Enjoy peace of mind as you navigate your boat or personal watercraft. Whether you're looking for a new boat insurance policy or just want to save money on an existing policy, Boat Trader can help you get started with a free boat insurance quote.
Where you live plays a role in the cost of boat insurance. In fact, boat insurance quotes often begin with your ZIP code. For example, Florida offers year-round boating, so Florida residents pay some of the highest rates in the nation for marine insurance. There’s also the annual threat of hurricanes that can increase costs. Yikes!
Additionally, where you go boating makes a difference. If the boat goes into the ocean, you can expect to pay more than if you do your boating strictly in freshwater. Corrosion caused by salt is one of the key factors for the surcharge.
If you live in the Northeast, you also can expect to pay a premium for insurance, while boaters in the Great Lakes Region have among the lowest rates in the country because the boating season is short.
Also remember that marine protection can be limited to a specific region. For example, if you live in Illinois and decide to pull your boat to Lake of the Ozarks in Missouri and you have an accident, the claim could be denied because it wasn’t within the policy region. Before you travel, call your insurance company to see if you need a binder.
A lot of companies that offer boat insurance have online portals that will get you a quote – often within just a few minutes. The National Boat Owners Association (NBOA) is one great resource, but of course other major companies such as Progressive, Geico, Allstate, Nationwide, State Farm, Travelers and Farmers all offer ways to get boat insurance quotes without having to talk to a person.
Collect and compare as many quotes online as you like, but also be sure to call an agent you have a relationship with. They might be able to save you some money.
Once you find a rate you are comfortable with, most companies will begin coverage right away or as soon as you pay the first premium. To reiterate, the time to get a boat insurance quote, is before you buy the boat.
To get a boat insurance quote, you’ll likely need to provide the following information:
Depending on where you get your quote, you might need a bit more information, but these are the key questions on online boat insurance quote portals.
If you have no prior experience in boating, insurance companies are going to rely heavily on your automobile driving record. Insurance companies will also examine credit records to screen applicants and use credit scores to set rates. According to insurance companies’ research, people with credit problems are more likely to be involved in an accident.
That said, if you can shore up your DMV and credit histories before shopping for boat insurance, it’s probably worth the time it will take you to do so.
Insurance experts say that if you can save 10 to 15 percent or more on an annual premium, it may be worth opting for a higher deductible. The standard deductible is 2 percent for most boats, and insurance experts suggest raising it to 3 or 4 percent. Realize, however, that a higher deductible could cost thousands of dollars more if an accident occurs.
A higher deductible is one way to save on premiums, but there are a number of other things you can do to reduce the cost of boat insurance.
Let’s take a look at some of them:
Successfully completing a boating safety course from one of the main providers such as U.S. Power Squadrons, Boat U.S. or state-approved outfits can save you as much as 10 percent on your premiums.
Paying to insure your boat all over the country when all you do is take it local lakes is a waste of money. Likewise, so is paying to insure your boat year-round when it spends six months on the trailer in your garage. Ask your agent about limiting range and season.
This option isn’t available to you if you’re financing your boat, but if you own it outright, you might consider a liability-only policy. It won’t pay for damage to your boat due to theft or damage, but it will protect you financially in the event of an accident. However, don’t scrimp to bare bones coverage. Be sure your policy covers salvage costs. If your boat sinks, say, at the ramp, and you don’t have salvage coverage, you will have to pay someone to retrieve the boat, which might not be worth much afterward.
As a boat ages, it loses value, but lots of owners never adjust what insurers call the agreed hull value, the amount an insurer pays in a total loss event. If your boat is getting up there in age, say five to 10 years, it might be time to adjust the value. You might also discuss with your agent going with an actual cash value policy—and if often gives a substantial savings, which can help reduce your premiums.
Yes, the whole point of paying for insurance is to be covered in the event of an accident, but experts say paying for damage that is a little more than the cost of the deductible can prevent insurers from raising your premiums. Paying for that $1,500 gelcoat and rubrail repair now might save you more than that over time in the form of increased premiums that might result if you had filed a claim.
Check with your insurer first, but joining a boating safety organizations, such as the U.S. Power Squadrons or the U.S. Coast Guard Auxiliary might be good for a discount on your insurance premiums. You’ll have to weigh whether the savings are greater than the membership costs.
On average, boat insurance costs around 1.5% of the value of the boat per year. So a boat worth $10,000 would be approximately $150/year to insure.
It depends on your location – some states require liability coverage on powerboats with engines over a certain specified horsepower. Other states require personal watercraft to be insured. Usually any vessel kept on public or state-run parks or marinas will be required to be covered by some form of boat insurance policy.
Boat insurance us a lot like car insurance. Insurance typically covers physical damage, liability, personal property, towing and assistance.
This also depends on the state in which you live, but for financed vessels, you are almost always required to carry full coverage. Refer to boat insurance requirements by state to learn more about this.
Typically, most marine insurance policies cover boats that are being trailered within their declared region of use.
This differs a little bit with each insurer, but not by much. Insurers consider your driving record, your credit history, your level of boating experience, the value of the boat, whether you are the original owner, and claim history.
On water towing is typically an additional feature of boat insurance. You also can get towing coverage from other organizations such as Boat/U.S. and Sea Tow.
Choose a deductible you would be comfortable paying in the event of a claim. In terms of policy limits, you need to choose an amount that protects the financial interests of you and your family if someone were to sue you, which can happen in America.