How Much Does Boat Insurance Cost Per Month?

How Much does Pontoon Boat Insurance cost?
How Much does Pontoon Boat Insurance cost? from

How Much Does Boat Insurance Cost per Month?


Boat insurance is an essential investment for boat owners to protect their watercraft from potential risks and liabilities. Just like car insurance, boat insurance covers damages, theft, accidents, and injuries that may occur while using your boat. However, the cost of boat insurance can vary depending on several factors.

Factors Affecting Boat Insurance Costs

Type of Boat

The type of boat you own plays a significant role in determining your insurance costs. Different types of boats have varying risks and values associated with them. For example, insuring a small fishing boat will typically be less expensive than insuring a luxury yacht.

Boat’s Value

The value of your boat is another crucial factor in determining insurance costs. Generally, the higher the value of your boat, the more expensive the insurance will be. This is because a more valuable boat has a higher replacement cost in case of theft or damage.

Boat Usage and Navigation Area

Your boat’s usage and the area where you navigate it also affect insurance costs. If you only use your boat for recreational purposes, the insurance will be less expensive compared to using it for commercial activities. Similarly, if you navigate in a high-risk area prone to accidents or natural disasters, the insurance premium will be higher.

Owner’s Experience and Claims History

Your experience as a boat owner and your claims history can impact insurance costs. If you have a clean claims record and extensive boating experience, you may be eligible for discounts or lower premiums. On the other hand, if you have a history of accidents or claims, the insurance cost may increase.

Average Monthly Costs

On average, boat insurance costs can range from $300 to $800 per year. This translates to approximately $25 to $67 per month. However, it’s important to note that these are just average figures, and the actual cost can vary significantly based on the factors mentioned above.

Tips to Lower Boat Insurance Costs

While boat insurance is necessary, there are ways to lower your insurance costs:

Shop Around and Compare Quotes

Obtain quotes from multiple insurance providers to find the best coverage at the most competitive price. Each provider may have different rates and discounts, so it’s essential to compare them before making a decision.

Take a Boating Safety Course

Completing a boating safety course can demonstrate your commitment to safe boating practices, potentially leading to lower insurance premiums. Many insurance companies offer discounts to boat owners who have completed accredited safety courses.

Install Safety and Security Features

Equipping your boat with safety and security features like fire extinguishers, alarms, and GPS tracking systems can reduce the risk of accidents and theft. Insurance companies often offer discounts for boats with such safety enhancements.

Bundle Insurance Policies

If you have other insurance policies, such as auto or home insurance, consider bundling them with your boat insurance. Insurance companies often provide multi-policy discounts, resulting in overall lower insurance costs.


Boat insurance costs vary based on factors like boat type, value, usage, and owner’s experience. On average, boat insurance can cost between $300 and $800 per year, or approximately $25 to $67 per month. To lower your insurance costs, compare quotes, take safety courses, install safety features, and consider bundling your policies. Protecting your boat with insurance ensures peace of mind while enjoying your time on the water.