How much is boat insurance and is it something you should have when taking a boat out for a new adventure? Boat accidents may not be as common as auto accidents, but investing in boat insurance is just as important. You also might wonder about the costs. Learn about some of the best strategies for planning for boat insurance costs.
How Much Is Boat Insurance for New Boaters
Much like car insurance, several factors impact yacht insurance rates. If you are new to boating, you may encounter a higher premium than a boater who has an extensive history of safety. The good news is that experience will likely grant you lower premiums, eventually. Different insurers have different policies on this issue, so it’s best to shop around before committing to a policy.
Criteria That Affect Rates
How much is boat insurance? In addition to a boater’s age and experience level, the type of boat you’re insuring will significantly impact the cost of coverage. For example, a fishing boat may be more expensive to insure than a smaller yacht. An insurer will also consider traits such as horsepower, general use, and age of the vessel in question. In most cases, the newer, bigger, or more powerful a boat is, the more it will cost to insure.
How To Get Lower Boat Insurance Rates
Although rates vary widely, sources report that annual premiums often cost about 1.5% of a boat’s value. This cost can add up for owners of pricier vessels, which prompts the question — how much is boat insurance, and how can you get lower rates? You can access lower prices on coverage in a few different ways. Many insurers offer discounts to boaters who successfully complete a boater training course, such as the ones that the U.S. Coast Guard provides.
Why It Is a Good Investment?
The cost may lead you to wonder whether it’s possible to fit it into your budget. Affording boat insurance may be challenging if you choose a policy from a pricy insurer, but most providers offer coverage at a reasonable price. You should consider, too — how much is it compared to the cost of an accident? An accident may cost tens of thousands of dollars or more out-of-pocket if you do not have adequate insurance coverage.
How Much Is It on Average?
How much is it for the average boater? The answer depends on the aforementioned variables, but most people can expect to pay $500 or less per year to obtain coverage. Ask your insurer if there are any discounts you may be eligible for — for example, a military discount — or any safety courses you can complete to get lower rates. Remember to practice common sense boat safety to prevent potential claims.
About Mariners Insurance
Mariners General Insurance Group was founded in 1959 to protect boat owners and marine business clients. We are marine insurance experts and insure boats worldwide – in every ocean on the planet. Marine insurance is critical if you own a boat or nautical business. Trust the professionals with all of your Boat Insurance needs – trust Mariners Insurance. Call us at (888) 402-5018 any time you have questions or concerns about insurance for your vessel or marine business.
