What Agencies Consider When Providing Boat Coverage

boat insurance average cost

Whether you are buying your first boat or expanding your already impressive fleet, the boat insurance average cost should be something you keep in mind before taking the plunge into boat ownership. Even if you have already dealt with boat insurance before, agencies take each boat’s unique situation into consideration before offering rates. Therefore, the premium of one boat may not be the same as your past watercrafts. Here are few factors agencies take into account when offering boat insurance.

Present Safety Measures

Many agencies look favorably upon those who have completed a boating safety course. They see that you take your boating seriously and are prepared for emergencies. Therefore, providing proof of course completion may lower your rates.

Use of Boat

If you are using your boat to travel long distances in open water, then your boat’s premium may likely be higher than that of a boat that is primarily used for local fishing.

Your Past Boating History

Agencies may likely look into your past boating history. If they see that you have several accidents or have been caught sailing while under the influence, they may likely hike up the prices of your premium.

When it comes to boat insurance average cost, you may see an agency charge around 1% to 2% of your boat price. Now you are ready to budget your wallet around boat insurance.