How Much Does Insurance Cost For A Boat – In 2016 we set off to explore the world on a sailing yacht with no previous experience. We didn’t know what to expect or how to budget for such an unfamiliar lifestyle.
Of course, we did some google searches on “how much does it cost to swim around the world” but couldn’t find anything helpful (there’s just too much info now). It was basically a set of ideas or a list of things to consider.
How Much Does Insurance Cost For A Boat
Some things were easy to estimate, like how much we would spend on food (since we were going to eat anyway). But we didn’t know what we would spend on things like fuel, repairs and maintenance.
Insuring & Maintaining A Boat
Over the past four years, we have traveled to seven countries and logged more than 13,000 nautical miles under our hull.
We’ve learned a lot in that time, and we’ve learned a lot about our spending habits in this new salty life.
Everyone always says BOAT is short for Bust Out Other Thousand. And it felt like this for the first time. The first year was buying and organizing from the network and it was a full wallet!
But since then, we’ve been able to stick pretty closely to our budget and have been pleasantly surprised.
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Many people don’t want to share personal expenses or talk about money (so please be kind). But it’s hard to plan a major life change on the imagination. So here’s how much it costs us to stay and travel on a cruise.
Everyone has different habits (and vices), so how and where we spend our money may be completely different than yours. But at least with some real-world numbers, hopefully it will help you get a feel for this way of life at sea.
The devil is in the details… so please watch the video as we explain more about each of these categories. Jason is incredibly disciplined about tracking our spending…every penny. We averaged annual spending from each category from 2017 to 2019 to come up with these numbers. So they represent our lives from Panama to Tonga.
Boat insurance is becoming more expensive and difficult to obtain every year. So let this be your fair warning. (P.S. If you are not a US citizen, it will be easier/cheaper for you)
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Remember, we blew our maintenance budget (and boat purchase budget) when we were building the boat in Florida. So when we entered Panama he was in top form. We went light with minimal problems and repairs: watermaker (several times), fridge repair, fake G4 chain, new starter, we mostly try to forget about these expenses because they happen at the most inopportune times. are Unfortunately, after at least a few years of renovations, our next year is going to be a beast.
Documents, customs and visas. This includes all government fees for checking in and out of new ports and countries: Minister of Health, Customs, Immigration, Zarpay, Visa, Biosecurity, Waste Authority and any other token people they may send to collect money.
This also includes our USCG Sailboat Registration and Delaware Boat Registration for our dinghy (Minion). This includes the fee we paid to sail the Panama Canal without an agent.
Occasional mooring for the boat, a fee for use of the mooring when we are at anchor, an occasional mooring ball fee and our shipping to Tonga to take the boat in during the heavy cyclone season.
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All supermarket items, from groceries to wine and even household items such as biodegradable cleaners, body lotions, toilet paper, laundry soap, etc. It also includes random items we bought from supermarkets like pans, sarongs, sunglasses, hats, a change of flip flops, etc.
This includes our Iridium Go which serves as our satellite phone, email and weather. We turn it off if we know we will be in the area for more than a month to save $$ and turn it back on before further action.
We have our own US There’s also Google Fi to keep a phone number and get cell+data when you reach land and port. This also includes the occasional cyber cafe for WiFi and local SIM cards that we get on the ground.
The largest pet fee in this category is: $88 per month. Food, livestock visits, waste, biosecurity and import fees for each new country…
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Bank Fees – At first we rarely had the option to pay by credit card, so every time we used CC we were charged a Foreign Transaction Fee (FTF). Other businesses in Panama, Ecuador, and French Polynesia use credit card machines, so I applied for a $0 FTF card, but it has an annual fee. I like to use CC to track expenses, so this annual fee is worth it to us.
It also includes bank transfers and sometimes ATM fees (I have a zero fee ATM card, but some ATMs don’t read it, so I have to use a different ATM card. It’s hard… I know 🤷🏼♂️).
This doesn’t even include the clothing items we picked up along the way that weren’t bought at the market (which are rare).
And it is! I hope you found this useful or at least interesting. Pie charts make it easy to see where most of our money goes. Provisions and boat insurance. Bet that wasn’t your initial guess!
New England Boat Insurance
Ups and downs and all around, we share it all. We’re able to do this because people like you show up, read, watch, comment, share, shop our gear store, and tip into our production jar every week. If you like what you see, there are plenty of free ways you can show your support. Thanks for being a part of the journey!
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Cheers! I honestly don’t know what to say, so I’m going to tell you random facts instead. I am a fish-eating vegetarian who hates spiders and loves snakes. I hardly ever took a break growing up. I wanted to be Pippi Longstocking (I still do). I misspell every other word I write and still struggle with grammar. I love drinking good tea (which is so hard to find these days). And whatever you do, don’t tell me I can’t do something, because then I have to! The technical specifications of the boat are included in the cost of your insurance policy. There are several factors that can affect the price – the length of the craft, the year of construction, the make and model of the boat and engine, and whether the engine qualifies as an inboard or outboard.
The location where you take your boat will affect insurance costs. Some areas are more dangerous and dangerous than others. For example, an ocean is more at risk than a lake due to salt water, rough conditions, and deep water. Also, if you are boating in areas where natural hazards are high, some companies may charge you higher premiums.
Boat Insurance News, Articles, Stories, Claims
Exemptions: If you are navigating in a restricted area, such as inland lakes and waterways, or in the Chesapeake Bay or Long Island Sound areas, let your guide know. You can keep the package without paying anything.
Choosing the right coverage plan for your watercraft is an important part of the process when obtaining boat insurance. There are many options when it comes to coverage, as well as limits and deductibles. You may also decide to include personal items such as boating equipment or fishing equipment in your policy. What you choose to cover directly affects how much your marine insurance will cost you.
Tip: The more deductibles you choose, the lower your insurance costs. This is always the case, and boat insurance is no exception. Determine how much risk of loss you want to bear and choose the appropriate deductible. If it’s not clear, ask your boat insurance company for some examples so you can find the deductible that’s right for you.
With traditional insurance companies, your credit score will affect your premium. Low credit scores can increase the cost.
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Tip: Your credit score shouldn’t affect your boat insurance! Find out why here. (Never ask for a credit report or check your credit score.)
If you have more than one ship, get a quote for both with the same carrier. This will help you save more.
Most companies and brokers will offer you a discount for initially contacting them online. You will not lose any service or coverage and you can always track it