Boat Insurance Coverage and Costs

boat insurance cost

If you’re trying to obtain boat insurance cost estimates, you’ve probably seen that prices and coverage can vary greatly. Costs can run anywhere from $300 to over $1,000 per year, depending on a number of different factors. For example, how frequently you use the boat, the type of boat you have, your driving history, and what area you reside in will all have an impact on your insurance costs. The type of coverage you select will also impact costs, but it’s very important that you understand what kind of coverage you’re getting.

Liability

Liability refers to anything that’s determined to be your responsibility. There are two primary types of liability insurance:

Bodily Injury (damage to a person)

Property Damage (damage to an item)

Medical Expenses

You may be held responsible for medical bills if someone in your boat gets hurt, even if you’re not at fault.

Uninsured Boaters’ Coverage

Not everyone has insurance, and if you get hit by someone who doesn’t, this coverage will handle any related expenses.

Personal Property Coverage

This coverage can be used to replace all kinds of items that could be damaged in a boating accident. From boating equipment to luggage. Again, your boat insurance cost will vary depending on what type of insurance you select and the levels of coverage you choose, but it’s important to understand your coverage.

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