Though not a legal requirement in many states, most responsible yachtsmen choose to carry boat insurance. Accidents on the water are not uncommon, and who doesn’t appreciate the financial security blanket afforded by a quality insurance policy?
If you are a new watercraft owner trying to set a budget, figuring boat insurance average cost can be tricky at best and sometimes downright difficult. As a baseline, you can expect to pay at least 1.5 percent of your boats value in annual premiums.
But many aspects, other than the boats value, play a role in determining the cost of insurance. Here are a few factors your insurance company may consider:
- Mooring location
- Use and age of boat
- Experience of driver/additional drivers
- Boating safety record
- Automobile driving record
What Does It Cover?
A watertight boat insurance policy is one that insures for medical, liability and property damage in the event of an accident in which you, or another driver of your vessel, is found at fault. Most boaters also want a policy that includes coverage for loss or damage of personal effects.
Don’t wait for an accident to understand the need for quality coverage. Figure your annual boat insurance average cost and take steps to find the policy that best fits your needs.