How Much Does Boat Insurance Cost?

If you are planning to buy your first boat this is something you need to confirm before you buy.    The short answer is "It depends, but it's less than you might think".   Some boat owners can get good coverage for less than it costs for two tanks of fuel.

It Depends...

There are several factors that go into the rating of boat insurance.  Different insurance companies will apply different standards but most consider the following

1. Insured Value - higher the value the more it costs.
2. Top Speed - the faster the boat will go you go the more you pay.  
3. Type of Boat - Construction , equipment, type of drive and other factors
4. Age of boat - Older boats have lower values but are surcharged 
5. Operator Experience & training- new boaters may be charged more,  discounts offered for boating courses
6. Prior claims - prior claims can increase the costs by up to 50% or more
7. Navigation area - adding coverage for the southern US or Caribbean can double or triple your premium
8. Special Considerations - Is this a kit boat, homebuilt, experimental design, or heavily modified the premium will be higher

TIP: Boat insurance policies vary in significant ways from one insurance company to the next.  Policy wordings are not standardized so DO NOT COMPARE POLICIES  BY PRICE alone.   The least expensive policy may just provide the worst coverage and pay less on claims.

Ignoring all other factors  the following schedule illustrates how just the boat type will affect premium for a boat worth $50,000.  

    
          Boat Type                               Annual Premium*

Cruiser/trawler	$688
Sailboat	$444
Ski boat	$632
Bass boat	$799
Runabout  60 MPH speed	$582
Runabout 80 MPH top speed	$898
Pontoon boat	$625

*Premium for new boater with no prior experience, no boating courses and no claims.  

Keep in mind that not all companies want to insure every type of boat.    A company that does not like to insure bass boats may offer a quote if you have other business with them  but it might not be your best option.     

My job  is to match your needs and experience with the right company to provide you with the right coverage at the best possible price.    It only takes a few minutes and it could save you a bundle.  What do you have to lose?  Contact me at 1-800-661-7211 or andrew.robertson@cgbgroup.com