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author: Dr. Kevin Curran
Powerboat and sailboat insurance comparison: our 2016 review.
Here we explain the basics of marine insurance and review the best boat insurance providers.
Hopefully his policy hasn’t expired…
Finding the best boat insurance package does not have to be a difficult job. You should review insurance policies from at least 3 reputable providers, then pick the most appropriate one. Give them your credit card number and you’re done.
Next thing you know, you’re out on the water and you can relax.
The following review began as a shared resource for a group of my friends at our local marina. We all moor on the same dock (G-Dock at Marina Village) and we often found ourselves complaining about our boat insurance cost and policy details. Full disclosure: I’m not a yacht insurance broker. In fact, I don’t work anywhere near the insurance industry. I teach college biology in San Diego. I’m just a long time boater who was never convinced I was on the right policy. I figured there was a need for a publicly accessible, comprehensive review of the popular powerboat and sailboat insurance providers.
After reading this article you’ll have a better idea which is the best insurance policy for you. You should also know how much boat insurance is going to cost you. Almost all the insurance reviews below contain links to receive a free online quote. So, get your boat information ready, fill out a handful of quotes and see which one offers the best policy for the lowest price.
I combine a range of inputs to create this list: national ratings, customer feedback, first-hand experience, industry comparisons, boat forum discussions, social media comments, boat insurance average cost, company policy information, ext. I also warn readers about common problems boaters run into with insurance providers (depreciation levels on older boats, hurricane policies, ext.)
This review is divided into 2 parts:
- Boat insurance 101: a summary of the basics of boat insurance (skip this if you’re an old salt.)
- Boat insurance reviews: a list of most of the popular providers.
I update this boat insurance comparison page at the end of each year. So…if you have any relevant feedback on your provider, please reach out on the All Things Boat contact page. I’ll incorporate your comments into the next update. Thanks!
How much is boat insurance???
Here’s some basic math to calculate your boat insurance cost.
Before you start talking to insurance agents, it’s helpful to know the ballpark estimate for your annual boat insurance premium. Here’s how you get that estimate.
Boat insurance calculator
Determine the current market value of your vessel. 1.5% of that number will be a good approximation for your annual premium.
For example, I own a 30 foot sailboat that is worth $13,000.
So, 13,000 x .015 = 195.00
Therefore, for a typical policy insuring my sailboat, I would expect to pay $195 per year.
In my case, that boat insurance calculation works out about right. I’ve moved around a lot and changed boat insurance companies over the years. On average, I’ve paid about $250 annually for my premium. This has included full hull coverage for my boat, 1 million in third party liability and the regular add-ons (fuel spill, limited towing package, $10,000 in medical expenses for captain and crew, ext.).
Expect to pay a higher premium if you live in a state with a high incidence of hurricanes (South Carolina, Florida, ext.)
Hint #4: If you do live in a hurricane prone area, your insurance company may expect or demand that you haul out your boat if a confirmed, dangerous hurricane is scheduled to make landfall near your marina. This can be a major inconvenience as hauling out a boat takes time and money. Make sure to know what is required regarding approaching storms.
Remember…don’t just search for cheap boat insurance. Make sure the policy details are also sufficient for your needs.
Boat insurance…because sometimes things don’t work out.
I saw this ship run aground in Thailand. If you’re cruising internationally, make sure your destinations are covered in your policy.
If you have any questions or comments, don’t hesitate to reach out.
You can message us via our All Things Boat Facebook Page.
Click here to find out the boater education/boat license requirements for your state in the US.
Disclaimer: We do our best to ensure the information on allthingsboat.com is accurate and updated at all times, however, we are unable to guarantee the accuracy of all information. Efforts have been made to keep the content up to date and factual. However, the boat insurance average cost for a policy and the policy details will change year to year. A provider may provide cheap boat insurance one year, but then transition to high-end boating clients the next year. For the most current and complete policy details for both powerboat, yacht insurance and sailboat insurance, please verify with the provider directly on their website or through an agent. Our links to the various online boat insurance quotes will provide you with the most recent pricing information for different boat insurance company policies.
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