The costs of boat insurance can be extremely high. In itself this is not surprising, because the cost to buy a boat has always been high, and has been increasing over the years as the costs for shipping yards to build boats has gone up.
However, if you consider some of the following factors then you will get a better idea about how the insurance companies price up boat insurance, and what is involved in the process.
These are steps that you should carry out even before you buy the boat, because they can really help to clarify in your mind how much boat insurance will cost you, and how much it is going to impact on your budget.
1. Start Planning BEFORE You Buy The Boat - It is a good idea to do some online boat quotes for any potential boat that you are considering buying, BEFORE you actually buy it. In that way you can get a clearer idea about what the future costs of the insurance may be, and whether or not you will be able to afford it.
2. Use Your Common Sense - You KNOW that a 50 foot yacht is going to cost more than a small sailing boat, so make sure that the cost of any insurance is factored into any cost price for the boat. Remember, this is more than likely an expense that you will have to meet EVERY year, and so a rough idea of what it will be is important in terms of overall cost implications.
3. Get Clear About Your Usage Patterns - Here are some questions to ask yourself about your prospective boat purchase:
- Where do you plan on using your boat? In the ocean? On a lake? In a canal?
- How old a boat were you planning on buying?
- How big a boat did you want? Are you flexible on the size?
- How experienced are you as an operator?
- Will you need to hire crew?
- Is the area you plan on using the boat prone to storms? If it is then your premiums will be more expensive.
If you consider these questions before you buy the boat, then you will have a much clearer idea about how much the whole boating experience may end up costing you.
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