How Much Is Boat Insurance?

If you have a boat and want to ensure that it is properly insured in case of an incident, you may be wondering about the boat insurance rates. Have you ever wondered, “How much is boat insurance?”

The average is around $245 to $652 per year. However, many factors go into calculating a boat insurance policy. 

Let’s explore why boat insurance rates vary and what you can do to ensure you receive the best rate possible for your vessel when buying insurance. Continue reading.

Type and Value of the Boat

Boat insurance varies depending on the type and value of the boat. Generally, the more expensive or specialized a boat is, the more expensive the insurance will be.

For example, sailboats are more expensive to insure than motorboats due to the additional risks of sailing. Additionally, larger boats are more expensive to insure than smaller boats due to their size.

Coverage Options

Boat insurance can include coverage for the hull and onboard equipment. It also covers liability for injuries to others aboard the boat and loss of personal belongings while on board.

Coverage options typically start with the Basic Policy. This includes broad coverage for liability, property protection, towing, and medical expenses.

Higher levels of coverage can be added for additional boat insurance premiums. These include segments for storm coverage, off-premises coverage, vessel pollution, and emergency expense coverage.

Boating Experience

Experienced boaters tend to premium better coverage for a lower rate. Insurers may require a nautical education certificate or other training documents, such as a valid sailing license.

Generally, the more experience a boater has, the less likely they are to have an accident, making them a lower risk to insurance companies. With the right experience, you can insure your boat with excellent coverage while keeping costs low.

Usage and Navigation Area

Depending on the type of vessel, usage, and navigation area, the boat insurance cost can vary significantly. Generally, recreational boats cost less to insure than vessels used for business purposes or competitive sailing.

Premiums are normally lower for vessels with engines that are typically used within a certain radius of shore. Boats that travel long distances may include additional coverage for navigation risk. Furthermore, the location may impact the cost of boat insurance, as coastal areas or those with higher traffic levels can increase the price. 


The deductible is the amount you have elected to pay out of pocket before the insurance company pays for any claims. A higher deductible will help reduce the cost of your boat insurance.

Generally, deductibles range from about $250 to more than $2,500, depending on the boat’s value. Outfitting your boat with safety devices, having a clean driving record, and choosing appropriate coverage will also impact the cost.

Insurance Provider

When selecting a boat insurance policy, it is important to research various providers and their coverage options to find the best rates and coverage. With an experienced provider like Cole Harrison, it is possible to determine the appropriate type and amount of coverage needed to protect against any accidents or losses. 

Understanding How Much Is Boat Insurance

Boat insurance is an important purchase for anyone looking to own a boat. The cost of boat insurance can vary widely, depending on the type and value of the vessel, the level of coverage, and other factors.

To get the most value for your money on boat insurance, make sure to shop around and compare different providers. Talk to an insurance agent today and ask, “How much is boat insurance?”

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