Even if your state does not require boat insurance, it is still a wise investment. The cost of boat insurance is relatively low compared to the potential cost of repairs or legal fees if you are involved in an accident. Without boat insurance, you could be forced to pay for all of the damages out of your own pocket.
A Boat Defined
When I bought my first boat, a friend asked me if I knew that a boat was defined as a hole in the water, into which I would be throwing a lot of money. I chuckled and muttered: “…good one.” Well, that statement hasn’t been exactly true, although I realize now that I have become addicted to a hobby that is not the cheapest choice on the block.
But I don’t really mind spending money if I consider it to be well spent – and for the most part, I consider the money spent on my boat and on fishing to be very well spent!
Perhaps the only reason that I say “for the most part” is because for a number of years, the cost of insurance for my hole in the water seemed to have skyrocketed. Now, in order for you to make some comparisons between your boat and mine, consider that my first boat was a little 16-foot Lund with a 15-horse Johnson that I later upgraded to a 30-horse. Then one day, while just “looking”, I saw the boat I knew I couldn’t live without. So, I sold my little boat and bought a new Lund Mr. Pike Anniversary Edition with a 90-horse Yamaha engine to power it across the water. This boat – for me, at least – is a dream come true. I love everything about it, from fishing to water-skiing to just cruising the lake… but I digress.
My full-time job currently keeps me from spending as much time on the water as I would like, so I am pretty much confined to the months of June, July and August to enjoy my addiction. The boat is stored in a garage the rest of the year. Now here is the part of the article for which you have suffered through all of my babbling:
Insuring That “Hole in the Water”
I had been paying $373 per year for the privilege of insuring that beautiful “hole in the water” and for using it for such a short time.
I don’t know about you, but I thought that to be absolutely outrageous! I have my home and two cars insured by one of the major companies, so it had seemed natural – not to mention easier – to insure my boat with the same company. But I was determined to find a less expensive policy.
I started looking into the other big-name companies and got nowhere. I finally logged on to the Internet and checked out BoatUS.com, where you can get a free on-line quote. I was unaware that they even had boat insurance. Their original quote to me was less than half of the cost of my other policy. The short version of the story is that even after I boosted some of the coverage to mirror what the “big guys” offered, I now have a policy that is not only cheaper than my previous policy by over $100, but it actually exceeds the quality and offers better coverage.
I know it may not sound like it, but this is an unsolicited article. (Note: I do earn a small referral commission from BoatUS if you sign up through a link on this website. You can view our Affiliate Disclosure here.) And whether your boat is bigger or smaller than the one I own, I think that you owe it to yourself to at least get a quote from these guys. They were very helpful and courteous on the phone and really earned my business.
There is a small annual membership fee of $25 (a small price to pay to save some big money on my boat insurance). The membership fee includes a subscription to your choice of several boating magazines with helpful tips and some great articles and 4% back on equipment purchases from West Marine! My actual insurance cost has remained static for the last four to five years due to my not filing any claims. Get a free on-line quote and let me know what you think.
R. Karl
