Call Us: (615) 893-6177 ☰ ˟
Logo
Call Us: (615) 893-6177 Español
  • Main Menu
  • Products
    • AutoImage of right arrow
      • TN Drivers License Reinstatement
    • Commercial Auto
    • Motorcycle
    • Homeowners
    • Renters
    • Boat
    • SR-22
  • Get A Quote
    • Automobile Quote
    • Commercial Auto
    • Motorcycle
    • Homeowners
    • Renters
    • Watercraft
    • SR-22 Insurance
  • Blog
  • Make A Payment
  • Resources
    • Refer a Friend
    • Insurance Glossary
    • Privacy Policy
    • News and Other Resources
  • Areas We Service
    • Symrna, TN
    • La Vergne TN
    • Antioch, TN
  • Contact
    • Contact Us
    • Location(s)
    • About Us
    • Our Staff
Icon

Auto

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Icon

Renters

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Icon

Commercial Auto

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Icon

Homeowners

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Icon

SR-22

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Home > Blog > What is the Average Cost of Boat Insurance?
THURSDAY, DECEMBER 31, 2020

What is the Average Cost of Boat Insurance?

What is the Average Cost of Boat Insurance?

a small boat in a body of water 

Boat insurance premiums are similar to car insurance premiums, as they vary depending on a lot of different factors. On average, boat insurance can cost anywhere between $300 and $500 a year. 

This depends on your: 

  • Location 

  • Age 

  • Coverage limits 

  • Value of the boat 

  • Driving record 

  • Claims history 

  • Credit score 

Location 

Certain areas charge more for boat insurance. This is partially due to the area’s crime rate, history of claims in the area, frequency and severity of natural disasters and more. 

Certain states also have different requirements when it comes to boat insurance. Most states don’t require boat insurance, but it is heavily recommended. Although states don’t require insurance, marinas often do, so be sure to check with the marina you use for their rules and requirements. 

Age 

As with your car insurance policy, your age can affect the cost of your boat insurance. Younger policyholders generally pay more in monthly premiums as they’re seen as more likely to be involved in an accident or file a claim. 

Coverage Limits 

Higher limits of coverage result in higher premiums. A basic boat insurance policy comes with: 

  • Physical damage coverage provides compensation for damage to or loss of the boat due to fire, wind, hail, theft, vandalism and more. 

  • Liability covers bodily injury and property damage caused by the policyholder while operating the insured boat. 

  • Guest passenger liability covers bodily injury and property damage caused by a guest passenger operating the insured boat with permission. 

  • Medical payments cover medical bills for the driver and their passengers after an accident. 

You can also raise your deductible in order to save money on monthly premiums, but this also means paying more out of pocket after filing a claim. 

Value of the Boat 

Larger and more expensive boats cost more to insure, as they also cost more to repair and replace after an accident or disaster. Calculate the replacement cost value of your boat in order to purchase the right amount of insurance for your boat. Customized parts also require additional coverage. 

Driving Record 

Though it comes as a surprise to some people, your car driving record can affect your boat insurance rates. A poor driving record can drive your insurance rates higher, as the way you operate a vehicle is considered a reflection of how you will operate a boat. You can lower your boat insurance rates by driving defensively and taking driving courses. 

Claims History 

The more claims you file, the more your insurance rates will go up. This is because when you file a claim, the insurance company must pay compensation once it’s approved. In order to mitigate the cost of paying compensation, your insurance rates may go up after a claim. Have any damage to the boat appraised by an expert before filing a claim. If the cost of repairing the damage is cheaper than the cost of your deductible, you may want to fix the costs out of pocket instead. 

Credit Score 

Your credit score can affect your boat insurance premiums. Poor credit can raise your rates, as your credit score is how an insurance agency calculates how reliable you are in paying your premiums. Build your credit by paying off debts and loans such as credit cards. 

Keep in mind that your boat, circumstances and insurance needs will likely not be the same as your neighbor’s. It’s important to consider how much insurance your boat needs. Also ask your insurance agent about potential discounts you qualify for in order to save money on your boat insurance premiums.

Posted 6:25 PM

Tags: boat insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020

  • auto insurance(10)
  • insurance(5)
  • full coverage insurance quotes(4)
  • home insurance(4)
  • basic insurance(3)
  • insurance quotes(3)
  • liability insurance quotes(3)
  • motorcycle insurance(3)
  • minimum liability(3)
  • insurance rates(3)
  • renters insurance(2)
  • auto insurance accidents(2)
  • liability insurance(2)
  • cheap auto insurance(2)
  • car insurance accident(2)
  • coverage(2)
  • (2)
  • winter driving(1)
  • underinsured(1)
  • home inspections(1)
  • belongings(1)
  • business auto(1)
  • auto insurance quotes(1)
  • car insurance quotes(1)
  • commercial auto(1)
  • insurance prices(1)
  • commercial(1)
  • vehicles(1)
  • nonstandard auto insurance(1)
  • business auto insurance(1)
  • boat insurance(1)
  • policy(1)
  • employee(1)
  • motorcycle(1)
  • auto insurance?(1)
  • homeowners insurance(1)
  • car insurance(1)
  • commercial insurance(1)
  • cheap car insurance(1)
  • sr22 insurance(1)
  • commercial auto insurance(1)
  • auto(1)
  • renters(1)

View Mobile Version

Contact Us Today!
(615) 893-6177

Resources

  • Products
  • Customer Testimonials
  • Payment Options
  • Report a Claim
  • About Us
  • Our Carriers
  • Blog
  • Contact Us

Contact Us

Murfreesboro Office: 925 S Church St. Suite A300, Murfreesboro, TN 37130 | P: (615) 893-6177
Smyrna Office: 244 N Lowry Street, Smyrna, TN 37167 | P: (615) 624-8007
Fax: (615) 893-6181 | Email: auto@insuringyouforless.com
© Copyright. All rights reserved. | Powered by Insurance Website Builder