Estimate Yacht Insurance & Other Expenses

Nov 7, 2013 | Blog Post | 0 comments

Yacht insurance coverage is broader and more specialized than typical boat insurance because these larger boats tend to travel farther and possess more unique exposures.  The policy cost can vary widely depending on a multitude of factors.  Its physical characteristics such as age, length, value, speed, luxury features, and the condition of the yacht impact the policy cost.

Coverage for physical damage, medical payments, uninsured boats, towing, and wreckage removal will also increase your overall policy expense.  In addition, owners can purchase specialized coverage for items on their yachts such as an expensive prop and insure onboard equipment like GPS units, cameras, TVs, phones, and fishing equipment.

If a yacht is used as a primary residence and in what state the owner resides can influence cost as well.  Storage outside or in a covered boat house or storage shed when not in use, operation on the open sea or inland lakes, and where boaters cruise affect yacht insurance costs.  For example, it usually costs less to insure a vessel operated in fresh water versus salt and if the yacht remains in storage during the winter, owners can receive deductions for seasonal layups.

The type of coverage that yacht owners purchase also affects their insurance cost.  “Agreed value” policies cost more up front and cover vessels based on their value when the policy was originally written whereas “actual cash value” ones cost less, factor in depreciation, and only pay out the actual cash value of the yacht at the time it is declared a partial or total loss.  Policy owners can reduce annual premiums by raising deductibles or decrease liability limits that will increase total out of pocket costs if involved in an accident.

yacht insurance online quote

Online tools can help you with quick and easy quotes for the yacht insurance.  Typically, storage, maintenance, repairs, and equipment cost an average of 10% of a yacht’s value per year.  Yachts with crew members incur additional labor and food costs.  You also need to add in the cost for marina docking fees, taxes, and fuel to accurately estimate yacht expenses.

Get an estimated yacht insurance quote online today or call 800-748-0224 to speak with a yacht insurance specialist

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Recent Articles

Boat Insurance Coverage & Water Sports Towing Tips

How to Pull Skiers Safely Boat insurance coverage protects you against liability but knowing how to pull skiers safely can greatly reduce your risk of injury for those in the boat, being towed and on nearby boats. To do your best to ensure that everyone has a fun safe...

Stray Electric Current Hazards

Stray Electric Current Hazards

Lethal stray electric current is a common risk that marina operators, boat builders, and yacht clubs need to take steps to prevent. Even with precautions, there is always some level of risk. Boaters need to be aware of potentially dangerous areas and be especially...

Boat & Yacht Sea Trials

Boat & Yacht Sea Trials

If you are seriously considering buying a boat or yacht, our yacht insurance specialists strongly recommend you take it for a sea trial first.  Why? Seeing a yacht where it's docked or in a showroom is not the same as understanding performance. A sea trial is a...

Maritime Workers Insurance Coverage

Maritime Workers Insurance Coverage

If you employ marine workers, it can be challenging to figure out what insurance you should invest in to ensure adequate coverage. There are two federal statutes governing compensation for marine injury claims: The Division of Longshore and Harbor Workers'...

If Someone is Thrown Overboard

If Someone is Thrown Overboard

What do you do if you or someone else falls overboard? As boat insurance professionals, we know this happens more frequently than many realize.  If you quickly search the news, you'll see that before Christmas, a cruise ship passenger fell overboard and...

Call Now Button