How Much Does Boat Insurance Cost

How Much Does Boat Insurance Cost? 7 Concise Advice To Learn

Boats, like any other possession, are prone to damages from various sources and agents of damages. It is imperative hence that you insured yours to spare you from the financial losses that come along with the losses and damages. Knowing more about how much does boat insurance cost is hence a valuable knowledge to learn.

We have devoted the entire length and breadth of the discussions that follow to explain this subject matter in greater detail. Here below, we shall examine every aspect of the matter. This we hope shall go a long way in offering you the necessary guidance you need to cover your property wisely.

Boat Insurance

Boat Insurance

For a start, boat insurance simply refers to the act of insuring boats and other water vessels from the risks that they are naturally bound to suffer or incur while on the move. Depending on the cover you pick, the insurance may also help you to recoup your money in the event of complete damage.

What does the boat insurance cover?

The exact cover of insurance all depends on the one you pick as the individual. Nonetheless, many insurance cover the following area:

The Boat Itself

The insurance covers the boat itself. In this sense, it safeguards the boat owners from the risks that come along with the damages to the boats, thefts, and the improper working of the boat to name but a few! The exact scope of this coverage yet again all depends on the one you sign up or opt for.

Liability Coverage

Under the liability coverage, you basically get to safeguard yourself, as a boat owner, from the damages that may be inflicted by your boat to third party property in the course of an accident. That of course brings down the overall costs of dealing with that particular accident overall.

Medical Payments Coverage

Just in case your passengers sustain some injuries in the course of an accident when traveling in your boat, the medical payments coverage will come in and take care of their medical expenses. These could be the costs of performing X-rays, consultancy, medication, and other pertinent bills.

Uninsured Watercraft Coverage

As its name implies, this kind of insurance will take care of those vessels which are not insured but which nonetheless collide with your boat. It is mainly important if you happen to use a public marina to moor your boat or launch your sails from thence.

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How to assess a boat value for insurance

Before enrolling for particular insurance coverage for your boat, you have to assess the value of your boat and know how much it is likely to cost. In this segment of the discussions, we shall look into the steps to take to be able to accomplish this task.

#1 Find out the cost of acquisition

Start the exercise by finding out the cost of acquisition. Simply put: for how much was the boat acquired at the time it was purchased? Adjust this value for inflation to find out how much the same boat would cost today. That will give you a more accurate value to work with.

#2 Determine the average rate of depreciation

Movable assets like boats and cars do depreciate in value with time. Even if it is purchased and not used its value at the time of resale will usually be less than it was when it was the first boat. Determine hence the average rate of depreciation.

#3 Calculate the present value

Use the average rate of depreciation to compute the value of the boat at present. You arrive at the present value simply by multiplying the rate of depreciation by the real value of the boat at the moment (after adjusting the purchasing price for inflation).

#4 Choose the desired insurance company and coverage plan

Move ahead now to choose your desired insurance company and coverage plan. Examples of these are sailboat insurance, houseboat insurance, and the charter boat insurance, to name but a few!

These two metrics are purely at your discretion. It is up to you to determine just which one may suit you and the circumstances that may warrant insurance. You may consider drawing inspiration from the boat insurance online quote as a way forward.

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What is Considered For Boat Insurance Quotes?

Assessing the value of your own boat is one thing. The insurance brokers of the company you opt to work for will also always carry out their own assessments. But what do they look at? We now take you through the steps and the factors that the brokers will usually take into consideration when preparing the necessary boat insurance rates.

Cruising Area

This refers to the exact places or areas where your boat plies. Those areas that are treacherous are certainly to pose some damages to your boats. It hence goes that boats that cruise in such areas are more likely to attract higher boat insurance average cost that those that ply safer areas.

Safety Education

How knowledgeable are you in matters of boat safety? A rider that is formally trained in the matters of boat safety is less likely to cause accidents and pose damages to the boats. The boat belonging to such a person will generally attract lower quotes overall.

Riding Records

Like the safety knowledge of that rider so is the riding record. A rider who has consistently upheld safety and fairness is less likely to attract lower insurance quotes compared to the one who has had some checkered history. That is for the obvious reason that he is less likely to cause accidents.

