Operating a boat can be a rewarding experience. Whether you are using a boat for business or pleasure, it is essential to consider the price of insurance coverage before purchasing. It is also recommended to know average boat insurance costs, so you know whether or not you are getting a good deal. In most situations, insurance agencies can charge about 1% to 2% of your boat’s listing price. This brings costs to around $300 to $600. However, many factors can affect the ultimate rate.
Much like car insurance, your history matters to agencies. If they see that you have had several boating accidents, then they may likely raise your monthly bill. A citation for driving under the influence can also be a cause for concern.
Many times insurers can ask what you plan to use your boat for. If you answer that you are using it for dangerous fishing or lengthy trips, then you may find yourself stuck at a high rate. This is because it is more of a risk to them to cover your boat.
Where you dock your boat is just as crucial to agencies are where you take it. In hurricane-prone states like the Gulf Coast area, rates are significantly more than states like New York or Maine. Be sure to research the average boat insurance costs in your particular state.
If you are ready to get started on your boat journey, inquire with a local agency to learn more about how you can protect your prized possession.