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2 years ago · by · 0 comments

How Much Does Boat Insurance Cost?

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!

Navigational Area

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.

Liability Limit

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.

Owner’s Age

Your age will be factored into the rating. So in addition to your AARP membership, you will also get lower boat insurance premiums.

Claims History

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 or 843.606.5270. If you’re ready for a quote, request one today and select the appropriate application.


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Company Information

Maritime Insurance International
3 Lockwood Drive
Suite 302A
Charleston, SC 29401

Mystic, CT Office:
P.O. Box 30
West Mystic, CT 06388-0030

Annapolis, MD Office:
P.O. Box 3505
Annapolis, MD 21403

Contact Details

Phone: 843.606.5270
Fax: 888.482.6844

Monday - Friday: 9:00am - 5:00pm


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Professional, & courteous every time we've spoken. I would highly recommend ​t​his agency for boat insurance.
Carol P.
Very helpful and easy to work with.
Kevin D.
Excellent and prompt service.
Bruce B.
Terrific custom service and extremely well informed.
Amy D.
Nick does a great job, very responsive service, good products.
Charles C.
Great people, prompt service and they know their policies.
Banff L.
Been with this company since 2011, had one claim and it was settled to my satisfaction very promptly, never had any type of problem. I would highly recommend them based on the service I have gotten from them.
Barry B.
Nick McGinty & his team are top notch. Friendly, responsive, knowledgeable...Recently had an issue that was resolved quickly. They insure both my vessels and highly recommend them.
Great service, great prices and flexible pay plans
Alan B.
Easy to do business with. Knowledgeable, and good price comparisons.
Lawrence L.
The personal service and contacts I have with Maritime Insurance make me appreciate their "product" so much more than just sending my premium to some P.O. Box! Good people standing behind their service! Sincerely, Ken Byrd Pres. Charleston Yacht Carpentry Inc.
Ken B.
I have just bought my first big boat! This is a process that requires people who know what needs to happen and helped me to get it done. Insurance is something that we hope never to need but offsetting the risk in a big purchase ...
Patrick M.
MII has been responsive, prompt in follow-up and competitive in cost quotes. Am pleased with their customer service and already have suggested to a colleague to pursue their services.
Dann L.
This company makes super yacht insurance look easy. Very knowledgeable on vessels over 400 GT and they never miss an email. On my size vessel, there is no reason to shop around. Its the relationship with your agent that is imperative and must be seamless.
Tess R.
Maritime's entire team has always been outstanding!
Rich M.
The Maritime office is excellent. Nicky and Angie always send reminders and are extremely friendly and helpful.
Nicholas H.
Maritime has always been very helpful and user friendly. We contact a lot via email and phone and always get a prompt response. Mahalo!
W. "Kainoa" H.
Maritime agent Garrison Rudisill has been great to work with. He was a tremendous help with our hurricane Matthew claim.
Donna P.
Garrison has been very responsive and was always available and helpful.
Frank H.
Angie Fessler at the Maritime office went above and beyond to find us a policy to fit our event schedule. She is a blessing and we will be using you guys again this year.
Susan & Chris L.
I've never had a problem with this insurance and the price was great as well. My local guy, Garrison Rudisill, always answers my questions and helps me with anything I need.
Shin M.
My experience has been very professional and pleasant. They provided me with what I needed.
David S.
Maritime Insurance was very helpful in insuring our first larger vessel. The staff are very knowledgeable!
Joe S.
Working with these folks has been a real pleasure. They are knowledgeable, friendly and responsive. Easy to do business with.
Normand & Paula R.
NICK'S a stand up guy. He explains your coverage in English not in insurance jargon. Very responsive and easily accessible by telephone and via email.
Clay W.
Since day one, they have been there for us and on one particular day we needed them the most, they were there. We enjoy our relationship with the Charleston Team.
Eric R.
I had a serious claim in 2015 while cruising in the Turks & Caicos islands and I got the very best of service even though I was in another country. They stood behind me while my boat was repaired. It doesn't get any better than ...
Paul M.
This is one of the most responsive, helpful companies I have ever felt with. My calls and questions have always been returned with faster than average turnaround. Extremely helpful. Have always met my expectations. I recommend Nick McGinty and this company to all my friends.
Eric B.
Maritime was right on top of my claim and was extremely helpful in participating in getting the correct documents and professionals to back up my claim. Excellent company!!
Steve W.
They helped me with my claim and they always try to get me the best quote highly recommend.
Steve P.
Nick McGinty and his team are top notch people who understand their customers needs and provide quality insurance products in an efficient timely manner.
David F.
They have exceeded all my expectations. We have multiple policies on several properties, prior to insuring through Maritime insurance this was a nightmare keeping track of things, with Nick and crew its a snap. Its like having a full time person on our staff just ...
Garrison R. has been fantastic to work with and is an asset to the company!
Tyler S.
Very knowledgeable staff who answered all my questions and the rates I received were far superior to anyone else's.
Brian N.
Very responsive, honest and customer service driven. I was surprisingly impressed and my expectations were exceeded.
Jim T.
Thank you Nick for ALWAYS being on the ball. You guys are great!
Thornton L.
I called insurance companies on a Friday to see who would be most helpful and responsive. Maritime Insurance was the ONLY company ready and willing to take information and prepare a quote. The customer service alone was worth using the company.
Andy D.
Fast prompt service, no hassles.
Bill B.
Great initial coverage policy and excellent follow-up skills for renewal...
Michael H.
Has an awareness of the struggles of a small marine service company.. Did a great job finding affordable policy for our specific needs. Great communication and stays on top of my account concerns.
William W.
Found you on internet. Nick McGintry and Nicky have exceeded my expectations. It's as great genuine and heart felt as the Four Seasons staff. And you were competitive.
Susan A.