Part of being a responsible boat owner means investing in a comprehensive boat insurance policy to protect your watercraft and keep you safe on the water. If you’re like most boat owners, you want to keep the costs as low as possible. This means shopping around and choosing the best policy for your budget. Before you can, you need to understand one thing: the average cost of boat insurance varies from boat to boat.
What Impacts the Cost of Insurance
Every boat insurance policy is customizable to better protect you against the unique risks you face on the water. The more coverage you have and the higher your coverage limits are, the more the insurance policy will cost. Here are a few factors that can also contribute to the price of your policy:
- How you use your boat
- Your driving record
- Previous insurance claims
- Years of experience
- Completion of safety courses
- The type of boat you have
Typically, more expensive or luxury boats will cost more to insure because they’re more expensive to repair. However, you can reduce the cost of your coverage by completing certain safety courses and making sure the boat has all the necessary safety equipment in place.
The best thing you can do is speak with your boat insurance agent about your options. Choose a policy that you can afford without compromising the safety of your boat.