The cheapest boating insurance is not too hard to find. In this guide we’re going to show you what the most cost effective boating coverage could be and where to look for it.
How much is the cheapest boat insurance?
Cheap boat insurance quotes will have a range and the amount you should be expected to pay is as follows:
- Boats up to 17/18 feet – $300 – $350 a year.
- Boats up to 24 feet – $400 – $500 a year.
- Boats up to 30 feet – $500 – $600 a year.
- Boats up to 40 feet – $700 – $800 a year.
*DISCLAIMER: The quotes in this table are based on a middle aged man in Indiana who does not own a home and drives a 2006 Honda Civic. This is meant as a basis to help you find cheaper boat insurance. Your rates could be higher or lower depending on your circumstances.
Boat Insurance Coverage That’s Cost Effective
If you’re looking for the absolute cheapest insurance keep in mind that you will be limited in your options and not always covered when its needed most. This means that it could end up costing more if the unexpected happens.
Now that we know what range of coverage should cost, where can I get it at the cheapest rate?
Here are 5 tips for finding the best deal, remember though that you must have at least liability coverage in order to legally drive your boat. If this isn’t enough protection for you then read our guide covering how much boating insurance do I need .
- Ask Friends & Family – The first place to look is with friends and family who own boats already. They’ve done all the research already and will give you great advice based on their experiences saving money over time with their insurance.
- Call your local marina – If friends and family don’t help you then maybe the marina where they dock has recommendations on where to go. You can also call them for quotes, if more than one company is willing to beat the others price it is usually a good idea to give it some thought before committing.
- Insurance Leads – There are plenty of online sites out there that offer boat insurance lead generation services. Many times these companies will compare their rates with competitors (for free) and then pass along the savings since you’ve taken advantage of their service. We recommend BoatInsuranceQuotes .
- BoatUS Marine Insurance Discounts – As already mentioned above Boat US members get special discounts on certain policies from select companies including Nationwide, Foremost, BoatUS, and Liberty Mutual. Prices are good as well so it’s a win-win situation for you.
- Internet Shopping – Another option is to check your local policy prices online. You can compare them with other policies from different companies to see which one fits your needs the best. Just make sure that if you don’t buy from them now, you do call them up for quotes from their company before finalizing the deal elsewhere . It never hurts to ask!
Boat Insurance Coverage
Generally the more high end products come with higher premiums however you can find deals if you look hard enough. It’s best to go directly to the insurer rather than through an agency.
The biggest cause of boat insurance claims is collisions, this causes between 10% and 15% of all claims. The second most common cause for a claim is ‘vessel loss or damage’ at around 5%. This includes theft, fire and vandalism etc.
Boat Insurance Policy
So what options should I be looking for in my cheapest boating insurance?
covers any damage done to your boat due to impact with another object such as a boat, a dock or a buoy etc. Before an insurer will provide this cover they will proof that you have taken reasonable care to not collide with objects.
If you have a large boat then it is likely that your boat will have a ‘tower’ on board. A tower is used to store ropes and fenders at the back of the boat, if you use this area for fishing or diving equipment it may be deemed as storage space which may cause problems when proving no collisions took place.
Whether or not your tower is considered as storage space will depend on the insurer.
Vessel Loss & Damage
This covers all costs involved in repairing/replacing a vessel or damage done to another persons property due to negligence of the owner. It also covers theft of both personal belongings and parts from the boat itself such as engines etc.
Third Party Liability
This coverage pays out any medical or property damage costs as a result of your actions. The coverage does not cover your own medical expenses, however all third party damages such as those caused by you to others will be covered.
If someone has an accident on board and requires medical assistance it is important that the insurer knows about the incident so they can pay for any required attention, if no information is given about the incident they may deny all claims involved.
An example of how this kind of claim might happen would be running another boat off their course due to lack of concentration, any resulting injuries could then be considered the owners responsibility.
So there are several options you’ll have when looking for insurance coverage’s but it’s best not to just settle with the first one you find.
Do your research and shop around, you may even find that searching online can give you access to some very competitive rates indeed!
Boat owners have to know that at a minimum the boat insurance cost will be determined by the Minimum limits set out in state laws. Each state has different limits of liability for personal injury and property damage that boat owners must carry on their vessels.
Vessel Equipment Coverage
There are many types of equipment that may be installed on your boat such as radios, radar, depth finders etc which all come with an extra cost. The current market will give you several options for each piece of equipment so it is important to do your research before buying anything .
Some insurers also provide upgrades to your existing policies at a competitive price. This usually allows for more items or higher limits to be covered under one policy making it very convenient indeed!
Boat Insurance Discounts
Aside from the discounts offered by the companies themselves there are also plenty of other ways to save money on your insurance policy.
One way is to ensure you are adequately insured, if the boat is worth $20,000 and you insure it for $10,000 not only will you lose your entire investment should anything happen but this will also lower your premiums as it would appear that there is no reason to be interested in having high coverage limits.
Secondly, try to avoid buying more than one boat at a time. Having multiple boats of the same type increases the chance of them both being stolen or irreparably damaged due to collisions etc. This can lead to many problems which can affect your claims process so choose wisely!
