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What is a Hull Deductible?

The hull deductible is the amount you will pay in the event of loss to the hull, machinery and equipment. Some boat insurance companies will use flat deductible amounts like $250, $500, $750 or $1000. Others will use a percentage of the boat value. 1% of the boat value or $250 is generally the minimum deductible available.

Insurance companies give a discount in premium if you agree to a deductible higher than the minimum. The savings in premium varies per company. Normally the largest percentage of savings comes between the $250 and $500 (1% and 2%) deductibles. So if you have a $40,000 boat and the minimum hull deductible is 1%, your deductible would be $400. Most insurance companies will require a higher minimum deductible as the boat ages. The minimum hull deductible may go from $250 to $500 or 1% to 2%.

Trailers, tenders and personal effects are not generally included in the hull deductible. These items have flat deductible amounts of $100, $250 or $500 and generally can not be changed.

Note of interest. Most boat insurance policies do not apply the hull deductible in the event of a total loss.

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