How Much Does Boat Insurance Cost?

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The cost of boat insurance varies depending on where your boat is located and its age, but the average cost of boat insurance is $429 per year. There are several methods to save money on boat insurance, such as adjusting your deductible and comparing boat insurance quotes across different companies. Aside from getting the best boat insurance rates, you'll want to ensure you're covered for common perils like sinking and striking submerged objects.

Average Cost of Boat Insurance

The average cost of boat insurance is $429 per year, based on our study. However, the cost of boat insurance varies widely depending on where you live. The difference between the state with the highest boat insurance rates and the best boat insurance rates was $329, which is more than the annual cost of boat insurance in some states. Of the nine states included in the study, Alabama had the best boat insurance rates: $282 per year, or $24 per month.

StateAnnual Boat Insurance RateMonthly Boat Insurance Rate% Change vs Average
Florida$611$5142%
Texas$531$4424%
Michigan$574$4834%
New York$357$30-17%
Louisiana$294$25-32%
Minnesota$503$4217%
North Carolina$367$31-15%
Delaware$345$29-20%
Alabama$282$24-34%
Average Cost of Boat Insurance$429$36

The boat insurance quotes gathered above are based on a 30-foot cabin cruiser boat with two engines and a fiberglass hull. Furthermore, rates are based on a policy with coverage of $50,000 for bodily injury and $100,000 for property damage per accident. The states listed above represent some of the most popular boating destinations in the U.S.

What Factors Impact Boat Insurance Rates?

The cost of boat insurance is largely dependent on personalized factors, including your boat's value, its age and its size. As highlighted above, where your boat is located also plays a large role in how much your boat insurance will cost. You should expect to pay more for boat insurance in certain coastal states, like Florida and Texas. The reasons are twofold: These areas are frequently hit with hurricanes and tropical storms, and the weather is typically warmer, so boats are used more frequently than in some northern states.

The type of boat you own will also play a large role in the quotes you receive. You shouldn't expect the cost of boat insurance to be the same for a fishing boat when compared to a pontoon boat. In fact, based on our sample quote for a pontoon boat, the cost of boat insurance is $513 per year, which is nearly $100 more than the average boat insurance rate for a cabin cruiser boat as highlighted above.

Due to personalized factors, the quote you receive will likely differ from the average cost of boat insurance examined in our study. However, we recommend using the figure as a guide to ensure you receive a fair deal when shopping for boat insurance coverage.

How to Save Money on Boat Insurance Rates

To start, we recommend evaluating how much your boat is worth at least once per year. Boats, much like cars, are known to depreciate in value. Since boat insurance costs are at least partially based on your boat's value, a lower value will mean lower boat insurance costs. Furthermore, if your boat depreciates to a low enough value, you may consider forgoing full coverage boat insurance and opting for just liability coverage.

Another way to save money on boat insurance is to adjust your deductible, which many insurers will allow. A higher deductible will mean paying lower premiums, but you'll also be responsible for more out-of-pocket costs when you file a claim.

One of the most effective ways to find the best boat insurance rates is to compare boat insurance rates across multiple companies. Keep in mind that discounts, much like boat insurance rates, vary. Therefore, consider available discounts when shopping for boat insurance coverage. If you already have another form of insurance, like an auto policy, ask your company if it has any bundle discounts available. These types of discounts are fairly common and provide great savings.

Consider Getting Boat Insurance Quotes Online

Similar to other types of insurance policies, boat insurance can be purchased in person or online. Purchasing boat insurance online gives you more flexibility since you won't be restricted to insurance companies with brick-and-mortar locations. Consider getting boat insurance quotes online from agencies like the National Boat Owners Association and the United Marine Underwriters. These agencies are well-established but not as well-known as industry giants like GEICO and Progressive. As previously mentioned, comparing quotes is often the way to get the best boat insurance rates, and you shouldn't rule out online boat insurance companies.

Small Boat Insurance

Owning a small boat typically means you'll have a lower boat insurance premium. But if you have a homeowners insurance policy, you may already have all the coverage you need for a small boat. For instance, most homeowners policies would provide coverage from fire and wind damage. The main drawback is that homeowners coverage for a boat is typically limited to $1,000. Therefore, your homeowners policy may provide enough coverage for small boats, like a dinghy or a small fishing boat, but anything larger will likely require its own boat insurance policy.

Most Common Claims for Boat Insurance

According to the Boat Owners Association of the United States, the most common boat insurance claims are for hurricane damage, striking submerged objects and sinking. Given the high number of claims from hurricane damage, we recommend having a plan in place to store your boat if you live near a coastal area, like Florida. If your boat is normally stationed at a marina, be sure to ask if it has a hurricane plan for the boats. Be sure you're comfortable with the process before agreeing to station your boat at any dock.

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