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Whether your boat is $1,000 bathtub or a $500,000 yacht crammed with the latest radio and electronic equipment, you need to protect your investment. What if some bright kid runs into it with his jet-ski or swipes it one night to show his girl friend how great he is?

Accidents happen for the strangest reasons and most often it is not you who is to blame. Someone rams you and leaves a hole below the waterline. Your boat sinks while you swim to the shore. There’s a small fire in the galley while you are frying chips. Fire! Wooden fittings all around. Fire spreads like crazy.

You’ve got the picture – you must have boat insurance. You dare not use your boat without it. Like all insurance it is money spent in case of disaster. You hope you will never have to use it but should something terrible happen, insurance brings peace of mind. Just about everyone with a boat should have it insured these days. The only exceptions are canoes and tiny tenders, though operators might like to consider that third-party liability is also a growing issue in this increasingly sue-or-be-sued society. And of course, there is the matter of theft. Hundreds of boats are stolen every month.

Insurance premiums
How do you start with boat insurance? First of all think of itas you think of insurance for your car. The exercise is like looking for cheap car insurance - you should start by getting a few different auto insurance quotes to start.

You remember that finding cheap car insurance can be tricky. You start off with auto insurance quotes and move on from there, checking one cheap car insurance policy against the other and calling for more auto insurance quotes as you go along.

Do the same exercise for your boat. If your boat is not tied up at its mooring when you arrive to go for a sail on Sunday you have a problem. If you do not have the proper insurance coverage you will be facing financial loss. Simply add the cost of boat insurance into your monthly boat budget.

Insurance premiums will vary depending on where you store your boat, its intended use, the construction, and the type of vessel. Some insurers have provision for no-claim bonuses up to 25%. Along with that, some insurers offer discounts up to 60% while your boat is laid-up.