Cabin cruisers are powerboats equipped with a cabin and features that allow you to live aboard the vessel. They can provide many of the same amenities found in a yacht, but they are smaller, easier to transport and store, and less expensive to purchase.
Also, unlike a yacht, a cabin cruiser does not require a full crew to operate, so a solitary person can easily navigate one. If own or are considering buying a cabin cruiser, be sure to think about protecting your investment and your finances with a cabin cruiser insurance policy.
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Cabin Cruiser Statistics
We collected some data on cabin cruisers to help you think about your need for coverage. Here are some facts from 2011 for you to consider:
- In 2011, there were 858 reported accidents involving cabin cruisers
- These accidents resulted in 277 injuries and 47 fatalities
- Approximately half of the cabin cruiser fatalities were due to drowning
- The top three causes of cabin cruiser accidents were improper lookout, operator inattention and machinery failure
- The three most common accident types were collision with another recreational vehicle, collision with a fixed object and grounding
As you can see, there are some risks you take when you climb aboard your cabin cruiser and take to the water. Make sure you’re protected from the unexpected by insuring your assets.
Is Cabin Cruiser Insurance Necessary?
While you may not be required by your state to carry watercraft insurance, if you have financed the purchase of your cabin cruiser, your lender may require you to carry comprehensive coverage on your boat for the life of your loan.
In addition, many marinas require boat owners to have insurance in order to dock their vessels.
Regardless of whether or not insurance is mandatory in your particular situation, having coverage is a very good idea. New cabin cruisers can run about $50,000 - so it's a wise strategy to protect your investment.
Additionally, because cabin cruisers are designed to carry several passengers, you are likely to have guests on board with you. If someone were to be injured in an accident, you could be held liable for bodily injury or property damage.
What Is Cabin Cruiser Insurance?
Cabin cruiser insurance will generally fall under a boat insurance or watercraft insurance policy. You may be able to get some limited coverage from your homeowners policy for damages from severe weather while your boat is parked in your driveway, for example.
Whether or not your homeowners insurance is enough to protect you depends on your state, your homeowners policy, and the value of your boat. In the end, your homeowners insurance will likely not be enough to adequately protect your investment.
What Does Cabin Cruiser Insurance Cover?
A basic insurance policy will provide liability coverage for property damage and bodily injury claims, up to the limits of your policy. This means that if a passenger on your boat is injured, or if you caused a collision resulting in property damage and third-party injuries, your insurance policy could cover some portion of the ensuing costs.
In the event that you are sued for a covered incident, your policy will also provide coverage for legal fees and court costs.
To ensure that you are adequately covered for liability claims, talk to an agent about whether you may need additional liability insurance. A personal umbrella policy can be the answer for many boaters who are concerned that a lawsuit could quickly exceed the limits of the boat’s liability policy.
The collision portion of your policy will provide compensation for damages to your boat after a crash with another vessel. Depending on the policy, this coverage may include wreckage removal, or you may be able to add this as an option.
Comprehensive coverage can provide compensation if your boat and boating equipment is lost or damaged due to fire, theft, vandalism, falling objects, weather or even while transporting it to and from the water.
Roadside assistance and towing are also available coverage, which you can either get through your insurer, or through membership in Sea Tow or other related organization.
Coverage varies by provider, so be sure to learn about all the options offered by each insurance carrier you're evaluating before you purchase. The lowest priced policies may not offer the coverage you want.
Is Cabin Cruiser Insurance Expensive?
The cost of your boat insurance policy may vary significantly depending on several factors. These include, but are not limited to:
- The insurance provider
- The value, size and horsepower of your boat
- The value of the equipment you keep on your boat
- Whether you choose actual value or replacement value coverage for your boat and equipment
- The amount of your deductible
- How and where you store your boat when it is not in use
- Your driving record and claims history
Additionally, many insurance companies have several discounts available. You can usually receive lower rates when you have successfully completed a boating safety course.
Additional discounts may also be available when you combine your watercraft insurance with other policies such as home and auto, and when you are a member of certain boating clubs. Be sure to ask about deals and discounts when you request an insurance quote.
Find the Best Cabin Cruiser Insurance Policy
Comparison shopping for the best boat insurance policy can be time consuming. You will need to provide each insurance carrier with a number of details that they need to provide you with an accurate quote.
You will also have to make decisions about coverage options, which may vary with each carrier. You can get started with your search online - though you might still have questions to ask an agent.
When you're searching for an agent, make sure you check how reputable the insurer is. You can check insurance company ratings with online resources like A.M. Best.
When you've pinpointed a few insurers that are highly rated, you can request quotes for similar coverage. As you review your options, you'll know you're getting the best insurance coverage for your dollar.
Use our independent agent matching system to find the best insurance plan in your area. You tell us what you’re looking for, and our technology will recommend the best agents for your needs. Any information you give us will only be sent to the agents you pick.