The most economical insurance policy to insure your boat is liability-only insurance. It only pays for the damage to another person’s boat and injuries due to the accident which you are at fault. Young drivers who are under the age of 25 pay higher premiums as they are more prone to getting accidents compared to older drivers. If you can’t afford to pay for the repair or replacement of your boat, then you should not purchase liability-only boat insurance.
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 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 mainland 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 in Florida other than 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 to a personal loan, then your lender will require you to insure your boat until you fully paid your debts.
If you have questions regarding insuring your boat, please call Wahoo Insurance LLC to assist you with all your concerns. Our phone number is (866) 275-9797. 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.