Boat Insurance Cost
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How Much Does Boat Insurance Cost?

On average, boat insurance costs about $400 with average prices ranging from $300 to $500 in the US for 2020, according to and other sources. Depending on a couple of factors, such as your age, location, type of boat, etc., may increase the cost of your boat insurance.

As reported by, “To insure a boat worth around $20,000, it would cost you only about $300 per year to have it fully insured.”

If having a blast on the water allures to you, then you could find yourself in the market to purchase a boat. You might buy a boat to fish, open water speed boating or sailing, or a pontoon boat to float around nonchalantly. Just as you have your car and your home insured, it’s wise to get satisfactory boat insurance.

As you do your fact-finding for boat insurance, you may have some questions about its cost, what type of coverage you should buy, and what insurance company carries the best insurance policies for your money.

Boating Accident Cost

  • Almost 4,600 accidents that involved recreational boats had an outcome in $52 million in property damage
  • Boating accidents caused more than 750 deaths and in excess of 3,000 casualties
  • 70 percent of boating deaths were from drownings, and 80 percent of those occurred while using boats that were less than 21 feet
  • Only 11 percent of deaths happened when the driver had instruction in boater safety
  • Open motorboats were included in 47 percent of each boating accident
  • Alcohol was found to be the leading cause of fatal boating accidents

What is the cost of boat insurance? On average, boat insurance costs a couple of hundred dollars, although it can exceed $1,000 annually, depending on the boat type and your personal documentation.

The kind of boat, how long it is, and its intended use will primarily influence your boat insurance rates. It doesn’t matter if you own a small fishing boat, a speed boat or a deck boat will make a huge difference in what insurance will cost you.

Generally, boat insurance costs usually range from about $300 to $500.

Factors Affecting Boat Insurance Cost?

Several factors, some that you have control over and some that you do not, can impact your boat insurance rates. For instance, if you sail on a lake with a high rate of claims, the cost of your boat coverage will be more expensive than on a lake where there are a lot fewer claims.

Added factors that impact your boat insurance rates, comprise of:

  • The use of your boat: When you only take your boat on fishing trips from time to time, your rates will usually be lower than if you tow parasailers water-skiers or wakeboarders.
  • Your driving record: Good vehicle drivers are inclined to be good at boat driving.
  • The record of your boat insurance claims: You might have to pay more if you have filed many claims previously.
  • The boat driving experience of individuals that will also be driving the boat: Adding your teenage son as a driver on the policy, for instance, might increase your rates.
  • Safety measures: Have you taken a certified safety course? Are you in possession of Coast Guard endorsed fire extinguishers and radios for communication to the mainland?
  • The boat’s horsepower: Usually, boats that have high horsepower engines will have higher insurance premiums designated to them.
  • Your age and gender: Research has shown that women over the age of 27 are inclined to be quoted for more notable rates than men of the same age, even with the same type of driving record.
  • Specifications of the boat: It’s year, the make and model of your boat and its motor, and if your boat has an inboard or outboard motor are all factors when establishing rates.
  • Your geographic location: This establishes if you’ll be using the boat in places where there are natural dangers such as tornados.
  • Your credit scores: Truth be told, insurance companies have discovered that an individual with lower credit scores are statistically more likely to get into boating accidents. When your credit score is low, you might be charged more for your boat insurance than an individual with a higher credit score.

Should You Purchase Boat Insurance, Before You Purchase a Boat?

If you’re in the market to buy a boat, it is a good idea to think about shopping for insurance first prior to you signing your boat purchase documentation. Insurance rates may vary, so you might want to factor in the cost of your coverage as you establish which type of boat you can sensibly afford.


  1. Boat Insurance Cost: Get Average,

Boat Insurance Quotes

From offering liability protection to you and your family to helping you get reimbursed for personal property damage, boat insurance provides many types of coverage. Learn more about Boat Insurance Coverage or get a free boat insurance quote from Klimes Insurance today.

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