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Average Cost of Boat Insurance: What Factors Contribute?

Average Cost of Boat Insurance: What Factors Contribute?

In a previous post, we explored some of the basics of boat insurance and how the premium pricing works. While there is no such thing as a one-size-fits-all policy, there are practical ways to get a good estimate on your boat insurance premium. Depending on the type, size, features, and claim activity (to name a few), your premium can be calculated accurately. However, there are other factors to consider when evaluating the cost of ownership and your Boat Insurance costs for your boat. Here are a few major points to contemplate.

What factors contribute to boat insurance costs?

Some of the previously mentioned factors that will affect the insurance cost of your boat are:

  • The use of the boat
  • Your driver’s license – it is mandatory and checked for infractions
  • Claims on your boat insurance
  • Any additional drivers that will be operating the boat
  • Experience of driving a boat
  • Safety courses
  • Safety equipment

In addition, Trusted Choice also states the following factors could have an impact on your premium costs:

  • Region of the country – This is to determine if you will be using the boat in areas where there are natural hazards like hurricanes.
  • Safety measures – Have you had a certified safety course? Do you have Coast Guard-approved fire extinguishers and radios to communicate with the mainland?
  • Horsepower of the boat – Typically, the higher the horsepower, the higher the insurance premium.

What’s the actual cost?

While your personal profile and experience dictate the premium cost, boat insurance on average runs about $300-$500 a year. That’s approximately $25-$41 a month. However, if you purchase a yacht, or a more exclusive and expensive model, these costs can soar upwards of $1,000 a year.


Similar to auto and home insurance, your chosen deductible will impact your boat insurance premium. However, if you have portable items for your boat such as coolers, gas cans, and life jackets, these items would be covered under your home insurance policy.

For more information on how your premium, deductibles, and property coverage works, contact our experts today.

About Mariners Insurance

Mariners General Insurance Group was founded in 1959 to protect boat owners and marine business clients. We are marine insurance experts, and insure boats worldwide – in every ocean on the planet. Marine insurance is critical if you own a boat or nautical business. Trust the professionals with all of your Boat Insurance needs – trust Mariners Insurance. Call us at (800) 992-4443 any time you have questions or concerns about insurance for your vessel or marine business.