Insurance for marine craft is a very flexible and highly variable product. A lot depends on the vessel itself, because most of the factors that determine cost are specific to the boat and not to boating in general. It’s not just the difference between a small personal craft and a commercial vessel, it’s also the difference in the vessel’s purpose, onboard safety equipment, age, and even the experience and track record of its crew. As the owner, you need to understand that the average cost of boat insurance needs to be narrowed down to a specific boat age, size, and industry niche before it means anything to you.
Streamlining Boat Insurance Costs
There are a few ways to control the costs of your boat insurance. The first is to modify those factors that contribute to costs. You can’t change the age of the boat and you probably don’t want to change the reason you bought it, but you can invest in safety equipment, train or hire more experienced crew, and overhaul other features that make it easier to cover at a low cost. You can also go with a specialized insurance provider who understands the needs of boat owners in a variety of roles, from charters to personal yachts and even shipping vessels. That way, you can beat the average cost of boat insurance by tailoring a policy to your specific needs and trimming out the extra coverage.