If you are one of 2.65 million American families planning to buy a boat this year, it might be a good idea to check the cost of insurance before making your purchase. It’s helpful to know the risks and liabilities that come with owning and operating a boat.
Factors That Affect Boat Insurance Costs
The price you are paying for your yearly deductible could range anywhere from $300.00 to $3,000.00. When researching the average cost of boat insurance, note that there are a number of factors that could affect it:
- The state you live in
- How often you use the boat
- The age of the boat
- The type of boat being insured
- The owner’s experience with boating
- If there are any claims on your boat insurance
- Whether additional drivers will be operating the boat
Ways To Lower Your Cost of Boat Insurance
One of the easiest ways to save money on boat insurance is to take a state-approved boating safety course. Once you are certified in boating safety education, you can present your certificate to the insurance company. The discounts available could save you anywhere from 35-40%.
Even though boat insurance can be pricey, it is always important to make sure you have adequate coverage. Paying for adequate insurance now can save on the cost of accidents or injuries in the future.