Factors Affecting Your Boat Insurance Cost
If having fun on the water appeals to you, then you might find yourself in the market to buy a boat. You could purchase a boat for fishing, speed boating, sailing, or a pontoon to float around casually. Just as you insure your car and your home, it’s a good idea to get adequate insurance coverage for your boat too.
Step 1: Minimum Coverage Requirements
The most economical insurance policy to insure your boat is the liability-only insurance. It only pays for the damage to another person?s boat and injuries due to an accident where you are at fault. Young drivers who are under the age of 25 pay higher premiums as they are more prone to getting in accidents compared to older drivers. If you can?t afford to pay for the repair or replacement of your own boat, then you should purchase a more comprehensive insurance package.
Step 2: Full Coverage
There are many factors that determine the coverage cost of your boat against damage. For yachts or big boats, expect to pay higher premiums compared to a small fishing boat. The age of your boat and the number of hours logged on the vessel gives impact to the rate too. ?If you have high-powered boats which are capable of traveling at high speeds, then expect to pay a higher premium.
Step 3: Tips
The rates that the insurer offers to boat owners depend on the areas they are located. They offer lower rates in inland lakes and higher rates to those located in coastal bodies of water. Also, if you pass the safety education course, your insurer may give you a discount on the monthly premiums.
Step 4: Considerations
Getting your boat insured is not a requirement by federal law, aside from the liability coverage. But you have to insure your boat if there is a lien against it. Let?s say, for example, you have used your boat as a collateral for a personal loan, then your lender will require you to insure your boat until you have fully paid your debt.
If you have questions regarding insuring your boat, please call Velox Insurance to assist you better with your concern. Our phone number is 770-293-0623. ?We strive to provide reliable, fast service to help you obtain the best coverage at the lowest price. You may get a free quote from us here.