Understanding Boat Insurance Pricing
Owning a boat comes with certain risks, just like a car does. However, there is boat insurance to help lessen the risks and keep your watercraft safe. So, how much is boat insurance and what does it cover?
The Cost of Coverage
Boat insurance is not the same for every vessel. For example, an insurance policy may be more expensive if the boat is situated in a hurricane-prone area due to the potential damage that may incur. In short, the main factors an agent may consider when determining your insurance policy include the following:
Size of boat
Age of boat
Use of boat
Number of drivers
Experience of drivers
The coverage itself may be an amalgamation of medical expenses, general liability, hull coverage, the trailer and personal costs. It is difficult to provide an exact total for the cost of insurance policy given the various factors that determine the cost. However, a policy may range anywhere from $300 to $3,000 per year, depending on the factors above.
Deciding Your Policy’s Cost
How much is boat insurance? It depends. By analyzing certain aspects, you may be able to estimate which end of the pricing spectrum your policy is closer to. An agent can help you examine the factors as they relate to your boat and provide an accurate cost.