boat racing insurance

A question about boat insurance?

My wife and I purchased a racing sailboat for use at our out of state vacation home. At present, the boat is stored and locked in a garage for use next season. Next year, we assume that we will need to purchase a policy to cover in case of accidents that may occur on the lake (am guessing this is similar to an auto insurance policy). However, how is the boat covered at this point? Do we just need to include a ryder on our existing home owners policy? If we purchase a boat policy, would that policy include potential problems such as theft, fire etc?

Unless you keep your boat at a marina, you live in Arkansas, or have a loan on the sailboat You are not actually required to carry insurance on the the boat. I would suggest it. The insurance on the boat work similar to your auto policy. You will have your liability towards others and uninsured / under insured boaters. You have the option of medical payment for people on your vessel. One thing that is different on you boat insurance that you will be covering item left on your boat that are not permanently attached. This would be things like fishing equipment, life vest, portable radio, clothing, television sets or anything else. On your auto policy these would be covered under you home owners policy.

You will also have comprehensive and collision coverage on your boat with a deductible. This part of your policy you will want to look at your policy a few different ways. You can have the sail boat written as a stated amount This is the amount you believe the boat is worth or how much you have into the vessel. The next way is if your boat is 5 years old or less you can write it at replacement cost. This will get you a new boat regardless if more to purchase it than the blue book value. Then you have what you know on your auto insurance which the actually cash value. This is blue book value at the time of loss. Most people tend to go with the stated amount on boat insurance. Most insurance companies will also include the trail on the quote. Make sure you let them know you are including the trailer in the price of the vessel.

You may want to omitted the word racing boat when you are getting the quote. Most normal lines of insurance will not insure a racing boat. Check out several companies not just the one you have your other insurance through. On most vessels the boat insurance discount is only a few dollars a year and boat insurance can vary greatly between insurance companies.

The most common companies is your vessel is valued under $150,000 is Progressive and GEICO. If your vessel is over the $150,000 or can reach speeds over 70 miles per hour you will need to look at Boat US or World Wide Marines. Price can be high if you are required to write the policy with these two companies because of the type of vessel you have to insure.

Good luck.

Scott Begovich

boat racing insurance AMAZON PRODUCTS BELOW