Insure a Boat

How Much Does It Cost To Insure a Boat?

Purchasing a boat is a long-term investment. From the craft’s initial costs to upkeep and repairs to insurance coverage, ownership entails a financial commitment. It’s a good idea to have a sense of the numbers before you take the leap and buy that boat you’ve been eyeing for some time.

Policy Rate Factors

It’s challenging to provide a hard figure for how much boat insurance will cost due to the number of factors, including age, vessel type and policy limits, that contribute to policy pricing. Insurance professionals indicate the following important variables that make the average boat insurance cost difficult to quantify:

  • Mooring location: the place you keep your boat when you aren’t on it affects policy costs
  • Vessel usage: how often, and for what purpose, you intend to use your boat impacts pricing
  • Prior claims: you can expect rates to increase if you file a claim for your boat
  • Driver’s license infractions: a DL check is mandatory, and infractions can raise premiums
  • Boating experience: if you are new to boating, your insurance will be higher than someone with years of experience
  • Safety equipment: some safety equipment is legally required, but additional safety measures can lower your premiums
  • Safety courses: taking a course on safe boating can reduce the cost of insurance

The number of variables factored into how much your policy will cost you is many. Speaking with an agent who specializes in boat insurance is the best way to determine an average cost for the type of boat you plan to purchase and given your individual insurance profile.