WEDNESDAY, MAY 23, 2012
Whether it’s sailing softly or skiing fast, if boating tops your weekend to-do list, boat insurance should be a priority. Any kind of boat is an investment, and although boat insurance is not required, it will protect that investment against storms, accidents, passenger injuries, rough seas, etc.
When deciding how much boat insurance to carry, consider the following:
 1. Full coverage for your boat covers the same things full car insurance covers, including theft, fire, accidents, and natural disasters.
2. Liability only boat insurance will cover costs of damages to other people or property, but NOT your own damages.
3. Full coverage may be required if you are still financing your boat.
4. Consider the value of your boat, the risks you take while boating and the location you do most of your boating when determining how much insurance to carry. If you live in a high risk area, you carry many people or you have an expensive boat, you’ll want additional coverage.
5. Also keep in mind how much financial responsibility you can carry in the event of an accident or the possibility that you could be sued if others suffer as a result of a boating accident.
6. Find out if your marina, port, or harbor requires you to have boat insurance. Some mandate a minimum of liability only, some require full coverage.
Once you have determined what type of coverage you require, be sure you shop around to get the best priced policy you can find. There are multiple factors that determine the price of your boat insurance premium including:
1. Your age. Believe it or not, older boat owners get a better insurance rate, just like older drivers get a cheaper premium. Apparently older boaters are not as risky in their outings as younger speedsters.
2. If you own a home. Those who own a home show a level of responsibility and maturity that insurance companies look for. Home ownership can also result in lower rates.
3. Previous Boats Owned. Just because you can run a sailboat without injury doesn’t mean you know how to drive a yacht. Many companies actually require comparable boat ownership history before insuring your newest vessel, particularly with large vessels.
4. Speed of Vessel. Just like convertibles are more expensive to insure than minivans, speedboats will be more expensive than pontoon boats. Some insurance companies will incur an additional surcharge or simply refuse to insure a boat that goes over 25 to 35 mph.
5. Years of Boating Experience. In addition to your age, the more years of actual boating experience you have, the cheaper your rate can go.
Boat insurance prices can vary greatly between carriers, so it’s important to use a local agent who can help you navigate the insurance waters in your area. Each carrier uses their own combination of these variables to calculate your rate and with so many options available; it is wise to seek help from a professional.
By Matt Reynolds - Google+
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