Many people dream about buying a boat, but if you’re lucky enough to be one of the ones to actually buy one – congratulations! Now is when you’re probably thinking about all the fun stuff like summer boat parties, teaching your kids how to drive it and probably most of all, boat insurance estimate costs. In general, the average cost for boat insurance is around 1.5% of your boat’s value, but there are several other factors.
Boat Insurance Cost Factors
Boat Value: The value of the boat is the biggest factor in determining the cost of insurance. The higher the value of your boat, the higher your insurance costs will be.
Boat Type: The type of boat you own will also be a price factor because different types of boats have different insurance needs. Deep-sea fishing boats that are used in a professional capacity have different needs than a recreational ski boat.
Boat Age: How old the boat is will also be a determining factor. Insurance for older boats will cost less, but don’t forget that you’ll probably be paying more in maintenance and upkeep.
Driving History: Similar to car insurance, a person’s driving history will impact their boat insurance estimate costs.
Boat Safety Courses: Also similar to car insurance, if you take a driver’s safety course you can usually lower your insurance premium.