Having a boat can be amazing, whether you have one on a lake, on a river, or near the ocean. It can be a decent amount of work – which is where the phrase “know the guy with the boat, don’t be the guy with the boat” comes from. BUT if you plan on using a boat frequently and love being out on the water, there is nothing like the freedom of owning a boat and being able to enjoy it whenever you want. 

Along with moorage/docking, maintenance, and fuel an expense all boat owners will likely have to incur is boat insurance. When calculating the value of a boat insurance policy, the insurance agent will take into account many factors. Those include: the age of the boat, length, monetary value, speed/horsepower of the engine, condition (does it meet US Coast Guard standards at the time of production), type of boat, number of owners, where will it operate (lake, river, ocean, etc), and finally is it a houseboat?

A common concern of boat owners is what to do if your boat breaks down while on the water. As far as insurance coverage goes, this will depend on if your policy includes this specific facet. There is typically going to be an add on called “on-water towing” and can save you between $125-250 for a 40 mile tow on the water. You can add in specific towing distances, jump starts, soft ungroundings and fuel delivery. All are topics of conversation for you and your boat insurance agent.

Our last topic is whether or not a boater safety program will provide a discount on your policy. The short answer is that yes, by taking a boater safety course, you will generally receive a discount on your coverage. The accredited courses are offered by the US Coast Guard Auxiliary and has locations across the country.