Why Is a Yacht Expensive To Insure?

Why Is a Yacht Expensive To Insure?

Many people question if it worth the cost to purchase high-end equipment such as a yacht. Investing in a good yacht insurance plan can alleviate this worry.

Factors of Cost for Yacht Insurance

Some may wonder why the cost of insuring a yacht is more expensive than for insuring other vessels. A few of these reasons are:

  • Yachts tend to be larger boats.
  • There is usually expensive equipment on the boat, such as TVs, radar technology, navigation equipment or even hot tubs.
  • The size of the engine on the boat increases the opportunity for things to malfunction.

Variation of Policy Premiums

Not every insurance agent will offer you the same price for a policy. This is why it is important to shop around for the best deal. Spending time to call at least three different agents could save you hundreds of dollars.

Comprehensive Coverage for a Yacht

While looking for an insurance plan, you will want to make sure the policy is not limited to liability and collision coverage but provides other comprehensive components as well. Some of the recommended protections are for:

  • Windstorm damage
  • Emergency towing
  • Oil pollution liability
  • Medical payments

Even though yacht insurance can seem expensive, the peace of mind you gain knowing your vehicle is properly covered will let you enjoy your boat. You deserve to know that no matter what situation you are in, your boat will be safeguarded.