It is hard to give you a figure on the average cost of boat insurance. The Insurance rates are based on so many variables such as the hull coverage limit, liability limit, medical limit, personal effects, trailer. If I were to guess, the rate for an average size boat would be anywhere from $300.00 to $3,000.00 a year. This would include the boat, motor and trailer.
Many insurers today use an Agreed Value, All Risk form for boat insurance. This is the type of policy you want to purchase. They do offer a standard or Named Perils policy, but they have less coverage. You are better of paying a little more for a better policy. This is especially important if your boat is one that is older, but has been restored professionally.
There are other factors to think about that will effect the cost of insuring your boat such as:
- The use of the boat
- Your drivers 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
Rates are based on the type of variables listed above but they are also based on where the boat is moored.
Like automobile insurance, there is a deductible on the Physical Damage coverage of the boat. The only difference between an auto deductible and a boat deductible, is the amount. You can usually find a Company that offers a variety of lower deductibles, than you can with automobiles. Keep in mind that the higher the deductible you select, the lower the premium will be on the policy.
If you have a boat as described above, any personal effects like life jackets, gas cans, coolers, or any other personal property not attached to the boat, would be covered under your home policy. It would also be subject to your home deductible. Some Insurers will include or offer coverage for personal property.
Insurance rates are always negotiable due to the many discounts the Insurance Companies are offering to secure your business.You could save 35-40% just on discounts like safety courses, multiple policies or if the boat is new.