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Why Boat Size Matters when Buying Insurance

There are a number of elements that factor into the cost of boat insurance, not least of which is the size of the vessel. Even a small boat can represent a significant cash outlay and individuals will want to protect their investment. If the new craft is large enough that it needs to be moored at a marina, proof of liability may be required.

One of the factors that insurance companies look at closely when issuing a boat policy is the size of the vessel and they do it for multiple reasons. Large boats are more expensive to repair or replace should an accident occur. They can also cause more damage that the insurance company will have to cover if they’re involved in an accident.

A “boat” is typically a vessel that’s 26 feet in length or smaller. When a craft reaches 27 feet or more, it’s considered a yacht. Insurance is less costly for a boat since it can’t travel as far, doesn’t have as much unique equipment, and isn’t as difficult to bring back to shore if it breaks down. Your boat will have very specific navigational limits to which you must adhere.

Larger vessels can travel farther, have a larger range of expensive equipment and devices, and are subject to a greater range of exposures that could potentially cause problems and loss. It’s also far more costly should a bigger craft need a tow. Depending upon the circumstances, it could cost you in the neighborhood of $3,000 if you need a tow back to shore.

You may be tempted to purchase the biggest vessel your budget will allow, but unless you have experience with larger craft it’s a better idea to begin with a smaller boat. Insurance costs will be far more expensive for a larger vessel and many people have discovered after buying a yacht that they don’t really have the time, money, or inclination to fully enjoy or maintain it.

For more information about how The Sena Group can help you with any

of your insurance needs, please contact us at 561-391-4661.

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The Sena Group
6501 Congress Ave., Ste. 100
Boca Raton, FL 33487