Travelers Introduces First Electric Boat Discount

MarketWire.com--  Travelers, a leading provider of boat and other personal insurance products, is launching a first in the industry insurance premium discount* of up to 10 percent for those owning electrically powered boats. Whether boaters are interested in a quieter boating experience, or if they are seeking environmentally friendly boating solutions that help save money on annual fuel costs, electric boats can provide the right alternative for this segment of boaters. As a result, the number of electric boat manufacturers has grown and there continues to be a demand for electric boats in the current economy. "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. "As habits are changing and more people are using electric boats, Travelers is offering an innovative insurance solution that fits the evolving lifestyle of our customers." 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. These vessels are found to require less maintenance and break down less often than a typical gasoline or diesel powered boat, simply because the motors are less complex. Most electric boats have a top speed of between five and nine knots or about six to 10 miles per hour which makes them suitable for leisurely cruising. "Travelers staff of marine experts took a hard look at these boats to fully understand their operation and functionality," said Cyr. "This allows Travelers to not only offer a discount benefiting electric boat owners, but also deliver outstanding service in the unfortunate event that a customer would have to file a claim." Read More