Boat insurance is not mandatory as per the law in most states. But, to be honest, that doesn’t give you a ticket to ditch it.
Why not? You will have peace of mind for the years to come, especially if someone meets fatal injuries or accidents in your bass boat. Your money won’t go all in vain.
So now the real question is, how much is a bass boat insurance?
Before I get into that, I will discuss all the necessary points to help you understand the importance of bass boat insurance.
To make it a better read, I will also discuss its different types and multiple insurance options for your convenience.
What is Bass Boat Insurance?
Bass boat insurance is basically a contract between you and the insurer. Be it long-term or short-term, it will protect you financially if you or someone else have an accident or your boat gets damaged (more on this later).
So if you have the boat insurance, you won’t have to pay for the repair and medical expenses. That’s not it, you also get some additional perks, depending on the type of boat insurance you get.
However, insurance is not applicable to small paddle boats, vessels, or canoes.
If you’re looking for insurance policies and requirements for your bass boat, then you should get in touch with the independent agents of your state. They may have something good that can meet your desired budget and needs.
So that was a small introduction on bass boat insurance to give you a clear picture. Next, let’s move on and see the types of insurances available.
Types of Insurance
When you step up in the market, you’ll see two types of insurances – Agreed Value and Actual Cash Value.
What makes them different? Let’s find out!
Agreed Value Policy
So this one is pre-planned. Your insurance carrier makes a deal that you’ll get XYZ amount in case something happens – the value of the boat is pre-arranged.
And it’s important to note that this insurance only pays for the selective stuff. You see, it’s a better idea to discuss every little detail beforehand.
Agreed Value boat issuance is more common as compared to the other one because you already know what you’ll get if your claim gets accepted. And what’s more, the whole process is pretty simple as well. Although this insurance costs more, it usually covers most of the stuff. So yes, it’s worth the money.
Actual Cash Value Policy
On the other hand, you don’t get a lot of coverage with Actual Cash Value. But the plus point is that it’s not really expensive.
What happens in it? If the price of the boat drops or increases due to market price, it will not affect the amount they have to pay you in case the boat was lost or damaged. They’ll only pay you what the price was at the time of loss.
Apart from that, the application and approval process is smoother and faster than AGV.
Bottom line: As you can see, both policies are different. Compare them, make a budget, and take suggestions from your insurer as well!
How Much is a Bass Boat Insurance?
Here’s the most awaited question. Liability coverage costs somewhere around 100$ annually. It seems inexpensive, right? Yes, it is.
Don’t forget that if you go for comprehensive coverage, it would cost you somewhere between $300 and $900. See the difference? This is how it works and can put a hole in your wallet.
If you have a tight budget, I recommend spending time on your research and going through several websites. You’ll be surprised to find some hefty discounts on insurance costs, which would do your job.
Factors Affecting the Insurance Cost
Here are some things that determine the insurance cost of your bass boat:
Boat Value
The greater the value of your boat, the higher the expense of insurance. You can calculate the value of your boat to figure out its insurance cost.
Type of Boat
The price of each boat varies depending upon its type. For instance, bass boats and ski boats will have different insurance costs.
Condition
So that’s pretty straightforward. If your boat is outdated and rusty, it will have a lower insurance cost. You won’t have trouble affording it!
But if your boat is new and luxurious, you can expect the insurance cost to be higher as well.
Speed/Horsepower
This is another notable factor. Bass boats with high speeds have more powerful engines, and they are generally more expensive as well when it comes to the insurance price.
Previous Boating Record
You might be asked about your previous cruising experience as well. If you’re a good driver with no mishaps at all, then this can work in your favor.
Credit Score
Your credit score can also affect insurance costs. This policy has benefitted the pro boaters the most, as they tend to have a higher credit score. So they get rewarded with a maximum discount.
What Does Bass Boat Insurance Cover?
It actually depends on your liability limit and your insurance plan. If you want to cover more things in your insurance, then obviously, you will have to pay more.
Here’s what you need to know:
Accidents
If you’re injured, or your boat is damaged, then the insurance policy can cover a hefty amount of your medical expenses. And the ship will be renewed as well.
Property Damage
A property can be a dock, marina, and vessel. Good for you, your insurer would have to pay for the expenses if something unfortunate happens.
Personal Items
All you need is the right insurance policy, and it will pay for your personal item as well. If you’ve recently lost any valuable things like jewelry, mobile phone, etc. while boating, then a fair policy ensures its recovery or replacement.
Towing
You can get your bass boat towed to safety for around 400$/hour.
Consequential Damage
You can’t expect your boat to stay all new and shiny. With time, there may be wear and tear, even if there is no accident. You can get your boat repaired, and it’ll be as good as new!
Cruising Extension
If you plan to travel to Mexico or the Bahamas from the USA, you can get some additional perks temporarily.
Some Additional Tips
I want you to make the most out of your insurance plan. For further guidance, ask yourself the following questions:
- Do you have fish finders, fishing gear, and power poles with you? You can add insurance on these items, too, for your convenience.
- You can’t afford the insurance plan? Worry no more. There’s a shortcut to avail of a discount: Complete the boater safety course and lower down the cost of your insurance plan.
- Do you want coverage for your bass boat’s trailer? Talk to your insurance carrier! However, the boat insurance won’t cover the damage done to the watercraft’s hull and motor.
Look for Multiple Insurance Options
I am not done yet! The last suggestion I have for you is to search for better insurance plans.
Navigate sites through the sponsored ads you see while browsing the internet. Take your time to look for multiple sites from time to time. Some websites offer enticing offers and premium packages that can be a lifesaver option for you.
Additionally, these plans might save you from spending thousands of dollars. You can also take recommendations from your fellow boaters – a word of friend or family counts a lot!
Final Thoughts
Okay, that was it, fellas! I hope you learned enough about bass boat insurance. It may sound like a headache at first, but it’s actually a lifesaver. What you need is good research! And after that, have a detailed meeting with your to-be insurer.
They will break down the two insurance plans to you – pick what you find convenient. Happy boating!
