This is a great question that we get asked all the time, and honestly, it depends.
The cost of boat insurance can vary widely depending on a variety of factors such as the type of boat, its value, the level of coverage needed, and the owner’s personal boating history.
On average, for smaller boats, we see insurance costing between $300 to $800 per year. Obviously, the larger the boat, the more expense the insurance will be. A good estimate is to expect around 1% o the hull value. For example, on a $100,000 boat in the Great Lakes, the insurance will cost somewhere around $1,000 per year.
The geographic area where the boat is used also has a major impact on the rate. Take the example we used above in the Great Lakes, that same boat in a more hurricane prone area, such as Florida, may be three to four times that rate.
It’s important to note that insurance premiums can also be affected by other factors such as the boat’s age, the horsepower, the number of engines, the length of the boat, and more. Additionally, discounts may be available for factors such as safety equipment on board, completion of boating safety courses, or if the boat will be out of the water in storage during the off season.
As insurance rates can vary depending on the specific circumstances, it’s best to get quotes from an agency that specializes in marine insurance and can help you find the best combination of coverage and rate for your specific situation. Did we mention we specialize in marine insurance, hint hint.
As always, remember to always wear your life jackets and enjoy the water!
Written by Eric Fisher
Owner and Principal Agent of Outdoor AdvINSURE, an insurance agency that specializes in recreational outdoor insurance.
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