Personally, I believe that paying $2335 a month for good coverage on most pontoon boats under $40,000 is a small price to pay. You should anticipate to pay a little more if your yacht is worth more than that.
The fact is that a lot can go wrong when boating, and you don’t want one terrible day on the water to cost you your home and put you in a financial bind for the rest of your life.
If your boat is so valuable that you can’t afford to replace it, you should consider comprehensive insurance.
Many boaters, on the other hand, may be content with simply minimal insurance to ensure that an injury on their boat is covered.
In my opinion, $100 per year is a very reasonable price.
Do I need insurance for my pontoon boat?
Pontoon boats are adaptable, lightweight, and large watercraft that may be easily customized for whatever you want to accomplish on the water. We can insure practically any pontoon boat, including standard pontoons, tritoons, and luxury pontoons, at Progressive. They’re also surprisingly reasonable, and pontoon insurance is no exception. Get a quote for pontoon boat insurance online and start protecting your boat right away.
Do you need insurance for a pontoon boat?
Only a few jurisdictions need boat insurance, but it’s critical to safeguard yourself and your boat before heading out on the water. If your boat is damaged or you’re held liable for someone else’s damages or injuries, you’ll want to be insured. Find out more about the insurance requirements for boats.
What you should know when insuring your pontoon boat
- For the most accurate quotation, know your pontoon’s year, make, and model; you’ll need the hull identification number to start a policy.
- Taking a boater safety course could help you save money on your pontoon boat insurance.
How much is pontoon boat insurance?
Your pontoon can be insured for as little as $100 per year. Progressive has a number of boat insurance discounts to help you save money, including one for having boat insurance with another carrier.
Water sports coverage
We’ll cover any injuries or property damage caused by the boat owner as part of every Progressive watercraft policy at no extra charge. Waterskiing, knee boarding, wake boarding, wake surfing, tubing, and other comparable activities fall under this category. Parasailing, kite boarding, and other activities that involve being dragged through the air are not covered.
On-water towing
If your boat is disabled on the water, Progressive’s Sign & Glide on-water towing covers jump-starts, soft un-groundings, and fuel delivery. Download and use our app, or call 1-888-955-0025 to reach our towing center.
Disappearing deductibles
We’ll reduce your deductible by 25% for each claim-free coverage period you have with us…all the way down to $0! For example, after three claim-free policy periods, your $1,000 deductible will be reduced to $250.
Replacement cost personal effects
We’ll cover the expense of replacing your lost or damaged belongings with brand new ones if they can’t be repaired. You can add up to $5,000 in FULL replacement coverage for cell phones, tablets, cameras, clothing, sunglasses, SCUBA, and other non-boating gear. In addition, we provide separate fishing equipment coverage for rods, tackle, tackle boxes, and other items. These goods will be covered if they are damaged, stolen, lost, or even if they fly off your boat.
How do I calculate boat insurance?
When it comes to determining average boat insurance premiums, the general rule of thumb is that you’ll spend roughly 1.5 percent of the value of your boat in annual rates.
A yacht valued roughly $20,000 would cost around $300 per year to fully insure.
If you own a $100,000 watercraft, you may expect to pay around $1,500 in insurance.
And the $2 million yacht will set you back roughly $30,000 every year. (I’m sorry, but multimillion-dollar yachts are prohibitively expensive to insure.)
However, those figures are only meant to serve as a guide because there are other factors that can affect the cost of your boat insurance, and don’t worry, many of them actually lower the amount you’ll pay for marine insurance.
Shop Around for the Best Boat Insurance
Most major house and auto insurance companies also offer boat insurance (often referred to as personal watercraft insurance).
Check with any insurance companies you currently have and see if they can supply you with additional coverage. If they can, they’ll want to keep your business in-house and may even give incentives!
Check out USAA, Progressive, State Farm, and other large suppliers in addition to your regular insurer.
What Factors Affect Average Boat Insurance Pricing?
There are numerous factors that might raise the cost of your boat insurance, but there are also numerous strategies to minimize your boat insurance costs.
Let’s take a look at some of the most prevalent factors that influence the cost of boat insurance.
Safety Record
The fewer years you go without a boating accident or citation, the lower your boat insurance premiums will be. Being a safe boater is also beneficial just for the sake of avoiding bodily injury and property damage.
Homeowner’s Discount
If you own a house, your boat insurance premiums may be reduced as a result of that asset. This could be included in a “bundle” offered by your insurance.
Even if you have house insurance with one company and boat insurance with another, the latter may regard your home ownership as a good basis to give reduced boat insurance prices.
Payments
It’s finein fact, it’s standardto pay your boat insurance by the month or a few times a year. You’ll likely get a cheaper rate if you pay for the entire year’s boat insurance in one flat sum.
