Boat Insurance Costs: What to Expect

To find the figure on boat insurance average cost isn’t easy. Insurers base their rates on a variety of different factors. Knowing the factors and the pricing can help you make an educated decision when it comes to buying and selling insurance.

Insurance Rate Variables

Several variables factor into the cost of boat insurance. For instance, you need to consider:

  • Liability limit
  • Hull coverage limit
  • Medical limit
  • Liability limit
  • Personal effects
  • Trailer

As an example of how different the costs can be, for an average boat, you may be looking at anything from 300 to 3,000 dollars a year.

Factors to Consider

Of course, when insuring a boat, there are still more factors to think about. Just like auto insurance, a lot of factors go into deciding the price. Here are some of these factors:

  • Boat usage
  • Driver’s license history
  • Claims against boat
  • Boating experience
  • Safety course experience
  • Safety equipment
  • Additional boat drivers

These are only a few, most common factors that go into the cost of insurance.

When it comes to boat insurance average cost, there is no set cost average. With too many variables in play, there is a wide range of prices. The best way to know what’s best is to do research on the insurer and the market.