The cost of boat insurance will vary depending on several different factors. Boat insurance costs have a lot in common with auto insurance costs. Driver history, driver age, previous accidents, safety courses taken and type of use will all have an impact on your insurance costs. If you’re a good driver with a clean driving history then your rates will be lower. The biggest cost factor for boat insurance, however, is the value of your boat.
Although there are always exceptions, the average annual cost of boat insurance will be approximately 1.5 percent of the total value of your boat. The lower the value of your boat, the lower the cost of your insurance premiums.
$10,000 boat value = $150 per year estimated annual insurance cost
$30,000 boat value = $450 per year estimated annual insurance cost
$1,000,000 boat value = $15,000 per year estimated annual insurance cost
You want to keep in mind that even though insurance costs might be lower if you have an older or cheaper boat your maintenance costs could be more costly. Also remember that even if you have a high value boat you can still get your insurance costs lowered if you have a good driving history and take a driver safety course.