3 Common Factors Affecting Boat Insurance Costs

cost of boat insurance

As a responsible boat owner, you likely will want to consider insurance policies tailored to your specific needs. These policies can vary hugely in cost depending on multiple factors. Before you meet with any insurance agents, perform a little research on your maritime requirements in order to get a great deal on the cost of boat insurance.

1. Your Personal Experience

Insurance companies can base your insurance costs on a variety of elements related to your profile, such as:

Your driver’s license

A background check

Your experience in operating boats of different sizes

Any past claims on your boat’s insurance

This information can provide a picture to the insurance company that may affect the cost of boat insurance for you.

2. Your Boat Usage

You may be asked what you will use your boat for and where you will sail or drive it. A small sailboat used every few weekends can have different insurance costs than a larger yacht used for long cruises. If you intend to allow other drivers to control your boat, then their usage of your boat may affect insurance costs, too.

3. Your Safety Education

Certification in multiple types of safety courses can positively affect your insurance costs. Regularly ensuring you are experienced in using safety equipment can be a great idea not just for your bank account but also for the welfare of everyone on the water with you.

The cost of boat insurance does not have to sink your ship. Prepare for questions regarding your boat usage and personal experiences before setting sail.