How Much Does Boat Insurance Cost? A Complete Guide

Boating is all about freedom—the wind in your hair, the open water, and the promise of a perfect day. But before you set sail, there’s one thing that keeps your time on the water worry-free: the right boat insurance. Knowing how much boat insurance costs helps you protect your investment and your peace of mind.

Key Takeaways

• Average annual cost: varies based on different variables that might influence your cost.
• What affects price: Boat age, insured value, prior loss experience, type, size, horsepower, location, and coverage level.
• Savings opportunities: Discounts for bundling, taking safety courses, and seasonal use.
• Personalized coverage: Choose the protection you need—nothing more, nothing less.
• Get your price: You can get a free, personalized boat insurance quote from GEICO Marine and BoatUS in just minutes.

Factors That Affect Boat Insurance Costs

Every boat (and boater) is different, which means premiums can vary. Here’s a look at what insurers consider when calculating your rate.

Boat Type and Size

A simple rule of thumb: the bigger and faster the boat, the higher the potential cost. That’s because larger engines and higher speeds usually mean greater risk. Smaller boats like pontoons or fishing boats tend to be on the lower end of the price range, while high-performance speedboats and yachts often cost more to insure. Hull design, horsepower, and even how your boat was built can all play a part in your final premium.

Usage and Storage

If you only use your boat during the summer or store it securely on land during the off-season, your premium may be lower. Boats kept in marinas or in coastal areas year-round may cost more to insure because they’re exposed to more potential damage from storms, saltwater, or theft.

Policy Type and Coverage Levels

The type and amount of coverage you select have a big impact on cost. A liability-only policy helps pay for damages you cause to others, while adding hull and equipment coverage protects your own boat from accidents, weather, or theft (a special theft deductible applies).

You can also add extras like optional towing assistance through BoatUS, personal property protection, or emergency services for more complete protection. Just remember that every add-on can increase your rate.

Additionally, consider whether you want an Agreed Value or Actual Cash Value policy. Agreed Value policies pay a fixed amount you and your insurer decide on upfront if your boat is totaled, offering greater protection but typically at a higher premium. Actual Cash Value policies cost less but only reimburse the boat’s depreciated market value at the time of loss.

Experience and Safety

Your time on the water matters, too. Boaters with years of experience and a clean claims record are often rewarded with better rates. Completing a certified boating safety course can also help you qualify for a discount—it’s a win-win for both safety and savings.

Average Cost of Boat Insurance

When it comes to insuring your boat, understanding what you can expect to pay each year helps you plan ahead. While costs vary, most boaters can expect to spend a few hundred dollars annually for solid coverage.

National Averages

Boat insurance pricing can shift quite a bit depending on where you live. States with shorter boating seasons and calmer inland waters often see lower premiums, while coastal states with longer seasons and higher weather risks typically see higher averages.

• Low-cost states: Around $300 per year. This includes states like Michigan, Minnesota, Wisconsin, and Maine.
• Medium-cost states: Average about $400 per year. These are typically inland or southern states with moderate weather risk, like Arizona, Kentucky, Tennessee, and Wyoming.
• High-cost states: Average roughly $650 per year. Coastal regions such as Florida, Texas, and Louisiana tend to fall into this range because of longer boating seasons and hurricane exposure.

Keep in mind that these are just averages. They’re a good starting point for comparing your coverage options, but your actual rate depends on your boat type, value, how you use it, and your coverage choices.

How to Get the Best Rate on Boat Insurance

Boat insurance doesn’t have to be expensive. In fact, there are plenty of ways to bring your premium down without sacrificing coverage.

1. Compare Quotes

Get a GEICO boat insurance quote today. Adjust your deductible, coverage limits, and coverage to find the right rate for you.

2. Choose Coverage That Matches Your Needs

Consider your boat type, how often you use it, and where you store it. You might not need every add-on, so balance protection with affordability.

3. Leverage Discounts and Bundles

Look for boat insurance discounts like:

• Bundle your policies: Combine your boat insurance with your GEICO auto policy to qualify for a multi-policy discount.
• Take a safety course: Completing a certified boating safety course like BoatUS Foundation's Online Boating Safety Course can earn you a discount and help you become a more confident boater.
• Store your boat seasonally: If you only use your boat part of the year or store it safely indoors, you could pay less for coverage.
• Keep a clean record: Safe boating habits pay off. A claims-free record often leads to lower rates over time.
• Ask about loyalty discounts: Staying with the same insurer can sometimes unlock extra savings on renewals.

Find Affordable Boat Insurance with GEICO

Boat ownership should be about enjoying the water, not worrying about what could go wrong. With the right coverage in place, you can focus on making memories while knowing your investment is protected.

GEICO Marine and BoatUS make getting boat insurance simple and affordable. A GEICO representative can help you get a boat insurance quote and explore options for boat and watercraft coverage that fit your budget without sacrificing coverage. The best part? Managing your boat insurance policy and making payments is easy in the BoatUS app!