Boat Insurance… best price/best value

Today we want to share a few ways you might be able to find the lowest premium on your Boat Insurance and save time.

The insurance costs seem to rise every year like so many other things we buy every day.  Gasoline, bread, homes, autos and boats.  As costs of labor, parts, legal judgements and catastrophes go up the cost of boat insurance also rises.

Gallagher Charter Lakes is an insurance agency.  We work with dozens of insurance companies to find the best value for your boat insurance needs.  Charter Lakes is probably most well-known for the Charter and Guide policies we offer. We also offer policies from the largest yachts and smallest fishing boats or PWCs. 

This article will go through about a dozen things that can help maximize your savings for your insurance. Having this information allows our agency to work with the carriers’ underwriters to get the most credits or discounts available.

The image in this article highlights many of the things we need to know/ what the carrier wants to know.

Obviously, the first thing is the company needs to know …who they are insuring. 

An individual or a company. If it’s a company, is the LLC strictly formed for the ownership of the vessel or is it tied to any other commercial operations? 

With some companies, marital status and your age can help with credits. Finally a benefit of be a little older.  LOL

Your address is important as is the address of where the boat will be kept. (Link to boat insurance applications)

Is the boat a 5 knot Jon boat, a 90 knot bass boat or bay boat or a 200’ yacht, all this matters in the rating.   And what is your experience with similar size and speed vessels?  The more experience you have with owning similar size vessels the more you know about their operation and maintenance, the more favorable the rate may be.

Is the boat kept in or out of the water?  At a residence, marina, inside storage, outside storage, secured location?  All of these questions can make a difference in your premium.  Will you be operating the vessel in inland waters, rivers, tidal waters or how far from the coast do you hope to travel?

Lay-up is also important. If you are in northern states and have a lay-up on the policy, it does save money compared to southern states with year round navigation, but it may also mean you may not be able to take it out for a ride in February if the weather is nice.  Be sure to talk with your agent and understand the lay-up.

Have you taken any boater safety courses?  How long have you been operating a motorized boat.  Experience does matter.

And finally have you ever had a marine loss/accident, regardless of fault?

Having this information together or on the application will help your agent find you the best policy for the best premium. 

Give Gallagher Charter Lakes a call for your #BoatInsurance needs (800)879-2248 Or go to and click on request a quote.

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