Deductible for boat insurance

Looking at changing boat insurance. On a 2009 boat, is a $1000 deductible to high? I’d assume anything that’s going to require me calling the INS company will be more than $1000. What are your thoughts?

Can you afford to pay the 1k if you have to? Obviously on small claims under 1k it may not be a big deal, but what if you have a major claim and you need the 1k to either fix your boat or buy a new one? I would quote both the 1k and a lower deductible then make a decision based on the difference in price. Ultimately if you can pony up the 1k in a pinch and the rate is significantly cheaper then I say go for it, you will likely end up saving money.

I have $500 on my commercial/guide policy.

I assume the $1K deductible brings your premium down a bit.

I write most of my boat insurance policies with a $500 deductible.

I find that there is approximately a 15% savings if you choose a $1000 deductible versus a $500 deductible. Since most boat insurance policies average around $300, this would be a savings of around $50/year. This means that you would have to be claim free for 10 years to make up the difference in the price.

If your interested in a quote for boat insurance, let me know and I would be happy to run one for you.

I would guess that if you checked the price of $500 or even $250 deductable that it would only up your ins. cost by $25 a year. Call your agent and get it quoted.

Thats what I have done

gone with higher deductibles to reduce the annual cost

I do not worry about the small stuff.

I just try to do everything I can to protect or secure it.

I agree with above. Check the rates

Quote:

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I would guess that if you checked the price of $500 or even $250 deductable that it would only up your ins. cost by $25 a year. Call your agent and get it quoted.

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I didn’t have them look at a $500 deductible. The $250 deductible was about $100 more per year.

Regarding coming up with $1000 vs. $500 if I wrecked my boat, I’ve got that cash saved for in a pinch situations.

FYI, to up my liability from 300k to 1M was a lousy $5 a year. That was a no brainer.