Boat/yacht Insurance Rates

[Elwen]

Good morning. My husband and I have a desire to live on the sea, or at least out of a marina and probably west coast/California. We would most likely live full-time on small yacht(42-52 ft). Wondering if anyone can give me an idea what cost to expect for boat insurance. Cannot provide more info on the yacht because we have not purchased it yet. Just looking for ballpark estimates to help in my research. There was not a specific category for boating questions, do hope some experienced boaters find this. Thanks!

[Mamoon]

curious7777777 said: 1 I don't own a boat. But, you can go here for quotes:http://www.geico.com/http://www.progressive.com/insurance/boat/quote-in-minutes.aspx?code=8004900295&gclid=CJ3ppZiw35oCFQyVFQodOjAtyw 55 months ago

[Gail]

I don't own a boat. But, you can go here for quotes:http://www.geico.com/http://www.progressive.com/insurance/boat/quote-in-minutes.aspx?code=8004900295&gclid=CJ3ppZiw35oCFQyVFQodOjAtyw

[Cyneleah]

boat/yacht insurance rates Deciding what kind of boat insurance coverage you need depends on many variables. To start off, the type of insurance you need depends on what kind of boat you have. Being familiar with boats you would need to look at the different variations between the various types of boats that are in the world.For instance, a speedboat capable of high speeds requires a much different type of insurance than a small fishing vessel would because of the potential liability for the insurance company that comes with a speedboat compared to a fishing boat.Another consideration is the value of the boat. Insurance rates covering a highly expensive craft are going to be higher because the amount that could be lost is much higher. If instead you are watering a small, low cost boat and you want coverage against damage to other boats that you may come in contact with, then the rates would be much lower,There are many similarities between boat and car insurance. Risk assessment for an insurance company is based on many factors with car insurance just the same with boat insurance. Before an insurance company will offer any kind of coverage for a water craft they will make sure to determine all the possible ways that the coverage could cost them money. To do this they will take the age of the boat, the record of the owner and primary driver, the value of the boat and the area where the boat will he housed for at least six months out of a year.Just like automobile insurance, there are two distinct types of boat insurance. Full coverage insurance is just like it sounds, it covers pretty much everything including loss due to theft, fire, accident, and many other types as well. There are several clauses involved in full coverage insurance that work to limit the liability that the insurance company will need to cover that these are par for the course with an insurance company. Full coverage insurance is normally mandatory when you finance a boat or a car for that matter. This is in place to protect the bank against loss should anything happen to the boat before it is paid for. Full coverage insurance is the most expensive of all insurance plans as the risk to the insurance company is the greatest with this type of policy.When financial loss will not be great and a budget is stretched a little thin then you may want to consider liability only insurance. Under a liability only policy, the insurance company is responsible to pay for only damage to other persons or property and the owner of the boat receives nothing. This is the basic insurance required by law for cars and in some areas it is required for boats as well depending on the size and usage of the craft. This type of insurance does not protect against loss of any type and will pay only a specified amount for injured persons in the case of an accident. Sources: http://ezinearticles.com/?What-Kind-Of-Boat-Insurance-Coverage-Do-I-Need?&id=139047 newuser39692771 55 months ago Please sign in to give a compliment. Please verify your account to give a compliment. Please sign in to send a message. Please verify your account to send a message.

[Thoma]

The Quartermaster Yacht Policy is designed exclusively for live aboards and combines the broad protection of a comprehensive homeowners? policy with a standard yacht policy, and is the only policy like this in existence. This policy is underwritten by Zurich Insurance Group, a major marine underwriter, which enjoys an A.M. Best rating of A-, one of the highest ratings available. This policy covers:All-risk hull and machinery(subject to standard policy exclusions)All-risk personal property, on board and elsewhere, including items in storage ashoreFull coverage available on jewelry, fine art, collections, silverware, and moreLoss of use protection covering additional living expenses if your yacht becomes uninhabitable due to a covered lossNationwide network of local claims adjusters and marine surveyorsPersonal liability coverage for "off premises" exposures plus related medical payments coverage Watercraft liability(protection and indemnity) and related medical payments coveragehttps://wfis.wellsfargo.com/ProductServices/A+to+Z/Live+Aboard+Yachts/Click find an insurance professional to get a quote.

