What’s the Average Cost of Boat Insurance in Florida
If you find water activities in Florida fun and appealing, then buying a boat is something that might have crossed your mind. Whether you’ll be sailing, speed boating, yachting, or fishing, you want to consider getting insurance. Average Cost of Boat Insurance in Florida costs around $300 to $500 per year on average. In general, the annual boat insurance premium is around 1.5 percent of a boat’s value. For example, if you own a $25,000 boat, then your insurance premium can cost approximately $375 annually or $32 monthly.
With its 840 miles of coastline and many beautiful lakes and rivers, Florida is a great place for owners of watercraft. It therefore comes as no surprise that residents of this state have registered around 700,000 boats.
Whether you’re taking your yacht out on a Pacific cruise, using your motorboat for a day of waterskiing on Lake Tahoe, or spending a relaxing day fishing on your bass boat on the San Joaquin Delta, you can benefit from having the protection afforded by a solid boat insurance policy.
In a previous post, we explored some of the basics of boat insurance and how the premium pricing works. While there is no such thing as a one-size-fits-all policy, there are practical ways to get a good estimate on your Boat Insurance Cover State Farm in Florida. Depending on the type, size, features, and claim activity (to name a few), your premium can be calculated accurately. However, there are other factors to consider when evaluating the cost of ownership and your Average Cost of Boat Insurance in Florida for your boat. Here are a few major points to contemplate.
What Is the Average Cost of Boat Insurance?
The Average Cost of Boat Insurance in Florida ranges from about $200 to $500 per year. However, this figure is a rough estimate based on the most common types of boats. In reality, boat premiums can range anywhere from less than $100 per year to thousands of dollars annually.
Boat Insurance Cost Factors
There is such a wide variation in the cost of boat insurance because of all the factors that go into calculating rates. Insurers take information about you, your boat and your marine activities into account when considering your premiums.
Type of Boat
The kind of boat you want to insure is one of the primary factors in the cost of marine insurance. Generally speaking, larger and more expensive boats drive higher premiums. Powerboats with more horsepower also tend to cost more to insure.
These are the most common types of watercraft you can insure:
- Bass boats
- Bowriders
- Cruisers
- Dinghies
- Fishing boats
- Jet boats
- Personal watercraft (PWC) such as Jet Skis
- Pontoon boats
- Powerboats/speedboats
- Sailboats
- Yachts
- Kayaks
- Canoes
Boat Condition
The condition of your boat contributes to the cost of your boat insurance premiums. This is because boats in better condition are more valuable as property. Average Cost of Boat Insurance in Florida in poor condition are also more likely to suffer further damage.
Deductible
For your boat insurance policy, you can typically choose your deductible — the amount you have to pay out of pocket for repair or replacement. Just like with auto insurance, your premium will usually go up as your deductible goes down.
Cruising Area
Part of your premium is based on where you intend to use your boat. The greater area you cover, the more you can expect to pay for boat coverage. In addition, insurers assign different risk factors to different areas. If you plan to sail in areas with more storms, for example, you may pay a higher rate.
Storage Location
Where you store your boat is also a factor in your rates. If your boat is stored in areas that frequently experience events like floods, tornadoes or hurricanes, you’ll likely pay more for coverage.
Boating Experience
Many insurers take into account how much experience a boater has when determining premiums. Some may offer lower boat insurance rates to mariners who have operated a boat for more than a few years, sometimes in the form of a discount. Older boat owners often pay lower premiums than younger ones as well.
Lay-Up Period
People in many parts of the country can’t or don’t use their boats during certain parts of the year. This period of time is known as a lay-up period, and some insurers offer reduced rates if you declare one that’s long enough. However, if you use your boat during this period, any physical damages you incur will not be covered.
Does Florida Require You to Insure Your Boat?
In Florida, it is not necessary to have Average Cost of Boat Insurance in Florida your boat because this coverage is not required by law.
You may, however, need to carry coverage in order to dock your boat at certain marinas. Also, if you have financed the purchase of your boat and have not yet paid it off, your lender may require you have a policy.
Whether or not it is required, it is often a good idea to have it because it can save you a lot of money if you cause a boating accident or if your watercraft is lost or damaged.
Why Work with an Independent Insurance Agent in Florida?
A comprehensive boat insurance policy can save you a lot of money if you are involved in an accident while out on the water. Working with an experienced insurance professional can help you be sure you are getting all the coverage you want at a price you can afford.
There are hundreds of independent agents in the state of Florida who are ready to help. Contact an insurance agent near you to get more information and to start comparing customized boat insurance quotes.
If you find water activities in Florida fun and appealing, then buying a boat is something that might have crossed your mind. Whether you’ll be sailing, speed boating, yachting, or fishing, you want to consider getting insurance. Average Cost of Boat Insurance in Florida costs around $300 to $500 per year on average. In general,…