Originally Posted by Drzasa
How and what's the best way to save some money on a all risk insurance policy's?
Been going back and forth about wood vs fiberglass and it seems wood boats insurance costs are higher, is this correct?
Is there anything you can do to reduce the insurance cost or a few know cheap rates but good insurance companies out there?
A wood vessel will generally be more expensive to insure than a comparable glass boat. The survey criteria is also more stringent for a wood boat (hauled survey with fasteners pulled and inspected to determine if there is "pinking" of the fasteners (pink fasteners = water intrusion into the planking)).
Experience is one of the best factors in determining premium- the more experienced you are in operations and ownership of vessels similar to the one you are purchasing, the better. Other factors include:
- vessel age
- vessel construction material (wood/glass/metal)
- fuel type
- material condition of the vessel based on survey
- creditworthiness of the owner
- navigation area
- liveaboard or not
- vessel speed
- vessel equipment (radar, depth sounder, GPS/chartplotter, fixed firefighting system, VHF, etc)
In my opinion, you should consider price of a policy after your determine coverage the policy offers. In the marine insurance world, caveat emptor is truly the watchword to heed- you do get what you pay for.