This is very important to cover your boat before using it either for entertainment or fishing or professionally. I get requests to write on boat insurance so people who follow this blog could get some basic knowledge on how to cover their investment and how much it might cost them to insure. There is no point not insuring your boat especially when you have so many options available. In the United States, you will find some renowned and trustworthy boat insurance providers in the name of BoatUS, Progressive, Hagerty, ACE and so many others to mention. Some of them are available in specific states with particular types of boats only. However, you will always find someone offering great deal in your area.
Boat insurance is relatively cheap in the United States. Most companies who write home and auto policies will issue boat policies as well. The average cost of boat insurance depends on what kind of boat you have, and the size of the motor, boater experience, agreed value or actual cash value etc.
Average Cost of Boat Insurance:
For High Performance Boats, you will need a couple of things to tell you agent in order to get a quote. You will need the length of the boat, as well as the horse power of the engine. You will need to know what type of engine the boat has as well. Some boats have inboard engines, some have outboard engines, and some have both. Once you provide this information, your agent can give you a quote. The average cost of high performance boat insurance is normally between $12-$15/month. This can be higher for larger, more powerful boats with fast engines.
Fishing Pontoon Boats are a little different than high performance boats. The pontoon boat insurance average cost is around $12-15/month. These boats have no engines, but they can be thought of as ‘high risk’ for some insurance companies, so you may have to think about going with a company that specializes in boat insurance costs.
Jet Skis are cheap to insure, with the average cost at $10/$15 per month. A jet ski is not considered a boat, but it is considered high risk by most insurance companies. Some speed boat can run with 65 miles per hour speed on the water. Thus you can assume they are quick and risky at the same time because if an accident occurs there is hardly any chance for the boat to exist anymore. Again, you may have to go to a specialty insurance company to insure at jet ski.
Charter Boats are boats rented from another party. If you intend on doing this, the boat insurance cost might be a little different. It could be fairly expensive if you have to pay every day, like a car rental. Be sure to ask the people you are renting the boat from how much it will be and work out the details.
The average cost of boat insurance is fairly inexpensive for the most part as I believe it should not cost more than $20/month if everything is normal. You just need to know what you’re dealing with before you can get a proper boat insurance quote!