There are three factors that are most commonly used to determine the cost of boat insurance coverage.
One of the first questions that will be asked is the size of the boat. The agent is looking for the length, in feet, of the boat that you want to insure. The size is used in order to determine the basic starting premium. On average, the premium for, let’s say, a 25 foot boat will be somewhere between $300 to $500 per year, depending upon where you live and depending upon the deductible that you choose to have. Of course, the higher the deductible, the lower the premium.
Then the age is taken into consideration. The cost above is for a new boat. When looking to insure an older boat, the premiums can be considerably less. It is also worth noting that some insurance policies will separate the motor from the boat and that mechanical issues will not be covered on a motor, just like it wouldn’t be for your automobile. But, since motors can be newer than the boat, they are often insured separately, and the HP, as well as the age of the motor will also be taken into consideration.
