Figuring Out Boat Insurance Costs
Figuring out how much a recreational asset purchase will cost you on an ongoing basis can be tough, but for people who invest in boats, it’s almost impossible. There’s a huge range for policy costs and a lot of factors that go into them. So what are you paying for? The first thing to understand is that part of the wide range of costs is the wide range of uses, sizes, and values for personal watercraft. It’s pretty obvious that a small vessel that’s stored out of the water and only used on inland lakes will be less valuable and doing less risky travel on the water than a yacht on the ocean that needs moored boat insurance when not in use, for example. That means your boat insurance isn’t just one insurance type, it’s a combination of coverage options that fit your lifestyle and storage practices.
Other Factors in Your Quote Costs
In addition to the range of coverage options and the policy limits, there are some extra factors that can raise or lower the cost of your insurance policy. A big one is the status of your driver’s license. Infractions on your driving record can increase your insurance costs on the water as substantially as they increase auto policy costs. Your level of experience and training, safety equipment, and whether you will allow other operators to handle the controls also play a role. For information about bringing your costs down, talk to a professional about whether new safety equipment and more training will save you money.