Under the Marine Insurance Act a boat is also eligible for the insurance policy like other vehicles. Small boats which don’t go beyond the bay can be covered by home insurance. But for the seafaring boats you need to take marine insurance policy. This policy includes not only the ship but also the goods it carries.
For your small boat insurance, it is sometimes cheaper than car insurance. If you choose a comprehensive plan, it will include hull damage, the machinery and the parts. You should also check whether the plan covers theft, injury or any other valuable equipment on board.
With regard to boat, insurance varies a lot. Speedboats, narrow boats, dinghies, rowing boats, yachts and motorboats all have several systems for working out a quote. Usually a fiberglass boat such as speedboat has a higher insurance band compared to a wooden or steel boat like narrow boat. The reason is fiberglass hulls can be dented or damaged very easily. On the other hand it is very hard to cause any significant damage to steel hulls. For your diesel powered boats, you can get cheaper insurance as they are less likely to explode out. If you have a certification on boat safety course, it may also help to reduce insurance.
The boat insurance also depends on the place where you like to sail your boat. There are different categories for canals, rivers, lakes, tidal waters and ocean. Canal boat insurance is the least expensive and tidal water boat insurance is the highest expensive.
There are also boat insurance policies for exceptional circumstances like insurance for the boat sailing into war zone or terrorist associated waters.
To read more on boat insurance visit:
http://personalinsure.about.com/od/watercraft/
Watercraft_Boat_Insurance_Policy_Information_Articles_Savings.htm
http://www.driver-insurance.com/content/boat-insurance/boat-insurance-coverage