How Much Is Boat Insurance
Your price for boat insurance is based on numerous factors, including:
- Location: Watercraft insurance is generally more expensive if you boat in a coastal state. You may pay less for boat insurance in states where boating is not a year-round activity.
- Boat type: The year, make, and model of your watercraft will affect your policys cost.
- Boating history: Experienced boaters are less likely to have an accident on the water and will often pay less for boat insurance compared to inexperienced boaters.
- Prior claims: If you have a history of boat insurance claims, you could pay more to insure your boat and for liability protection.
Boat insurance policies are generally affordable. More than 75% of Progressives boat insurance customers pay their policies in full.
Who Pays An Insurance Agents Commission
The insurance company pays the agents commission out of the premium they collect. There is no specific surcharge on the premium that goes to the agent. Of course, the customer pays the agents commission just not by a separate line item. Insurance premiums do not rise or fall with the agents commission percentage.
Progressive Simplifies Boat Insurance
We give you the freedom to boat wherever you’d like on any lake or river in the U.S., plus ocean waters within 75 miles of the coast. And, we drop the common requirements and restrictions other insurers may force on you, so you get the protection you need to get on the water right away. For example, we dont require a navigation plan or marine survey, which could cost around $600 for a 30-foot boat.
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How Old Is Your Boat Exactly
The exact age of the boat is also an important factor to consider while determining the type of coverage you require. If you want to get insurance for 30 and 20-year old boats, you shouldve performed regular maintenance on the boat too. Thats because it can increase the boats lifespan by an indefinite number of years. Keep in mind that the older the boat the more expensive it will be to insure relatively to the value. Keep in mind that insurance seems to be exponentially more expensive after the boat had its 30th birthday.
What Can You Do
Unfortunately, there isnt much an owner or buyer can do if his résumé does not meet an underwriters criteria. A buyer might be forced to pay a high premium or required to hire an approved captain if purchasing a vessel well outside their realm of experience. Most importantly, I always recommend my clients contact a reputable marine-insurance agent. In my opinion, it is wise for a prospective buyer to contact an agent before even searching for a vessel, and certainly prior to making an offer, signing a contract or final acceptance to ensure that the boat being purchased is reasonably insurable based on their previous experience and desired usage. The last thing an owner-operator wants to find out right before he closes is that he is unable to secure coverage without a full-time approved captain, or that his premium is significantly more expensive than expected and well outside his budget.
To be fair, marine insurance is a complicated subject matter, and this article covers only the tip of the iceberg. As mentioned previously, it is no longer a foregone conclusion that all buyers will be able to find a suitable policy, so it is important for inexperienced owners to take steps to ensure that a particular type of vessel is insurable prior to signing a contract. A prospective buyer should always have an experienced marine-insurance agent to work with when purchasing a vessel they are a great resource, even for maritime attorneys.
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More Insight Into Our Methodology
Shopping for boat insurance is somewhat similar to getting car insurance, with one major difference: theyre not standardized. First because boat insurance is not required in all states, except for the three statesArkansas, Utah, and Hawaiiwhere boat owners are required to have some kind of liability coverage, and second because of boats themselves. While cars tend to have similar purposes and structures, and are only slightly different in size, boats have many purposes and come in significantly different sizes and styles. Additionally, boat owners face a wide range of risks in the water that car owners do not face on the road. This means that theres not a suggested minimum coverage requirement, and that companies consider different factors to determine policy costs and boat owners risks.
In order to choose the best boat insurance companies we focused on the following factors:
Houseboat Manufacturers And Accommodations
This may not be a superyacht, but Bravada Yachts designs their houseboats to exhibit all the comforts of a luxury home. Photo credit: Bravada Yachts.
It’s hard to believe that this large open floor plan along with this beautiful kitchen stocked with full-size appliances actually lives within the walls of a Thoroughbred Houseboat. Photo credit: Trifecta Houseboats.
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Factors That Go Into What Boat Insurance Costs
Where To Get Boat Insurance In Portland Maine
Do you need insurance on a boat or yacht in the Portland Maine / Casco Bay area? Contact a Noyes Hall & Allen agent in South Portland at 207-799-5541. We offer a choice from several of Maines best boat insurance companies, so we can help you find the best value. Were independent and committed to you.
