How Much Does Boat Insurance Cost?

Mar 2, 2016 | Auto Insurance, Boat Insurance

An average boat insurance cost can typically range from $75 to $500 per year in Michigan. Sailboats have a rate that is about 1.5% of its value (example: $20,000 would cost approximately $300) and rates can be higher in hurricane-prone areas. However, there are variances in the cost of boat insurance. These differences depend on:

There are also discounts that most insurance companies will offer to boaters, including:

How Much Boat Insurance Do I Need?

This depends on the watercraft’s value, motor size, and how it is being utilized. An example of this would be if you are the owner of a new performance speed boat. You would need more insurance for bodily injury and property damage liability. For cases of liability insurance it is highly recommended to buy at least $1,000,000; preferably more for performance crafts. However, other coverage (comprehensive or collision) amounts should be based specifically on the value of the watercraft.

Are Passengers Included?

Boat insurance does cover any watercraft passengers and the owner in an accident. These are covered under the liability portion of the insurance policy. However, it is important to note that any persons that are being pulled behind the boat (water skiers, wakeboarders, knee boarders, etc.) may not be included depending on the policy. It is important to ask an agent and know who is covered and how they are covered before engaging in the activities.

Boating This Summer & Need Insurance?

Compass Insurance Agency is the place to find the best quotes for all of your boating needs. Don’t let the lack of insurance keep you from enjoying the water this summer. Compass can provide you with all the best coverage option(s) to get you and your passengers insured so you can get out on the water and enjoy without worry. Just click the link below or call so we can find out how much boat insurance costs for you and exactly how much boat insurance you’ll actually need.  

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