[Garret]

Is this a houseboat or a powerboat or a sailboat? How much gas does a powerboat consume?

[Galaway]

Deciding what kind of boat insurance coverage you need depends on many variables. To start off, the type of insurance you need depends on what kind of boat you have. Being familiar with boats you would need to look at the different variations between the various types of boats that are in the world.For instance, a speedboat capable of high speeds requires a much different type of insurance than a small fishing vessel would because of the potential liability for the insurance company that comes with a speedboat compared to a fishing boat.Another consideration is the value of the boat. Insurance rates covering a highly expensive craft are going to be higher because the amount that could be lost is much higher. If instead you are watering a small, low cost boat and you want coverage against damage to other boats that you may come in contact with, then the rates would be much lower,There are many similarities between boat and car insurance. Risk assessment for an insurance company is based on many factors with car insurance just the same with boat insurance. Before an insurance company will offer any kind of coverage for a water craft they will make sure to determine all the possible ways that the coverage could cost them money. To do this they will take the age of the boat, the record of the owner and primary driver, the value of the boat and the area where the boat will he housed for at least six months out of a year.Just like automobile insurance, there are two distinct types of boat insurance. Full coverage insurance is just like it sounds, it covers pretty much everything including loss due to theft, fire, accident, and many other types as well. There are several clauses involved in full coverage insurance that work to limit the liability that the insurance company will need to cover that these are par for the course with an insurance company. Full coverage insurance is normally mandatory when you finance a boat or a car for that matter. This is in place to protect the bank against loss should anything happen to the boat before it is paid for. Full coverage insurance is the most expensive of all insurance plans as the risk to the insurance company is the greatest with this type of policy.When financial loss will not be great and a budget is stretched a little thin then you may want to consider liability only insurance. Under a liability only policy, the insurance company is responsible to pay for only damage to other persons or property and the owner of the boat receives nothing. This is the basic insurance required by law for cars and in some areas it is required for boats as well depending on the size and usage of the craft. This type of insurance does not protect against loss of any type and will pay only a specified amount for injured persons in the case of an accident.

[giulio]

curious7777777 replied to post #2: 3 Is this a houseboat or a powerboat or a sailboat? How much gas does a powerboat consume? 55 months ago

[Lindleigh]

Thank you for the link; however, I have not bought the boat yet and cannot answer the specific questions required to get a quote. I was hoping there may be some boaters out there who would know approximately how much monthly insurance premiums would be for 42-52 foot range in the area we are focusing on retiring. I'm still in the planning stages and want to research this thoroughly BEFORE buying the floating retirement home(-:)

[Caomhan]

Wells Fargo Insurance Services professionals can provide you with the peace of mind The Quartermaster Yacht Policy is designed exclusively for live aboards and combines the broad protection of a comprehensive homeowners? policy with a standard yacht policy, and is the only policy like this in existence. This policy is underwritten by Zurich Insurance Group, a major marine underwriter, which enjoys an A.M. Best rating of A-, one of the highest ratings available. This policy covers:All-risk hull and machinery(subject to standard policy exclusions)All-risk personal property, on board and elsewhere, including items in storage ashoreFull coverage available on jewelry, fine art, collections, silverware, and moreLoss of use protection covering additional living expenses if your yacht becomes uninhabitable due to a covered lossNationwide network of local claims adjusters and marine surveyorsPersonal liability coverage for "off premises" exposures plus related medical payments coverage Watercraft liability(protection and indemnity) and related medical payments coveragehttps://wfis.wellsfargo.com/ProductServices/A+to+Z/Live+Aboard+Yachts/Click find an insurance professional to get a quote. Sources: https://wfis.wellsfargo.com/ProductServices/A+to+Z/Live+Aboard+Yachts/ Librarian50 55 months ago Please sign in to give a compliment. Please verify your account to give a compliment. Please sign in to send a message. Please verify your account to send a message.