It seems every week Portland, Maine appears on some best of list. Best restaurant and foodie towns, best places to retire, best small city, and so on.
College graduates want to live in Portland for the food, drink, entertainment and active sports scene. Retirees and empty-nesters relocate here for cultural options and top-shelf medical facilities. Portland, Maine is big enough to keep you busy, small enough to find your tribe, and see them often about town.
Many new Portland Maine residents want to be on the peninsula. Portlands downtown is flanked by hills overlooking the east and west ends, and water access on the north and south. Almost anywhere on the peninsula, you can walk from grocery to gallery, beach to brewery, or concert hall to coffee shop. And you cant spin a lobster without pointing to a restaurant.
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All Boat Insurance Is Not Alike
When buying boat insurance, pay attention to the details. Coverage varies a lot! Some insurers value your boat like a car , while others will replace your 3 year old boat with a brand new model. Some will cover catastrophic motor failure, others will say bummer. Some will pay to haul your boat from the bottom after a through hull fitting fails. Others will write a check for the boat and walk away. Choose the insurance youre most comfortable with.
What Does It Cover
Actual Cash Value vs. Agreed Value
Boat insurance providers offer physical damage coverage in two primary ways: actual cash value and agreed value. Out of the two, an actual cash value policy will be the least expensive, because it covers the current value of your boat at the time of the accident, minus any depreciation. Whereas an agreed value policy will cover the amount listed in your policy, as agreed with the insurer at the moment of purchase regardless of how the parts might have lost value over time.
Policy coverage options vary depending on the insurer, nonetheless, companies usually feature services such as:
Liability Coverage: Usually, the most basic coverage. It protects you from at-fault damages caused to another boat or property.
Medical Payments: Medical coverage will pay out for medical expenses that you or any passenger onboard experience as a result of an accident.
Salvage: Salvage coverage is also known as wreckage removal. Simply put if your boat wrecks in the water, the insurer will pay salvage costs.
Pollution Liability/Fuel Spill: According to the Oil Pollution Act of 1990, polluters are responsible for the costs related to oil spill clean-ups and environmental damage. This type of coverage will protect you from expenses resulting from accidental contamination.
Additional Coverage Options
Most insurers also offer additional coverage options that may come handy in specific situations:
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Antique Boat Insurance: Coverage For Older Boats
Antique boat insurance is vital to protect your investment in older boats. Not all insurers understand the special needs and special values of antique boats, so its good to know what to look for and what considerations to make in purchasing the best antique boat insurance.Agreed Value on ClassicsFor some time it was difficult to get agreed value boat insurance on classic or antique boats. Now, however, more companies are offering the coverage.With the value of classic boats higher than the value of many other boats, it is advisable to get agreed value insurance for your classic boat, since actual value may be diminished by the age of a classic boat by an insurer who doesnt know how to properly value antique boats.Ground Transportation CoverageClassic and antique boats often have very long overland hauling times. Therefore it is important that you get good land transportation coverage to take the boat to shows or competitions.Restoration CoverageIf you plan to restore a classic boat, look for course of restoration coverage that will cover the boat in the shed or shop where it is being restored, and recognizes the increasing value of the boat as you update and upgrade her features.
Best Boat Insurance Companies For Older Boats
After asking friends with old boats about their insurance companies and after some research, I think that the best boat insurance companies for older boats are:
- BoatUS/Geico. A friend of mine has insured a 25-Year-Old Boat but they no longer insure boats over 40 years or 30 years if the boat is over 40 feet.
- State Farm. A guy I know at the marina has his 1969 Morgan insured with State Farm for 20+ years.
- SafeCo by Liberty Mutual. I have heard good things about insuring your boat with them and at reasonable premiums.
- Progressive. Many people use this insurance company to insure their old boats. However, from my experience, their premiums are high and they will ask you to underinsure your boat.
- Pantaenius Yacht Insurance. This is a boat insurance company that is based in the UK. However, it can extend coverage all over the world and I have heard good things about their boat insurance for boats over 40 years old.
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Do You Need A Boating License In Florida
You don’t need a boating license to operate a boat in Florida. But the state law does require anyone born after 1988 to complete an approved boating safety course and have a boating safety education identification card if they want to operate a boat with 10 or more horsepower. The boating safety ID card can be obtained from the Florida Fish and Wildlife Conservation Commission and is valid for life, so you won’t need to get recertified.
