News & Events
Your Guide to Boat Financing & Insurance on Lake George
Whether you’re eyeing a Chaparral for cruising in style, a Robalo for reeling in trophies, or a Harris pontoon for sunset cocktail cruises, owning a boat on Lake George is a dream within reach.
But before you pop the champagne, there’s another side of ownership worth planning just as carefully: how you finance and protect your investment.
At Pilot Knob Marina, we know that purchasing a premium vessel isn’t just a transaction, it can be a lifestyle upgrade. Here’s what you should know about financing and insuring your boat, so you can spend less time on paperwork and more time on the water.
Why Financing Makes Sense (Even If You Could Pay Cash)
A luxury boat isn’t a casual purchase. From the sleek lines of a Chaparral to the custom features on a Robalo, these vessels are crafted for serious enjoyment, and serious value.
That’s why many buyers, including those who could pay in full, choose to finance.
What to Expect When Financing
- Loan Terms: Typically 5–20 years
- Down Payments: 10–20% is standard
- Interest Rates: Slightly higher than auto loans, but longer terms help keep monthly payments manageable
- Bundle Options: Many buyers roll accessories, extended warranties, or trailers into the loan
Financing can also help you get into a higher-end model. Like one of our faves, the Chaparral SSX 287, loaded with twin engines and luxury seating, without overextending upfront.
Boat Insurance: Coverage That Matches the Craft
Getting the right insurance coverage is essential. Your boat is your floating home base, a memory-maker, and a major investment, so be sure to get the best policy for your needs.
What Your Policy Should Cover:
- Liability: Protects you from costs if someone is injured or property is damaged
- Hull Coverage: Covers the boat itself against damage, theft, or vandalism
- Agreed Value: Locks in a set payout in case of total loss, instead of depreciated value
- On-Water Towing: For unexpected breakdowns
- Fuel Spill Liability: Especially important for Lake George’s protected waters
- Personal Effects: Think electronics, gear, and custom accessories
Chaparral buyers in particular benefit from robust coverage that accounts for performance features, premium upholstery, and technology upgrades.
Quick Tips for a Smoother Process
- Apply early: You can get pre-approved before selecting your boat, giving you more flexibility on model choice.
- Bring documentation: Expect to provide tax returns, proof of income, and credit history.
- Ask about bundling: You may qualify for insurance discounts if you also cover your home or vehicles with the same provider.
- Stay informed: Financing and insurance can affect your storage, usage, and resale strategy, our team is always happy to talk details.
Boating on Lake George should feel effortless. Financing and insurance aren’t the glamorous parts of ownership, but when they’re done right, they disappear into the background. And that’s how it should be.
Need help getting started?
Stop by the showroom (655 NY-149 in Lake George) or give David a call (518-761-9616). We’ll introduce you to our trusted partners, answer your questions, and help you get to cruising with total confidence.