It is difficult to specify how much your boat insurance will cost. The average rate can start as low as a few hundred dollars per year but can also run you as much as several thousand dollars, depending on the types of insurance you obtain, as well as your own risk profile.
Factors That Effect Insurance Costs
There are a number of factors that impact your rates, including the following boat characteristics and your intended use:
- Type of boat – If your boat is a yacht, your rate will look different than if you have a speedboat.
- Size of boat – The rate for a large boat can differ significantly from that of a small boat.
- Age of boat – Older boats will typically cost less to insure than a comparable newer boat.
- Where you sail – The places you travel with your vessel can affect how much you pay for insurance.
- Boat usage – If you use your boat only a handful of times a year, it will cost less to insure than if you live aboard your boat.
An insurance company or broker will also examine your driver’s license record, history of boating insurance claims, skill level and whether you have taken any safety courses. Your age and gender also affect your rates.
When you purchase a boat, obtaining insurance is a requirement. Boat insurance costs will vary based on your vessel’s specs, as well as your own usage and risk profile. Proper insurance, however, gives you peace of mind so you can enjoy your new investment.