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Boat Insurance Factors: Actual Cost and Deductibles

Boat Insurance Factors: Actual Cost and Deductibles

In our series of posts regarding factors that contribute to boat insurance costs, we have covered a range of features that might increase or decrease your premium cost. In this article, we’re going to explore some basic principles that insuring a boat entails. From actual cost to deductibles, you have options when it comes to finding the perfect Boat Insurance policy. Read on to discover what other costs are associated with boat ownership to give yourself a realistic expectation from the start.

Actual cost of insurance.

According to Mint Life, insurance rates average about 1.5% of the boat’s insured value. Therefore, a $20,000 boat would cost about $300 to insure. Rates are higher in hurricane-prone areas. While the actual cost of your insurance rate depends on the many factors we discussed in our previous blog, this percentage can give you a loose estimate of what you can expect to pay.


Like with a home and car insurance policy, the bigger your deductible, the lower your premium costs will be. Depending on what you’re comfortable paying in the event of a claim, your premium rates can fluctuate.


Depending on which state you live in, your registration can range from pocket change to over $200 to register your boat. Check with your state’s fee structure.


Your actual cost of boat ownership can range significantly depending on where you live, and taxes have a lot to do with it. In Rhode Island, there is no boat tax. In other states, like South Carolina, boat owners pay a tax equal to 10.5% of the boat’s assessed value yearly if the boat spends more than 180 days in the state, explains the article. Check with your state’s laws when buying.

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.