The 5 Odd Variables That Help Determine the Cost of Boat Insurance

boat insurance cost

It can be difficult to estimate the total boat insurance cost when so many wavering factors play into the algorithm. There are a few base categories that these influences fall under such as:

  • Engine type
  • Trailer model and year
  • Hull coverage limit
  • Medical limit
  • Liability limit

Here are a few personal or background-related inquiries to expect which may contribute to the total determined boat insurance cost.

  1. Intent of Use: Increased risk may be considered if you are using the boat for commercial or monetary purposes rather than for recreation.
  2. Personal Safety Courses: People who have taken boat safety courses are considered less liable to be in an accident by insurers since they have a better understanding of boat laws and safe practice.
  3. Onboard Safety Equipment: The insurance company may be liable to cover a percentage of medical costs if there’s an accident.
  4. Mandatory Drivers License Check: Insurance companies run a background check on your drivers license to help them determine how responsible you are while driving.
  5. Insurance Claims Made: Insurers will run a background check on any boat insurance claims made while operating your boat.

The Benefit of Choosing All-Risk Protection

Most insurance companies offer a form of all-risk protection or sometimes called, “Agreed Value.” The boat insurance cost is increased for full coverage, but if anything goes wrong then your insurance would be more likely to pay for damages. This is especially true for older model boats which have been restored.