BOATERS BLOG
Sailing has been a primary means of travel and maritime trade dating from prehistoric times to the mid-19th century. Today, sailing is a beloved pastime that involves cruising the open water or engaging in friendly competition. However, you choose to enjoy this timeless sport, feeling the wind rush through your sails and navigating the sea can be rather unpredictable. That’s why the National Boat Owner’s Association (NBOA) offers the best sailboat insurance for every budget and lifestyle. Whether you have a brand new boat or a classic wooden boat, choosing the best insurance for your sailboat can sometimes be daunting. Fortunately, here at NBOA, we have trusted professionals who can help you find an ideal sailboat insurance provider and aid you in finding a policy that fits your lifestyle, budget, and needs.
Considering Your Options
Before you begin the journey of insuring your sailboat, there are several things to consider; for example, what kind of insurance coverage best suits your needs? A comprehensive insurance plan can cover incidents like sinking, boat fires, theft, and vandalism. Policies may also cover weather damage; however, this will vary regarding the type of destruction due to storms. Comparing the different types of coverage side by side will ensure that you get the best sailboat insurance policy for you and your boat with coverage that will give you peace of mind.
The Cost of Sailboat Insurance
The cost of sailboat insurance can be affected by a myriad of factors. The first step in determining what your sailboat insurance may cost is to identify the attributes of your boat. Many insurance companies have age, size, and value limits, which may affect the pricing and availability of different coverages. For example, a Catamaran’s design and price often cause its insurance to cost more than a typical monohull due to its increased number of hulls and engines. Hull type, length, amenities, and how frequently you use your boat can also affect your insurance prices. To gauge the cost of your own sailboat insurance, visit NBOA and apply for a quote today.
Insurance for Classic Sailboats vs. Modern Sailboats
Insurance for classic sailboats differs from that of newer sailboats, and several things are considered when determining the price of coverage. When looking for a quote on a classic sailboat, it is critical to know these seven factors.
- What kind of boat is it?
- How much is the boat currently valued at?
- What is the hull of your boat made of?
- Does your boat have any existing damage?
- How often do you take your boat out on the water?
- Where do you usually sail your boat?
- How often do you perform maintenance?
When planning to finance an older boat, it’s also helpful to know the type of sailboat you own, such as a Cutter, Sloop, Yawl, or Catboat. The size and classification of your vessel can affect the insurance. In addition, boats are also valued based on age. According to the Antique and Classic Boat Society, there are five main classifications of boats based on age, including historic (constructed before and up to 1918), antique (built between 1919 and 1942), classic (made between 1943 and 1975), late classic (constructed between 1976 to 1997), and contemporary (built within the past 25 years). It is also important to note that wooden boats are more difficult to preserve and sometimes more challenging to insure.
Salvage Sailboat Insurance
Salvage boats aren’t as easy to insure as brand new boats, since they pose a higher risk of damage or injury. One of the best things you can do to increase your chances of obtaining great boat insurance for your salvage boat is to carefully maintain documentation and track the damages and repairs of your vessel. Highly damaged watercraft are at an increased risk of repairs giving way or needing frequent attention and, therefore, can be a significant liability.
Insurance for Chartered vs. Purchased Boats
Did you know that many boaters don’t actually own their boat? Instead, they often decide to charter one. Boat chartering is similar to renting a boat and has a unique kind of insurance with some more specific coverage options. Suppose you are a boater that does not assume complete ownership of your watercraft. In that case, it can be critical to obtaining sailboat insurance with hull coverage, Bumbershoot coverage, and general liability, outlining protection and indemnity, or coverage for legal liability.
Insurance Considerations for Oceanic Voyages
For old sailboats, in particular, insurance changes based on how you use or intend to use the boat. Crossing an ocean or even cruising up and down coastlines will most likely increase the price of insurance. Sailing can be a dangerous endeavor, and sailing short distances in and around your community will have a much lower risk than sailing across the sea.
Securing the ideal sailboat insurance to protect you and your investment is simple with assistance from the experts at NBOA. With guidance every step of the way, this daunting process will quickly become smooth sailing.