This is a question we get all the time. How much does boat insurance cost? Insurers consider many factors when determining rates for boat insurance. As an independent agency, we work to get rates from various marine insurance carriers. Once we have the basic information, it is a quick process to get rates. Here are all the factors that go into pricing for boat and yacht insurance. If you have any questions after reviewing this information, just reach out to us, and we’ll be happy to help!
This is one of the largest determinations of boat insurance costs. We write boats and yachts that navigate the Great Lakes, Inland, West Coast, East Coast, Hawaii, Caribbean and Ocean Crossings. The vessels in the northern half of the country will generally see reduced rates, especially when the boat is laid up for a portion of the year. Gulf, Florida, Bahamas, and the Caribbean tend to be higher rated areas, especially when the navigation is included for storm season. For cruising boats, putting date restrictions at the Florida / Georgia line or Cape Hatteras during storm season can reduce the rate.
Hull & Physical Damage
This is the coverage on the boat, motors, and equipment. Generally speaking, newer model year vessels will have a lower rate. Additionally, as the value increases, the applicable rate will be reduced as well.
While not a huge component of rate, increasing your liability will change the cost. However, we are of the belief that larger limits are worth it. We have seen limits of liability get breached on numerous occasions from claims no one would have ever thought they could have.
Boating & Ownership Experience
This is a key underwriting question that factors into how much boat insurance costs. The longer you have owned boats in close proximity to the size of your current boat, the better pricing position you will be in. Courses and licenses will also help, so be sure to relay any of these you have accomplished, such as state courses, US Coast Guard, Power Squadron, ASA Sailing, Captains Licenses, etc.
Your age will be factored into the rating. So in addition to your AARP membership, you will also get lower boat insurance premiums.
For those of you who have had a claim, this can cause an increase in your rate. Many of our carriers, however, will review the claim situation, and for those claims that are not an “at fault,” they will often reduce or eliminate any surcharges.
Other Boat & Yacht Insurance Cost Factors
There are many other factors that go into rating, and this will certainly vary between all the different carriers. Some of the other boat insurance cost factors include: High or Low Deductibles, Insurance (Credit) Scoring, Marital Status, Any Paid Crew, Number of Engines, Speed of the Boat, Types of engines/fuel, Hull Material and Mast Material (for sailboats).
Request a Boat or Yacht Insurance Quote Today
As you can see, what appears to be an easy question can be highly nuanced. So while we are often able to provide a “range” of pricing over the phone, spending a few minutes completing an application and getting firm quotes is the best way to determine pricing. For boats under 26’ we can usually get pricing within an hour or two. For Yachts, the time can vary between a few hours and a few days depending on factors such as Value, cruising area, and experience. For straightforward boats and yachts, our typical turnaround is within 24 hours.
If you have any additional questions regarding how much boat insurance costs, please feel free to reach out to us at email@example.com or 843.606.5270. If you’re ready for a quote, request one today and select the appropriate application.