Boat Insurance Rates Increase

1 decade 2 years 3 months ago Thursday, May 25 2006 May 25, 2006 Thursday, May 25, 2006 5:38:12 PM CDT May 25, 2006 in News

Skyrocketing insurance prices might change that.

"It's just kind of a pain to have a boat you pay so much money to insure, just to drive it for a short period of time," Smith complained.

Katrina destroyed thousands of boats along the Gulf Coast, forcing most boat insurance companies out of business and leaving just one, Markel, to try to cover the market.

"This year, [boat owners] are looking at somewhere between a 15% and 25% increase in rates in the last 12 months," said Jim Darr of Midwest Performance Marine.

That increase translates to $6,000-$10,000 for a summer on the water.

"There are no other options," Smith admitted. "You have to either completely own your boat and not have insurance on it, which is not good, [because] you can run into liability."

Driver safety records also influence insurance rates. Despite higher rates, lake watchers expect just as many big boats on the water as ever.

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