Your yacht is a dream you work hard for, and it’s worth protecting. That’s why American Family Insurance wants to make sure you have the right coverage to protect your yacht from the unexpected. Take a look at our coverages and see how you can stay informed on how to protect your adventures on the water.
how much does yacht insurance cost?
Yacht insurance rates vary based on the total value of your yacht. On average, you can expect the cost of your yacht insurance to be around 1.5 percent of the cost of the boat. so if you’re the proud owner of a $30,000 yacht, you can expect an annual premium of around $450.
yacht insurance coverage
In addition to the standard coverage options you can choose from, such as physical damage, bodily injury and property damage liability, and medical expenses coverage, we’ve highlighted some coverages you’ll want to consider to help protect your boat and everything in it. there is in it :
personal effects coverage
When you head out on the water, you probably have some important accessories with you. We offer extended coverage for your personal effects in case of theft, damage or fall into the water.
towing and recovery coverage
If you get stranded in the water, you may need a trailer to get back to shore. This emergency road and water service is included in the physical damage portion of your policy. includes:
- costs to change or repair a flat or damaged tire on the trailer
- mechanical labor or other service up to one hour at the place of breakdown
- towing by an authorized company to the nearest garage, marina, service station or other service point where the necessary repairs can be made
- delivery of gas, oil or loaner battery (we do not pay the cost of parts or materials, including gas and oil)
- maximum length of 54 feet
- msrp must be less than $250k*
- the yacht cannot be used as a primary residence
- the maximum power is 500 for one engine and 1000 for two engines
repair cost coverage
This coverage will help ensure your yacht is repaired without depreciation. therefore, we will pay whatever it costs to return your boat to its pre-accident condition or better.
agreed value coverage
You’ll need to have this coverage if you want to know exactly how much you’ll be paid in the event of a total loss. You will submit proof of the current market value of your boat and if you face a total loss, we will pay that amount.
coverage for uninsured and underinsured vessels
This coverage helps protect you and those who use your vessel from costs due to bodily injury caused by a vessel whose owner or operator has no insurance or has insufficient bodily injury limits to cover the portion for which the owner or operator is responsible.
limitations of yacht insurance
Although we offer coverage for all types of yachts, there are some limitations:
find the right protection for your yacht
At american family insurance, we work hard to get you the right policy, designed to fit your lifestyle and everything you’ve worked so hard for. If your yacht doesn’t qualify for our standard coverage, we’ll work with you to get it covered. Take a look at all of our boat coverages and find a policy that works for you. From motorboat and speedboat insurance to catamaran coverage, you can get the insurance your boat needs.
As you review your coverage options, be sure to contact your American Family insurance agent and they’ll help you get started on creating the best policy for your water adventures.
*msrp requirement may be waived if you purchased an agreed value policy and have a current marine inspection for your vessel.