Thirdly, check the type of boat you want before purchasing it. If it has a high risk of collision or damage due to its size, location etc be sure that it will not affect your premium when you come to insure it.
Finally, choose a separate policy for your boat and personal belongings. This can be managed in several ways but using different companies for each may give you the best chance at finding the best deals!
Boat Insurance Providers
Here is a list of the most affordable boat insurance providers from what we found:
Progressive boat insurance is available in all states except for AK, LA, ME NC and WV. They offer discounts on their premiums that include Good grades, safe driving records and multi-policy reductions. For more information visit their website at: http://www.progressive.com/
National Interstate Insurance Company
A little different than Progressive but still an affordable option is National Interstate Insurance Company . NINA is ranked highly across America offering competitive rates on both personal watercrafts and boats alike! You can view the policy options online by visiting their site here: https://www.nina.com/Homeowners/BoatAndWatercraftInsurance
21st Century Insurance
Providing coverage for personal watercraft and boat owners 21st Century’s policies are fairly priced and cover a wide range of boat types. They also specialize in offering insurance to military members so if you or someone you know is serving be sure to take advantage! For more information, visit the website here: http://www.21stcenturyinsurance.com/
USAA offer both boat and personal water craft insurance across the US as well as throughout Canada. There is no requirement for membership and their claims process is fairly straight forward which makes it a good place to start looking for coverage. You can get all the important details about their policies by visiting their site at: https://insurance.usaa.com/public/homeowners_and _auto_policy_types/boat_and_personal_watercraft
Best Boat Insurance Providers
The best boat insurance providers are those that offer the best service, coverage and value overall. This is not always an easy thing to determine but you should be able to find it out by comparing policies with different companies so take your time!
Best boat insurance provider rates:
Boat insurance rates aren’t too complex to understand. They’re based off of your boat and everything in it, and they’re also based off of things like your age and how experienced you are behind the wheel. They can get a bit complicated though if you own more than one boat or have recently had damage done to your old one.
Be sure to shop around when looking for best boat insurance provider rates because policies can vary quite a lot from company to company! You may feel overwhelmed when looking at all these quotes, but never ignore them because that’s exactly how you end up paying way too much for coverage.
Boat Insurance Packages
Here’s what to look for in a boat insurance package:
This covers damage that’s done to your boat when you hit or get hit by another vehicle. This type of insurance also includes damage done when your boat hits a stationary object like rocks or docks. Another great option in this package is the protection plan if something goes wrong mechanically and you need to have it towed.
If your boat gets stolen, damaged in a storm, vandalized etc this type of policy gives you money for repair or replacement without having to pay out of pocket yourself. It will cover almost anything that isn’t caused by neglect on the owners behalf so be sure to add it if possible!
These are very popular with new boat owners. They cover everything from theft to fire damage, mechanical issues or even “acts of God” like lightning strikes! These plans usually cost a few hundred dollars but they’re well worth if you can afford it.
Many boat insurance companies offer these three types of protection on their policies so be sure to look for them when you’re comparing rates!
Boat Insurance Policies
Here are the boat insurance policies you should expect to understand:
This is the minimum requirement for boat owners. It covers damage done to other people or their property when you’re at fault. This includes anything from medical bills to damage to other boats. Be sure that your policy also covers passengers on your boat because paying hundreds of thousands of dollars in medical bills would be very hard if they weren’t covered!
Uninsured boater coverage:
Even though this is a good idea it’s not required, but it’s definitely something worth looking into before you buy a new boat insurance policy. It pays out if any uninsured boater collides with you so even one accident could cover the costs of the whole year! Especially since it doesn’t matter if they didn’t have any insurance or if they had a very limited policy.
This covers medical bills for you and your passengers even if you weren’t at fault. It’s not required by law so many insurance providers don’t offer it but it’s definitely worth looking into! If you decide to purchase this type of coverage on your policy, call around and compare rates with other boat insurance companies because the premiums will vary depending on who provides them.
Yacht Insurance Coverages
When you’re comparing yacht insurance coverages be sure to look for those that include:
Damage done to the interior of your boat for example drapes, furniture etc as well as damage caused by flooding. This is especially important because some boats use special types of wood or materials that can’t be replaced easily. In some cases if they get wet or dry rot they will have to be completely removed and disposed of!
This is an important one for those who don’t know much about boats and rely on mechanics to keep them afloat and running smoothly. It covers damage done to the engine, propeller, electrical equipment and anything else that isn’t your fault. If something goes wrong you can pay out of pocket or simply tow your boat somewhere for repairs knowing you won’t have to pay any hidden fees if it turns out there was something wrong with it before you started using it as well as labor costs. Keep in mind this coverage has a deductible so check the policy carefully before you add it!
This is a must have in high risk areas. It will cover repairs to your boat if it’s damaged in a hurricane, tidal wave or other type of storm. Be sure you know how much coverage you’re getting and what the deductible is before you purchase a policy with this option.
Boating safety awareness course:
Many states require boating safety before you can get a license to operate a large vessel, so be sure to take it if required by your state because the fines are pretty hefty if you don’t! In addition, these boating safety course events can give valuable information that could save your life or another boater’s life so they’re definitely worth the time and effort.