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Keep in mind you are not really buying insurance when paying the insurance fee. All charter boats are insured generally to a 5000 dollar deductible. The insurance tacked on by the charter companies buys down that 5000 dollar deductible to around 800 dollars depending on the company. There is no actual insurance being purchased and the charter company simply pockets the money. They know that most damage is Dock rash and under 800 or something big that's well over 5000. They also often get the repairs done for considerably less then is quoted.
Many charter companies will allow you as posted earlier to put a 5000 dollar deposit down instead of purchasing the gap insurance. Paying 500 dollars to protect a max loss of 4200 dollars is not a good buy. I always due the deposit given the option. The size or cost of the boat should have no impact on what is charged if you do take the insurance because you are only covering the gap from 5000 to 800 however some companies use a scale based on boat size for more profit.
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