Factors that Affect Your Boat Insurance Rate

Getting boat insurance can be considered as important as getting home insurance. Boat repairs are quite expensive, and getting into a boat accident could very well mean end of the boating days without boat insurance.

In case there is an accident, the boat owner does not only have to pay for their own repairs but for the repairs of the injured party too.  

If you don’t have boat insurance, you must get one today. Here are some factors that could affect how much you are paying on premiums:

Number of Boat Owners

If there are a large number of boat owners in the area, the prices of boat insurance may go up.

This is because the more boating activity there is in the area, the more claims there are likely to be filed. Increased number of boats also make it difficult to find marina space as well as storage space, which makes boats more vulnerable to damage and accidents.

However, more boats could also result in more insurance companies offering boat insurance, which could result in boat insurance rates coming down.


Boats that are stored in sheds generally have lower premiums, as they are less prone to damage and wear and tear.

On the other hand, if a boat is stored in open air, and the area has high records of hurricane, then the insurance premiums are likely going to be high.


The location where you intend to drive the boat greatly impacts the premium rates.

Areas that have high coastal exposure, such as Florida, are generally considered high risk areas by insurance companies and boaters pay higher premiums here. However, boaters who intent to use their boats in local waters only, pay lower premiums than the ones who take their boats into oceans and international waters.

Driving Skills and Record

Driving skills and driver’s record is an obvious factor that makes a difference on boat insurance rates. If the owner has taken any sort of boating education course, approved by the US Coast Guard, then they are entitled for a discount of around 5 to 10 percent.

The same goes for record.  A boater with a clean record will pay lower insurance premium, than the one who has DUI arrests.

Boating Experience

The experience of the boater in handling a boat makes a positive difference on the insurance premium.

The more experience there is, the lower the insurance premium.

If you are looking for boat insurance in Sarasota, FL, then get in touch with Manatee Insurance Services. We are the leading insurance brokers in the area and provide comprehensive insurance packages for boat, auto, home and flood insurance.

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