While the open water can seem like paradise, there are many different incidents that can occur. This is why boat insurance is necessary before you first set sail. However, if this your first time owning a boat, then you may not know anything about boat insurance average cost. Do not fret because here is everything you need to know about the cost of boat coverage.
What Prices Can You Expect?
There is one industry standard that many boat insurers use to gauge the coverage price of your boat. Many charge 1% to 1.5% of your boat’s cost. If your boat cost $10,000 then you can expect to spend at least $100 a month.
However, that is not the only way insurers determine your rates. There are plenty of different factors that they consider for each client. These include:
- Boating History
- Claim History
- Boat Use
- Boat’s Age and Size
- Safety Training
Each of these is evaluated on an individual basis. Therefore, your insurance costs can vary greatly from those in the same state and even in the same marina. Still, taking these components into account can let you know if buying your desired boat is worth the long-term investment.
Now that you know plenty about the boat insurance average cost, you can reach out to an agency with confidence.