How Much Boat Insurance Should You Buy?
Before you get that new boat out on the water, you have a few decisions to make. The first is what kind of boat insurance you will buy. The second is how much you should purchase. It doesn’t matter where you boat, either. The cost of Newport Beach boat insurance, for example, will depend on all the same factors as insurance purchased on the West Coast or deep in the Midwest.
The amount you should purchase begins with the value of the boat you are covering. While value is factored into many of the coverages in your policy, it is typically the only thing that determines the amount of collision coverage and comprehensive coverage you should purchase. Since collision and comprehensive covers costs of repair to your vessel, the cost to repair or replace the boat is vital in determining this number.
Value also plays a part in coverages like bodily injury and property damage liability. These two products covers injury to you, your passengers and, if you are at fault, those you have collided with, as well as damages to property sustained in the accident. Motor size, vessel age and how the boat is used play a bigger part in this calculation, however. For example, you are more likely to get in an accident driving a speedboat than a small fishing boat.