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Whether you're ripping through the water on your speed boat or floating along on a pontoon boat, chances are you love being out on the open seas without a care in the world. But boats can be an expensive toy to own, with their own unique needs, including insurance. This may leave you wondering if there is a boat insurance calculator out there to help you determine an estimate before you commit to such a large purchase.
While the internet appears to have a variety of insurance calculators for every kind of insurance out there, boat insurance does not seem to be one of these. There are too many variables that can impact the overall cost of insuring a boat. But don't despair! There are a variety of sources where you can obtain a quote after answering a few questions.
Keep reading below for more information about each of these, as well as information about boating insurance for your new boat.
How Does An Insurance Quote Work?
A quote from a prospective instance provider is the best way to make an informed decision before purchasing coverage. To obtain a quote, you will need to provide specifics to help the company find the product that meets your specific needs.
For example, when looking for boat insurance, you will need to provide:
- Name, Address, Birthdate
- Year, Make and Model of the Watercraft
- The primary use for the watercraft (pleasure or commercial?)
- Own or Financed
- Value of the Watercraft
The insurance provider may also request permission to check your credit, as this can also impact your pricing.
Progressive.com provides a wide variety of insurance, and can create a bundle for you that can save you even more money!
Their quote form is simple, yet thorough, and will speed you through the process of finding out just how much insuring your boat might set you back.
Markel Insurance provides coverage for several fields, including marine equipment. They have been specializing in boat insurance for over 35 years and can offer low-cost coverages for your boating equipment, personal liability, and personal injury and property damage.
They can craft a policy that is customized to suit your needs, without all of the extra fluff that you don't.
Check them out here at Merkelinsurance.com/boat.
If you own a watercraft, United Marine Underwriters has got you covered. They are specialty marine insurers, which means they know what they are talking about because that is ALL they do! They provide coverage for all types of boats, including yachts, fishing charters, performance boats, and houseboats!
To get a quote, you can call their handy toll free number or fill out the online form. They will get all the details on the boat its self, its location, ownership, how you plan to use the boat, and even information on the operator. All these details enable them to provide you with the most comprehensive coverage available.
Boatus.com has partnered with Geico to make getting a quote quick and easy! They have coverage for all kinds of boats, fishing, and watersports, and even provide towing coverage, if you get stranded out to sea!
To get started, simply fill out the online form.
Allstate.com is another excellent resource for boat insurance. Their website provides a lot of great information around boating and boat insurance, including the ability to request a quote online.
They offer several discounts that can help offset some of the expense of boat coverage. Pay in full, bundle with other coverage, or get a discount for taking boat safety education classes.
How Much Is Boat Insurance A Year?
On average, you can expect boat insurance to be somewhere around $400 a year, give or take $100. This all depends on what kind of boat you have, how fast it is, the size of the boat, etc. Even who you are or what you plan to do with the boat will affect how much you pay in insurance.
Believe it or not, boating accidents cause tens of millions of dollars in property damage. This is why it's imperative to make sure you have coverage and have the right amount. Paying a little more might be worth it in the end if something were to happen.
How Much Should I Insure My Boat For?
You should insure your boat for as much as it would cost to replace it in the event of a total loss.
To explain this further, there are two types of boating insurance. The first one is "agreed value". This type insures your boat for the amount it is worth when you bought the insurance. "Agreed value" is likely going to be more expensive because this is when your boat is worth the most. That means in 5 years when your $30,000 boat is only worth $20,000, you would still get $30,000 for a new boat in the event it was totaled.
The second kind of insurance is "actual cash value". This is the opposite of agreed value in that you will only get as much as your boat is worth at the time of the total loss. To refer back to the example, if you had "actual cash value" insurance at the time your $20,000 boat crashed, you would only get $20,000, which is not the price you originally paid five years prior.
The type of insurance you pick is up to you. Both will replace your boat in the event of an accident, but "agreed value" will let you start over with the same boat but brand new.
Do You Need A Survey To Insure A Boat?
It depends on what type of insurance you want. You do not need a survey if you have liability-only insurance. However, if you would like any sort of coverage for your boat, companies generally require you to have a survey.
Can I Insure Someone Else's Boat?
No. If your name is not on the title, you cannot buy insurance for that boat. On top of that, if you are driving someone else's boat and you wreck it, their insurance will not cover the damages since you were driving.
The financial side of boats can seem like a pain since they are supposed to be reserved for fun days on the lake. But making sure you can afford the boat you're buying is vital to having peace of mind on the open waters. Boat insurance contributes to this peace of mind, so understanding how it works as well is just as important. Being prepared is the first step to having the time of your life with your new boat!
More questions on what boat insurance covers? Check out these articles.