Boat Age
In the same way that newer automobiles are more expensive to insurance, newer boats are usually more expensive to insure. There is one caveat, though.
Buying an old boat, contrary to popular belief, may not result in lower insurance prices. Many insurance providers may give you a lower premium if you insure a yacht that has only one owner. As a result, rather than replacing an older boat, it is generally more cost effective to preserve it and repair and update it as needed.
What Does Average Boat Insurance Cover?
And now we get to the most essential question of all: what exactly does boat insurance cover?
Take the time to personalize your boat insurance plan to meet your specific requirements. Consider what you and your family require in light of your unique circumstances. To get you started, here are a few of the items that most boaters consider to be very important and are covered by the average boat insurance policy:
Medical Costs
If someone is hurt in a boating accident that is determined to be your fault (or the fault of someone in charge of your boat), your boat insurance policy will most certainly pay a significant portion of the medical costs associated with the boating injuries.
This is also true if you or a passenger on your boat is injured in an accident caused by someone else. This is critical, particularly if the other parties involved made the unfortunate decision to forego boat insurance!
Liability Expenses
Regardless of whether medical bills were incurred as a result of a boating accident, legal fees are frequently incurred. If you don’t have adequate boat insurance coverage, they might be disastrous.
Property Damage
If your boat is involved in an event that results in property damage to another vessel, a pier or a portion of a marinaor even to itselfyou’ll be glad you have boat insurance since the repairs or replacements will be covered by your insurer rather than your personal bank account.
Personal Effects
A decent boat insurance policy will help you replace or repair anything lost or destroyed while you’re boating, such as fishing gear, navigation hardware, and possibly even personal items like jewelry or a phone.
Look for Great Boat Insurance Rates Each Year
Once you’ve purchased a boat insurance coverage, don’t think you’re done with the procedure once you’ve made your payments.
Insurance firms run television and web ads all the time for a purpose. They want you to join them and change your plans.
Many insurance firms may entice you to switch to their brand by offering attractive rates and incentives, so look around from time to time.
By constantly choosing the best possible boat insurance plan, you might save thousands of dollars over time.
Why is boat insurance so expensive?
Aside from where you live, other factors influence the cost of boat insurance, including:
- Fishing boats, pontoon boats, sailboats, and other personal watercraft all have distinct features that can affect the price of your insurance.
- The horsepower of the boat: Boats with more powerful motors, such as powerboats, have higher rates.
- Insurance costs may be lower for more experienced boaters than for novice boaters with less expertise on the water.
How much does pontoon boat gas cost?
- Petrol: At current prices, a 25-gallon gas tank would cost roughly $50 to fill. A one-hour drive at a pace of 22 mph will cost you $5 in terms of money.
- Gas refueler (gas caddy): A gas refueler (gas caddy) for a pontoon will set you back roughly $200.
- Waste management: On a big pontoon, an MSD* (Marine Sanitation Device) may be fitted as a toilet. If your boat does not have one, a portable toilet can be purchased for less than $100.
- Boat maintenance: To extend the life of your pontoon boat, you’ll need to keep it well maintained. Damaged parts must be replaced, and protective accessories must be purchased. The price will vary.
- Paint: To avoid algae growth and rust, a pontoon boat’s bottom must be painted. Small pontoons require 24 gallons of paint, whereas bigger boats may require 5 gallons or more. Antifouling bottom boat paint costs around $50 to $60 per gallon, and you can save money by painting it yourself.
- Engine replacement or upgrade: It’s all about horsepower when it comes to engines. Small pontoons typically require a 90 horsepower engine, which costs between $12,000 and $14,000, with an increase to 115 horsepower costing an additional $2,000+. Keep in mind that an engine’s lifespan is between 10 and 14 years, whereas your boat’s lifespan is between 16 and 18 years. If you plan to retain your boat for the rest of your life, you’ll almost probably need to replace the engine.
- Costs of marina rentals: If you need to moor your boat, expect to pay between $1,500 and $2,500 per year (dependent on marina).
- Boat insurance is required and can cost anything from $100 to $360 per year.
Does insurance cover boat sinking?
Yes, most boat insurance policies cover sinking, however there are a few prominent policy restrictions to be aware of. Boat insurance should usually cover your vessel if it sinks due to a covered risk, and your policy may also cover certain salvage and removal fees.
How does marine insurance work?
Marine insurance is a form of policy that protects cargo vessels, ships, terminals, and other structures used to convey commodities from one point of origin to another from damage or loss. Marine insurance covers loss or damage to a shipment/cargo/ship when it is aground, as well as risks such as sinking, collision, fire, weather conditions, navigation mistakes, theft, jettison, incorrect carrier stowage, hook damage, strikes, war, and natural disasters.
Does age affect boat insurance?
