When choosing marine insurance, there are so many things you have to think about. They include the type of cover to take and the best insurer in your region. An important question most boat owners ask their marine surveyor Maryland is how much to pay for boat insurance.
When getting boat insurance, you want to make sure the cover you are getting will give you all the protection you need and at the correct value of your boat. This is why knowing how much you should pay for boat insurance is very important. However, even with the advice of a marine surveyor Maryland, it is not as straightforward to determine how much you should pay for boat insurance. This is because there are so many factors at play. Even so, there are a few tips you can use.
In most cases, boat owners try to match the liability coverage they have on their auto insurance policy. If you don’t have auto insurance, you should have at least $100,000 per person, $300,000 per accident for bodily injury liability and at least $50,000 for property damage liability. These figures are, however, not set in stone. They may vary depending on your unique situation. It is always good to discuss your boat coverage needs first with a marine surveyor and then with an insurance agent.
The cost of boat insurance can vary significantly. This is mostly because the cost of insurance varies depending on your type of vessel, what you use the boat for, the value of your boat and the insurance company you are working with. The state you live in will also affect how much you pay for boat insurance. The average maritime insurance usually ranges from $75 to about $500 per year. This is usually about 1.5% the insured value of a boat. The figures can vary based on other factors.
To know precisely how much you will pay on boat insurance, the best thing you can do is consult an insurance agent. It is free to get an insurance quote. However, to avoid being under or over-insured, it is paramount that you speak with a boat surveyor. An independent boat surveyor in Maryland will help you know how much your boat is worth. That way you will know how much coverage to get. Second, you need to reach out only to reputable boat insurance providers. The wrong insurer can exploit you by either failing to pay a claim or charging a premium that is too high.