One of the most common questions that our prospective clients at InsureAnyBoat.com frequently ask our specialists is “how much will boat insurance cost in Vero Beach? There is no one-size-fits-all boat insurance, or yacht insurance policy in Vero Beach FL that will meet the needs of every client. However, there are three (3) primary factors that underwriters typically consider when calculating premium costs. These include age of the boat being insured, its length, and market value.
Additional Factors
In addition to the three primary determinants above, there are additional factors that can influence the cost of your boat or yacht insurance premiums including:
- area of navigation
- deductible amount
- mooring location
- owner’s insurance claim history
- previous boating experience
- type of engine(s)
- type of vessel (i.e. commercial charter, power boat, sail, sport-fishing, etc.)
Additionally, there are some Vero Beach boat and yacht insurance companies that will consider the owner’s motor vehicle record, as well as whether they have ever enrolled in a boating safety class.
How to Reduce the Cost of Your Marine Insurance
InsureAnyBoat.com can show you how to save money on your Vero Beach boat or yacht insurance. The quickest and most common way to save money on your premium is by taking the highest deductible that you can financially handle. Deductibles for physical damages begin at roughly 1% of the vessel’s insured value, and can be increased up to 5%. The general rule of thumb is the higher your deductible, the lower the cost of your premium. Remember, you want to choose an amount you can afford if you incur a loss.
Second, you want to consider what is called a “lay-up period.” This refers to any period when the vessel is not out on the water, such as during the colder days of winter (a rarity in this area of the US). You’ll typically get a discount for any full month period that your vessel is out of commission. If you request the longest (by law) lay-up period, it will help you save even more money on your premium if it is considered reasonable for this region of the country.
Third, consider where your boat is going to travel. In other words, what areas do you think you will be navigating to? Consider asking an InsureAnyBoat.com agent about limited navigational areas, or areas near your home port that you regularly navigate. If you include this discount in your policy, it will lower the cost of your premium even more. In other words, there’s no need for coverage along the entire east coast if you are only going to be operating your vessel along Florida’s Atlantic coastline.
Fourth, the better the condition of your vessel, the lower is your rate. If your boat is an older vessel and roughly 26’ or longer, the underwriter may need the current copy of your marine survey. Without this, the underwriter cannot prepare your Vero Beach boat or yacht insurance quotes. You can also lower your quotes by repairing and updating essential systems before having your boat inspected. If you improve the condition of your vessel, the better your premium rate will be.
Fifth, install safety devices to receive additional discounts off your premium. In some cases, it will reduce the premium rate you get from Vero Beach boat and yacht insurance companies. Still, there are other insurers who will give you credits for adding this type of equipment. Anti-theft alarms and lo-jack or tracking devices, engine compartment fire extinguishers, and bilge detectors for fumes and noxious vapors are common safety equipment that is added after purchase. It is important that you work with one of our representatives before you buy insurance, to get the best prices.
Contact Us
For more information about Vero Beach boat or yacht insurance, call InsureAnyBoat.com today at 1-800-585-1665.
