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How Much is Boat Insurance?

Posted by: Insurance Place by: January 1, 2015

How Much is Boat Insurance?

Due to a variety of factors, including the type and size of the boat, there isn’t a simple answer regarding boat insurance cost. The cost of boat insurance typically costs between $300 and $500 annually but can cost over $1,000.


What Affects the Cost of Boat Insurance?


It’s no surprise that the cost of yacht insurance will be substantially higher than insuring a small fishing boat but there are also other points to consider when determining the cost of boat insurance.


  • What the boat is used for – If you plan to use your boat for fishing versus water sports, you’ll save money on boat insurance since the risk of injury will be much lower.
  • Where you use you boat – Some places have a higher number of claims and that can drive up the cost of your boat insurance. This also takes into account living in places more susceptible to natural disasters, such as hurricanes, that could damage your boat.
  • How often you use the boat – You can save money by only insuring your boat during boating season. However, this means that if you use your boat during the off-season, you won’t be covered by your boat insurance for any accidents.
  • Your driving and boating record – Not only will your boat insurance cost go up if you’ve filed multiple claims in the past but it can also be affected by your driving record. People with good driving records are more likely to be careful operating a boat as well.
  • Features of your boat – If your boat has safety features, such as a radio for communication or a fire extinguisher, you can save money on insurance. On the flip side, a boat with a higher horsepower engine can make it more expensive. The higher the horsepower, the higher the chance of injury or damage and the higher the cost of boat insurance.
  • Personal information – Factors like gender and age typically affect the cost of boat insurance. Females are generally quoted a lower rate than men of the same age.


What Does Boat Insurance Cover?


Regardless of the boat insurance cost, you will save money if your boat is involved in an accident. Boat insurance covers the costs of collision damage to your boat as well as property damage to other boats, docks and property of others. It also covers liability costs if someone is injured while using your boat, which can include both medical and legal costs. Boat insurance can also cover damages to your boat such as vandalism and theft and may even cover the cost of equipment, such as fishing gear, stored on the boat.


Is Boat Insurance Required?


It depends but in many circumstances at least some insurance is required. Most states require that you at least have liability insurance and some marinas may have their own requirements.

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