Boat Insurance
By NBOA
September 5, 2024
Consider Your Options
What kind of insurance coverage best suits your needs? 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 Insurance
Many insurance companies have age, size, and value limits, which may affect the pricing and availability of different coverages. Hull type, length, amenities, and how frequently you use your boat can also affect your insurance prices.
Classic vs Modern Sailboats
Insurance for classic sailboats differs from that of newer sailboats. The five main classifications of boats based on age are 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).
Salvage Sailboat Insurance
One of the best things you can do to increase your chances of obtaining great boat insurance for your salvage sailboat 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.
Chartered vs Purchased
Boat chartering is similar to renting a boat and has a unique kind of insurance with some more specific coverage options. Consider obtaining sailboat insurance with hull coverage, Bumbershoot coverage, and general liability, outlining protection and indemnity, or coverage for legal liability.
Oceanic Voyages
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.