Unlike other forms of insurance, boat insurance is relatively inexpensive. On average, you may pay between $300 and $500 a year for a boat insurance policy.
This cost varies depending on several factors, however. Factors that may influence the cost of your boat insurance premiums include:
Your credit score can have a large effect on the cost of your boat insurance. Credit scores are considered an example of how reliable the insured is when it comes to paying premiums on time and in full. A low credit score can raise your boat insurance rates.
You can raise your credit score by paying off bills and debts such as credit cards and setting up automatic payments.
Type and Value of the Boat
Different boats will cost different amounts when it comes to insurance premiums. On average, larger and more expensive boats cost more to insure due to the higher cost of claims payouts. It also depends on what the boat was made for. Speed boats, much like sports cars, cost more to insure due to the higher risk.
Different states and even zip codes charge differently for boat insurance. This is in part due to the claims history, crime rate and number of natural disasters in the area. Areas with frequent storms are more likely to charge higher for boat insurance.
As with any insurance policy, the more coverage you have, the more you will pay. Boat insurance isn’t legally required in most states, but many marinas will require boaters to carry at least a minimum amount of liability insurance. Liability insurance won’t cover damage to your boat, however, so it’s important to have the right amount of coverage. Lowering your coverage can save you money, but it also leaves you open to heavier financial loss in case of an uncovered accident.
Not everyone knows that their driving record can have an affect on their boat insurance. Driving records can span over multiple types of recreational vehicles. Having a good driving record can save you money while poor driving records generally result in higher premiums.
Adding safety measures to a boat can lower your insurance rate. Enhance your boat with an anti-theft system, radio communications, first aid kits and fire extinguishers. This not only lowers the risk of a claim and protects everyone on the boat, but it can save you money.
Get A Quote