What Does Boat Insurance Cost?
Various factors determine the cost of boat insurance, but on average, you can expect to spend 1.5% of the value of your boat for annual coverage.
As an example:
• Insuring a $25,000 boat may cost $375 per year.
• If you own a motorboat worth $200,000, the cost may be $3,000.
• Insuring a $5 million luxury yacht worth 70 feet may cost $75,000 yearly.
The actual price you pay will be determined by factors such as:
• Your boat’s specifications, such as its price, length, age, engine type, and category
• Anchorage location and use
• Level of boat owner experience
• History of boat insurance claims
• Safety measures such as if you have completed a safety course from the Coast Guard
• Driving record
You may be able to qualify for boat insurance savings depending on your insurance provider’s offerings. Bundling or purchasing multiple insurance policies from the same insurer might result in a price reduction. Many vehicle insurance providers offer savings for combining boat and auto insurance. Other possible discounts include:
• Insurance history without claims
• Completing approved boat safety courses
• Owning a diesel-powered boat
• Having US-approved fire extinguishers by the Coast Guard is on board.
