Boat Insurance

• Agreed Value- With this policy type, your insurance carrier and you agree on the value of your hull and hardware when the policy begins. In the event of a total loss of the boat, this will be the amount that you receive from the policy. An agreed value policy differs from actual value, in which you would be compensated for the current market value of the boat in the event of a claim.
• Lay-Up Period- The time during which you will not be using your boat. If you have a policy that includes a lay-up period, be aware of the dates. Using your vessel during lay-up means that you will not be covered by your insurance.
• Specialized Coverage- Coverage for something specific on your boat like an expensive prop or navigation equipment.
• Salvage- Coverage that pays to remove your boat due to damage, from substantial to minor.
• Consequential Damage- Covers a loss that was the result of wear and tear rather than an accident (rot, mold, corrosion).
• Towing- Towing your boat across a body of water to safety can cost $400 per hour.
• Cruising Extension- You can get temporary, additional coverage if you plan on leaving the USA (typically to Mexico or the Bahamas).
• Pollution Liability- If included in your policy, this coverage will help cover you in the event of a fuel or oil discharge into the water.

Multi-policy

• Several companies offer discounts for having more than one policy with them. If you get boat insurance from the same company you have your home and auto policy with, you could save even more.

Full-Pay Discount

• Paying your premium up front could save you a lot of money. Insurance companies hate trying to chase down payments and only having to process one payment saves them time and money so they are happy to pass on those savings to use as a reward.

Boater Education

• A safe boater is a much cheaper boater to insure. The less likely you are to be in a boating accident, the less likely you are to cost the insurance company money. Plus feeling confident about your boating abilities and having the knowledge necessary to respond properly in an emergency is always a plus.

Safety Equipment

• having additional safety equipment on board such as a GPS system, depth finder or radar can save you money.

Clean Driving Record

• If you can safely operate a car without getting into any accidents, odds are you can probably do the same on the water.

Outboard Motors

• Since outboard motors are easier to repair and maintain, this will usually get you a discount.

Years of Boating Experience

• Along with the age of the boater, the number of years of actual boating experience can be positively reflected in your rate.

Storage Location

• Boats that are stored outdoors are more likely to be damaged or suffer wear and tear. Boats that are stored in a shed or marina warehouse are less likely to be affected by the elements. Also, boats that are stored in hurricane-prone areas are more likely to be damaged.

Navigation Area

• Operating a boat on small lakes is less perilous that operating a boat on the open ocean or more populated areas.

Driving Record

• Things on your driving record like accidents and DUIs can have a negative effect on your boater premiums. Insurance companies will likely check your driving record before offering a policy.

Prior Boat Ownership

• If you are a first-time boat owner with little experience, your rates are likely to be higher than those of an older more seasoned sailor.