If you’re looking to insure a recreational vessel, you’re probably wondering how much boat insurance is likely to set you back. Today, we’ll be sharing what is considered when pricing a boat insurance policy, so you have a better understanding of what you’re likely to pay.
Here’s what you need to know.
How much does boat insurance cost?
There is no one-size-fits-all cost for boat insurance, and for good reason. If all boat insurance cost the same, there’d be many boat owners wasting money on cover they didn’t actually need.
This is why it’s best to find a marine insurer who will take the time to tailor your cover to your requirements. It’s also why the cost of boat insurance will vary, depending on what you need to be covered for.
Here are just some of the factors our marine underwriters take into consideration when preparing a quote for both commercial and recreational boat insurance.
Factors assessed to quote boat insurance
- Make, model and type of vessel.
- Maximum speed of the vessel.
- Cruising range.
- The location and storage of the vessel.
- Experience of the Skipper.
- Previous loss history.
- What the vessel will be used for.
- The sum it will be insured for.
The factors listed above have a significant impact on the calculation of boat insurance premiums at Coast. This list is not exhaustive, so if you’d like to know more, please get in touch.
Securing a quote
Once the marine underwriter has discovered the information above, as well as any additional information regarding your vessel and circumstances, they will prepare a quote for you to review. They may also recommend additional extras, if they apply to your situation.
Paying boat insurance
Boat insurance can be paid in one of two ways at Coast. We can either take an annual payment via credit, debit, bank transfer or cheque. Or if the policy permits, boat insurance can be paid in monthly instalments.
We recommend speaking with your marine underwriter about payment options when you’re discussing the policy, so they know what is likely to suit you best.
So what does it actually cost?
Annual insurance for your boat can be a cheap as $250. However, there are many factors that need to be considered by your marine underwriter before providing a final cost. For example, they will need to assess your particular vessel, including the factors listed earlier in this blog.
Need a boat insurance quote?
Talk to us about securing a quote for your boat insurance. We’ll tailor a policy that is the right fit for your circumstances, so you don’t pay more than you have to, and are covered for the stuff that really matters.