Liability Limits

Each risk contains a cap or the highest amount of money for which it may be insured. There is a direct correlation between the limit and the value of the quote. Obviously, the higher the limit, the likely also that the quote will also be higher, and vice versa.

Prevailing Insurance Requirements

In some jurisdictions, there are legal regimes that be offer guidance on the value of the insurance premiums and coverages. They too have a bearing in the final value or cost of the coverage hence. It is thus wise of you to factor them while planning to enroll in such a scheme.

Also Read: How Much Boat Wrapping Cost?

Boat insurance quote in different states

Boat insurance cost differ state to state.Below you will find an average boat insurance quote at a glance

SL No.StateInsurance Cost (Range)
1.Oregon$300 to $500
4.Texas$300 to $500
5.Georgia$300 to $500
6.Georgia$300 to $500
6.South Carolina$300
7.New York$300 to $500
8.Massachusetts$300 to $500

Payment Structure For Boat Insurance Cost

To settle the insurance dues, you have to use the necessary payment structures. We explain these options for you here below:


In this payment schedule or structure, you remit the dues on a monthly basis i.e. once a month. This is by far the most preferred payment schedule as it is the simplest of all. Moreover, it is also the default payment structure in use by many people and insurance companies.


The tri-monthly payment structure entails remitting the dues three times in a typical month. It is widely used for short-term leases as it is not really sustainable in the long run. For this reason, it mainly suits those who have a need for impromptu boat use.


The yearly payment structure is for those who desire long-term boat leases. In this case, the boat user leases the boat and remits the installments once a year. Many people who use it are the companies that deal with boat ferries and water transportation needs.

How Much Does Boat Insurance Cost?

Typically on an average,boat insurance costs from $300 to $500 in USA.In fact the cost is variable and subject to using frequency, boat type,length of the boat,nature of boat and the state where it will be used.

Re-Known Boat Insurance Companies

boat insurance companies

Searching for the right insurance company? Below is a list of the re-known boat insurance companies to start off with:

  • Premier Choice Insurance
  • Progressive Insurance
  • Boat Insurance Agency
  • Anacortes Marine Insurance
  • Lake Arrowhead Boat Insurance
  • Oversea Yacht Insurance
  • Anchor Marine Insurance
  • Texas Marine Insurance
  • Georgia Boat Insurance
  • Boats and More Insurance
  • Strickland Marine Insurance Agency Incorporated
  • International Marine Underwriters
  • Maritime Insurance International
  • Marine Office of America Corporation
  • Bridge Marine Insurance
  • Boston Marine Insurance Services
  • Maine Design Company
  • Riley Insurance Agency
  • MDP Marine Insurance
  • International Marine Insurance Services

How To Settle a Boat Insurance Claim

Follow these steps to settle your boat insurance boat claim:

Report the claim

The first step is to report the claim. This simply means notifying the insurance company of the existence of an issue that warrants intervention. Needless to say, this issue must have been one of those you had already insured your boat against from the onset.

Obtain an Estimate

Next, the boat insurance company shall send a representative to assess the damage and draft a general quote. He is to perform this procedure in collaboration with you for the sake of fairness. Remember, this is the quote that is subsequently used to lodge a claim for compensation.

Submit the Estimate

After reaching a suitable quote, the same is submitted to the insurance company for subsequent compensation and consideration. The company shall review it and then deliver the compensation within the shortest realistic time possible.

Frequently Asked Questions (FAQs)

Let us now take a look at some of the frequently asked questions with regards to this subject matter:

Do I need boat insurance?

A. YES, you badly need one for yourself. As we have already explained, the boat is generally susceptible to many dangers and spates of accidents while on the move. You want neither of these to impact your financial expenses adversely. The only way to prevent that from happening is to enroll in a suitable insurance plan.

How to insure your boat

A. Follow these steps to insure your boat:

  • Assess the value of your boat
  • Determine the scope of the insurance i.e. which areas or risks exactly
  • would you wish to care for?
  • Find and narrow to a specific insurance company
  • Arrive at a suitable payment plan
  • Enroll your boat in the chosen insurance program


Having belabored the matter of how much does boat insurance cost, we now leave it to you to implement the insight conclusively. That cannot mean anything save for you now enrolling appropriately in the most suitable plan for your boat. So when do you plan to set out in insuring your boat?

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