Boat insurance, contrary to popular belief, is a wide-ranging market. Because of the complexities of owning and managing a boat, coverage options and insurance costs can vary greatly from one insurer to the next. Variables such as navigation area, storage location, ownership experience, claim history, and motor vehicle record can all assist decide your coverage requirements. Each organization, in turn, utilizes its own blend of these criteria to determine whether you are a high or low risk customer.
It’s critical to understand how these variables can effect you and, more importantly, what to ask for when receiving a quotation if you want to save the most money on your boat insurance. A list of variable discounts that may be applied to your insurance is as follows:
- Automatic Fire Extinguisher System – Get a discount when you purchase a preventative system. An automatic fire suppression system might help you save money on your annual insurance rate.
- Additional Safety Equipment – Having additional safety equipment on board, such as EPIRBs, GPS systems, Depth Finders, or Radar, can save you money.
- Boating Education Training – If you have a current US Power Squadron or USCG Auxiliary boating safety course certificate, you are eligible for a five or ten percent discount. State courses are also eligible for discounts if they are approved by the National Association of State Boating Law Administrators (NASBLA) and recognized by the US Coast Guard.
- Current Boat Insurance – If you have a current boat insurance policy, some providers will give you a discount for keeping it protected.
- Choice of Coverage – Choosing higher coverage limits, such as larger liability coverage, will raise your premium. Choosing a high deductible, on the other hand, will lower your rate.
- Clean Driving Record – Knowing how to drive a car safely transfers to knowing how to drive a boat safely. Another possible discount is the ability to drive responsibly.
- Diesel Engines If you have a diesel engine on your boat, you may be able to save money on your Physical Damage coverage.
- Insurance Score – Insurance firms are increasingly relying on credit history to establish suitable insurance premiums. Insurance companies can see credit history without really hurting the prospect’s credit by completing a “soft hit” credit score. If two owners of the same boat in the same location have very different credit ratings, their rates could be drastically different.
- Married For some organizations, having a spouse is a good aspect, resulting in a lower premium. Singles, on the other hand, need not be concerned. Certain insurance firms don’t take your marital status into consideration at all.
- Multi-Policy Discount Many insurance providers will give you a discount if you insure your boat with your homeowners and/or auto policies. Although multi-line firms are a popular choice, keep in mind that they are unlikely to specialize in boat insurance. Aside from the discount, you can miss out on other benefits if you work with an agent that isn’t experienced with boats.
- Navigation – Your insurance rate is heavily influenced by where you plan to use your boat. If you reside near the coast, such as in Florida, you are well aware of this requirement. Coastal areas are deemed high risk and have higher rates as a result. Inland boaters are considered low-risk insurers, so they pay cheaper rates. Another issue that varies from business to company is navigation constraints; the size and power of the boat is also a factor. Some firms set very wide navigational boundaries, such as “Inland and Coastal Regions of the United States,” while others set very narrow boundaries. For individuals desiring to temporarily increase their navigation boundaries and travel to destinations like the Bahamas and Mexico, a supplemental one-trip or yearly “rider” can be applied.
- Discount on a New Boat – Your new investment could really save you money. The larger the discount, the newer the boat.
- There have been no previous claims Having a good track record on the water is also vital for getting the best deal. Some insurance companies do not distinguish between at-fault and no-fault claims, so be sure to ask your agent which ones do.
- Outboard Motors – Outboard motors are often discounted since they are easy to maintain and repair. However, this is dependent on the number of motors.
- Owner’s Age – Who says being elderly hasn’t got its perks? When it comes to boat insurance, the older you are, the better!
- Homeownership – Owning a home can also be a good factor, resulting in cheaper rates.
- Previous Previous post: Previous Previous post: Previous Previous post: Previous Previous post: Previous Previous post: Previous Previous post You cannot safely drive a 45-foot yacht just because you can handle a 20-foot bow rider. Regardless of your boating experience, many insurance providers may want a similar boat ownership history before insuring your newest watercraft. This is especially true in the case of larger vessels.
- Speed of the Vessel – While many firms would charge a surcharge or refuse to insure a boat that is too fast, some may offer a discount for boats that travel at a maximum speed of 25 to 35 miles per hour.
- Years of Boating Experience In addition to age, years of practical boating experience can help you get a better rate.
- As you can see, a boat insurance coverage is rated based on a variety of characteristics. Furthermore, each carrier calculates your rate using their own combination of these characteristics. With so many possibilities, it’s best to get an insurance quotation from a business that knows how to navigate this market. Whether it’s a cruiser, trawler, pontoon, yacht, or sailboat, the insurance agents at NBOA have over 80 years of combined experience in the marine insurance business and can assure you’re obtaining the exact coverage you need, with the correct carrier, at the greatest price.
Our top aim, as usual, is to educate our boat owners. Speak with one of our agents immediately at 1-800-248-3512 for a free, no-obligation estimate, or fill out our online quote form.