In order to operate a PWC or jet ski in Florida, you also don’t need a license, and you would only need to have a boater safety card if youâre under the age of 22 according to state law. And you’re not allowed to operate a PWC or jet ski if you’re under the age of 14.
Complaint Index 2016 Maine Home And Auto Insurance
We compiled this table from data published by the Maine Bureau of Insurance. It shows the 2 year average of home and auto complaint indexes for the top 25 homeowners and auto insurance companies in Maine . We assigned a green light to the companies with ratings in the top 33%, yellow to the middle 33%, and red to the bottom third. Remember, customer satisfaction is only one way to evaluate an insurance company. The companies with the highest satisfaction may not write the kind of insurance you need.
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Where And When You Use The Boat
Your boat insurance policy may have a navigational limit. It may also have a layup clause, which specifies dates during which it can be in the water. If your vessel is outside the territory or in the water when its supposed to be laid up, you have no insurance.
A smaller navigation radius and a longer storage period means lower boat insurance costs. Fresh water only navigation is cheaper than coastal. For Maine saltwater boaters, Eastport to Cape Ann is a common navigation territory. The most common storage requirement is November 1 to April 1. Some of our clients who take their boats south for the winter. They need a different navigation territory and layup clause and pay more premium for them.
What Is Your Boats Worth
Even though you must have a fair idea of the cost of your boat when you first bought it, you should also find out how much it is worth now.
While you can get a broad assessment with the help of an asset depreciation calculator, its better to get a professional valuation of your boat. Many insurance companies also offer a valuation service to their clients to ensure that they get the right level of cover.
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Boat Insurance Coverage Limits And Deductibles
Most coverages in a boat insurance policy come with a deductible, and all coverages are subject to limits. When it comes to deductibles, this is the amount of money you pay out of pocket to repair or replace your boat if you have a claim covered by your policy. This means that choosing a higher deductible means you might pay less for your insurance premium now, but you could also end up paying more later if you have an accident. As for coverage limits, if you have an accident claim covered by your Allstate policy, Allstate will pay for damages up to that coverage’s limits. Therefore, a higher limit means you might pay more for your insurance premium now, but it could help protect you from having to pay other people’s damages later.
Insuring An Old Boat: Best Ways To Insure An Old Boat Final Thoughts
Whether your boat is old or new, theres no denying that a good boat insurance can protect you from the risks involved when owning a boat and as you probably know, insuring an old boat is a tricky task. We hope the above guide helped you regarding insuring an old boat to get your hands on the best boat insurance for older boats. However, if you still have any queries, please contact us. Happy Sailing!
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Can I Rely On My Homeowners Insurance For Boat Liability Coverage
Sometimes folks think that their watercraft or boat is covered by their home owners insurance in fact in many cases homeowners insurance does not cover your watercraft. Even if they do it generally is limited to very small boats like row boats, canoes and vessels with 25 or less HP. So if you are relying on your homeowners insurance for boat coverage, you could be risking more than you know.
We offer a variety of liability insurance limits to meet your needs! Call us today or fill out this form to get a quote.
Florida Boat Registration Requirements & Fees
In order to operate a boat in Florida’s public waters, it must be titled and registered with the state, which you have 30 days to do after you’ve purchased a boat. You can apply for a boat title and registration at a county tax collector or license plate agent office, and you have the option of applying for either a one-year or two-year registration. Once you’ve received your registration, Florida boating regulations require it to be kept on-board the boat during operation. You will also be provided with boat numbers and decals, which need to be affixed to your boat.
To apply for a boat title in Florida, you simply need to complete an application and provide proof of ownership. For a new boat, proof of ownership can include the manufacturer’s certificate of origin, an official statement of the boat’s builder and the bill of sale from the dealer where you purchased the boat. If you bought a used boat, its existing title just needs to be signed by you, the buyer, and the previous owner that sold it to you. You’ll also need to pay Florida’s boat titling fees:
- $5.25 for an electronic title or $7.75 for a paper title. You may also have the option of receiving an expedited title, which is $11.
- $1 per existing lien on the boat to record these on the title.
- $4 if your boat was previously registered in another state.
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