How Much Does Boat Insurance Cost?
Cost depends on your location and other factors
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Average boat insurance costs range from $245 to $652 per year ($20 to $54 per month), depending on where you live and other factors.1 However, what it will cost to insure your boat could be different. Learn how much you can expect to pay for boat insurance, the best companies offering boat insurance, and how to reduce costs.
Average Cost of Boat Insurance
Using its 2020 and 2021 data, Progressive calculated the average annual premium for boat owners in all 50 states. The insurer then broke down the averages into three price categories: low-, medium-, and high-cost. Each state’s average premiums are likely slightly lower or higher than the average for the category.
States with low-cost boat insurance tend to be inland without direct access to a coastline. States on the Great Lakes also tend to have lower insurance rates because the boats used there are smaller than those used on the ocean, and the boating season is shorter than in southern states.
Boat insurance costs tend to be more expensive for residents of coastal states because boats in these areas are usually bigger and more expensive. Also, since the weather is warmer year-round, people can use their boats throughout the year, which means a higher likelihood of accidents.
Average Boat Insurance Cost by State
The state-by-state averages below can give you an idea of what you might pay for boat owner’s insurance. However, the actual cost of your policy will depend on factors like the insurance company you use, the size and value of your boat, and your experience as a boater.1
*Average rates are from Progressive, based on 2020 and 2021 boat insurance data.
Factors Influencing Cost
Besides the insurance company you work with, there are a few other key factors that impact how much your boat insurance is per year. Knowing these can help you predict your boat insurance cost and identify discount opportunities.
- Location: Where you live and keep your boat is one of the top factors influencing costs. Some states, like Alabama, New York, and Florida, are considerably more expensive than inland states like Arkansas and Wisconsin.
- Type of watercraft: Insurers have different rates for different types of watercraft like fishing boats, motorboats, pontoon boats, and sailboats. In general, the more expensive the watercraft, the more expensive the boat insurance. Jet skis are a separate category, too.
- Your boat’s age: New boats are more valuable than older boats. As a result, they cost more to insure because the damage would be more expensive to repair or the boat more expensive to replace.
- Your boat’s horsepower: High-horsepower boats tend to have higher premiums than boats with less horsepower.
- Your boating history: Insurers will consider how long you’ve been boating. The more experience you have, the lower your rates. They also consider whether you’ve had any past boating accidents. Those would increase your premium.
- Your driving record: Insurers may also look at your car driving record while calculating your policy premium. People who are safe drivers tend to be safe boaters, so they pay less.
- Whether you’ve taken safety measures: Insurers give discounts if you take safety measures for your boat, like installing an automatic fire suppression system or Emergency Position Indicating Radio Beacon (EPIRB). You could also qualify for a discount for passing an approved boat safety course recognized by the Coast Guard.
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