to offer low rates, too. In fact, I hear this so much from so many insurers, I’m convinced that if you change companies often enough, you can get your insurance costs down to almost nothing. Well, probably not. But you get the idea.

Fast boats are more expensive to insure than slower ones. In this case, maybe the owners had a friend in the business. Photo courtesy of Miss Geico Racing Team.

Fast boats are more expensive to insure than slower ones. In this case, maybe the owners had a friend in the business. Photo courtesy of Miss Geico Racing Team.

Every time I’m researching a boat I intend to buy and keep for recreational use, I pay close attention to how much it will cost to insure. My caution stems from the days when my driving record was less than stellar. You’d be surprised the effect one accident and a couple of speeding tickets can have on your boat insurance premiums — especially if you’re considering any kind of boat with a performance pedigree. Don’t think you can fool insurers, either. They know which boats are for the gold-chain crowd and which are for family recreation. And pity the fool who gets caught trying to pass off something speedy as something tame and docile.

It’s as simple as can be these days, with free online quotes. Aside from major insurers like Progressive and Geico, you might want to get quotes through insurance programs geared specifically for boaters, like the BoatUS Marine Insurance Program  or the one set up through the National Boat Owners Association

My practice of late, believe it or not, is to just call my insurance agents. They know me as well, as yours should know you. I just tell them what I’m considering, and they take down the information and call me back later.

Compare the quotes and coverage you collect — they’ll serve as leading indicators of whether a boat is right for you. As the old axiom goes, if you can’t afford to insure it, you can’t afford to own it.

Comments

  1. Matthew says:

    What would the cost be to insure an older boat like this? http://www.eeow.com/30-island-packet-27-14399

    • Doug Logan says:

      Hi Matthew —

      That’s difficult to predict from here. To get an idea of the boat’s approximate market value, first search for asking prices of similar models. If we don’t have enough info on boattrader.com, try yachtworld.com, which might be a better bet for a sailboat of this size. Then decide whether to insure for full replacement value and how much liability insurance you would want. You could contact your own insurance broker or check with one of the sources in the article. Good hunting.

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