Factors that affect your boat insurance rate

Buying a boat is the second largest investment a person can make after buying a house. Therefore, it only makes sense to protect such an investment. While boat insurance is mandatory in many states, this is not the case in New Jersey. 

However, as in many other states, a person can be held liable for damages caused by the owner while operating the boat. It is a wise decision to at least purchase liability insurance. While many homeowners insurance policies provide limited coverage for boats, there are areas that are not covered by this type of insurance, such as incidents related to pollution, salvage, or wreck removal, to name a few.

In addition, boat owners should consider whether they want to purchase diminished value insurance or agreed-value boat insurance. Time value insurance covers the value of the boat at the time of the accident minus its depreciation. With agreed value insurance, on the other hand, the insurer pays out the agreed insured value of the boat, regardless of its depreciation. Marino Agency Inc. in Mt. Ephraim, NJ is a family-owned and operated insurance company, established in 1982. The company caters to various types of insurance, including boat insurance. 

It is important that boat owners understand what factors influence and determine the rate of boat insurance. Different companies use different combinations of these factors to determine whether a person is at high or low risk:

  • The overall condition of the boat
  • Boating education course
  • Additional safety equipment
  • Age of the boat
  • Value of the boat
  • Owner’s age
  • Type of boat
  • Length of the policy
  • Location of the boat, ie. rivers and lakes or the ocean
  • Insurance score

For peace of mind, come by and visit or call Marino Agency Inc. located in Mt. Ephraim, NJ to discuss possible boat insurance coverage.