Travelers trims electric-boat insurance rates - Trade Only Today

Travelers trims electric-boat insurance rates

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Travelers, a leading provider of boat and other personal insurance products, has been offering a premium discount of up to 10 percent for those owning electrically powered boats. The discount is now available in 32 states, with plans to expand nationwide. The discount applies only to certain coverages, and is also subject to individual eligibility.

“There has always been a segment of boaters who prefer a quieter electric boat and, with the rising cost of marine fuel and a growing focus on the environment, there is no doubt that more boaters will consider this option,” said Chantal Cyr, vice president of the Boat and Yacht Division for Travelers, in a statement.

Travelers defines an electric boat as a vessel 100 percent powered by a propeller driven, electric in-board source where utility power is stored on board.

“Travelers’ staff of marine experts took a hard look at these boats to fully understand their operation and functionality,” said Cyr.

Recently, Travelers analyzed the fuel costs at 13 marinas throughout the country. The data showed marine fuel costs about 78 cents per gallon more than the national average for automobile gasoline and about 42 cents per gallon more than the national average for diesel fuel.

A number of states are designating certain waterways as electric-only navigation. This phenomenon has been a trend in Europe and is now catching on around the United States. Electric-only waterways help to keep the environment clean and create a quieter atmosphere for boaters looking to cruise and enjoy the outdoors. Additionally, electric boats are often utilized in speed-restricted waterways that require boats to be operated without a wake.

This article originally appeared in the September 2008 issue.

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