iinsure logo for website

Our customers give us an average of 4.9 stars!

iinsure 5 star reviews

Call us at

(813) 600-5900

Get a quote Today

Are you concerned you might be paying too much for your yacht insurance? At iInsure in Tampa, Florida, we can help you get the right insurance for your yacht for a price you’ll love.

Are You Paying Too Much for Your Yacht Insurance?

Your yacht is important to you. It’s taken you on some of your favorite adventures and allowed you to experience the world in a way you might not otherwise be able to. Because it’s such a precious thing to you, getting insurance for it is essential.

But what’s also important is ensuring you’re not overpaying for your insurance. Insurance should help you stay safe financially. It should be OK with your bank account. If you’re worried that you might be paying too much for your yacht insurance, our team will help you look at your fees and coverage, and we’ll provide you with some great insurance options that will keep you and your yacht safe for a price you can afford.

What Determines the Cost of Your Policy?

There are a few things that will factor into how much your insurance policy for your yacht costs you. All boaters are different, which means that their policies and costs will differ from each other, too. When you get your insurance from our team, we’ll discuss your rates and help you understand what’s affecting the cost of your policy.

A few things that will determine how much your policy costs you include the following factors:
•    Where you are boating
•    Your good driving records, which include both boating and automobile records
•    If you have been formally trained in boat safety
•    Your deductible
•    Your liability limits

What Does Yacht Insurance Do?

Most people would consider a yacht to be a luxury item. This is an item that isn’t a necessity but is, rather, something that you own for enjoyment. The specifics of what makes a yacht and yacht can vary, but it’s generally agreed upon that a yacht is between 27 and 30 feet long.

Because it’s a luxury item, it will need special insurance. Yacht insurance will protect you if something happens to it and it needs repairs. Two essential components to your yacht insurance policy are hull insurance and protection and indemnity.

Hull Insurance

This part of your insurance refers to an agreed-upon amount of hull coverage that will be determined when the policy is written up. This is direct damage, all-risk coverage. This part of your policy will cover any damage immediately inflicted by a disaster or accident.

You may also get replacement cost coverage on partial losses. This refers to when something is damaged but not destroyed.

Protection and Indemnity

This is the broadest liability coverage. It includes many components, including damage to other vessels and properties, cargo, wreckage removal, pollution, and repatriation.

It also covers any threats to the physical well-being of people on your yacht. Knowing about boat safety is crucial and will ensure that you and the people on your yacht are kept safe. But sometimes accidents happen. In these cases, having insurance to protect you from these accidents’ costs will be very helpful.

Why Do You Need Insurance?

If you have a yacht, you may have heard that getting insurance is essential. But why do you need insurance, exactly?

There are plenty of reasons why getting insurance is a good idea and, in many instances, required. Let’s look at why you’ll want to insure your yacht.

Hit and Run Boaters

While driving, a genuine concern is a hit-and-run driver. This refers to a driver that hits someone or something and then goes away without providing important legal information like their name and contact information. These drivers exist on the water, too, and getting into a hit-and-run boating accident can be stressful and expensive.

Many boaters choose to go without insurance. If someone without insurance hits your boat, they may want to avoid sticking around and providing you with their information. Unfortunately, that means that the costs of repairs for any damages will fall on you. If you have hit-and-run coverage, your insurance will be able to cover these costs.

Insurance Is Required in Some Countries

If you enter a different country, you might be required to show proof of insurance. If you are heading into a country that requires you to have insurance, then you will need proof of it at the ready unless you feel like turning back around.

For example, Australia and Portugal require that your yacht be insured before entering the country. So, if you want to go on a new adventure and check out a different culture, you’ll want insurance to ensure you can get into the country.

It Might Be Required at Marinas

If you plan on leaving your boat at a marina for a while, that marina could require proof of insurance. If you don’t have any insurance, they may not allow your boat to be there.

Other places where you might be required to show insurance include mooring balls and haul-out yards.

Your Bank Might Require It If You Have a Loan

If you’ve had to take out a loan to purchase your yacht, then it’s highly likely that your bank or lender will require that you have insurance. Your lender takes a certain amount of risk when they provide you with a loan. To help protect themselves, they might need you to have a loan.

So, if you’re getting a loan, you’ll want to get insurance to go along with it.

Accidents Happen

Even if you and the other people on your yacht are knowledgeable in boat safety and consider yourselves to be prepared for anything, sometimes life has things in store that we can’t account for.

If there’s a bad storm, one of your crew or passengers gets injured, or your boat is damaged by some vandals, then having insurance will protect you from the costs associated with these damages.


Damage to your boat isn’t the only thing you should be worried about. You should also be concerned about damages your boat could cause to other boats or properties. For example, if you accidentally hit another person’s boat, you’re liable for these damages.

Having boat insurance will help you cover the cost of any damages that your boat causes. Accidents can happen, and it’s always better to be over-prepared for them than be under-prepared.

Talk to the Insurance Experts

If you have a yacht and you want to keep it safe, then getting yacht insurance is one of the best things you can do. At the same time, you should ensure you’re paying a fair price for your insurance. To get the most out of your insurance policy for a reasonable price, contact iInsure in Tampa, Florida.


Get a Quote Today!

I want to know more about