Buying a boat or PWC means you also need to buy something else: insurance. The amount you pay will depend on many factors like where you navigate and how much coverage you need. 

Here’s how to get a better idea of what your boat insurance might cost. 

Step 1: Decide How Much Coverage You Need

Boat insurance isn’t one-size-fits-all. You can customize it based on your boating lifestyle and the level of protection you want.

Start with Liability Coverage

This is the foundation of most boat insurance policies—and it’s often required. Liability coverage can help pay for damage or injuries your boat causes to other people or property.

» MORE: A Breakdown on Liability Coverage

Add Coverage for Damage & Loss

These coverages help protect your boat in case of:

• Collision
• Fire
• Theft
• Vandalism
• Damage to the hull and permanently attached equipment (like built-in electronics or fixtures)

Additional  Coverage Features

These add-ons can offer extra peace of mind, depending on your boating habits:

Accessories & Equipment Coverage

Protects items not permanently attached to the boat like fishing gear, marine electronics, navigation tools, safety equipment, and even high-end coolers.

Towing & Roadside Assistance

Covers on-the-water and roadside emergencies, such as:

• Towing
• Fuel delivery
• Jump starts
• Roadside help for your trailer

» MORE: Towing and Roadside Assistance Frequently Asked Questions

Mechanical Breakdown Coverage

May cover repairs or replacement of your motor (note: normal wear and tear isn’t included).

Salvage Coverage

Helps pay to remove your boat if it’s grounded, sunk, or otherwise in need of recovery when a standard tow won’t cut it.

Cruising Endorsement

Heading beyond U.S. waters (like the Bahamas or Mexico)? This temporary add-on extends your policy while you’re abroad. 

Step 2: Evaluate Your Vessel

The details of your boat play a big role in determining your insurance cost. Here’s what insurers typically consider:

Type of Craft

Ski boat, pontoon, fishing boat, PWC, cruiser, yacht—each comes with its own unique risks and characteristics. 

Example: A high-speed Jet Ski might cost more to insure than a pontoon.

Age & Condition

Newer boats may qualify for lower rates due to modern safety features. Older boats can cost more to insure or may need a marine survey.

Boat Length

As a general rule: larger boat = higher insurance cost. Larger vessels are typically more valuable and complex to repair or replace.

Year, Make & Model

This helps insurers assess the boat’s reliability, market value, and whether there are any known risks associated with the brand or build.

Number of Engines & Total Horsepower

More engines = more risk. Higher horsepower also signals faster speeds, which can increase the chance of accidents on certain boats. It can also allow others to safely and quickly navigate away from trouble, which is an added safety feature.

Total Value of Boat (Including Engines)

The higher the value, the more it costs to protect. Makes sense, right?

Trailer Value

If you want your trailer covered, make sure to include it in your application and policy. Its value will be factored into the overall premium.

Storage Location & Method

Where and how you store the boat matters:

• Marina slip, boat lift, garage, or storage facility?
• Covered vs. uncovered? 

Safe, secure storage often means lower risk and lower premiums.

Year-Round Use or Seasonal?

Using your boat all year = more exposure = possibly higher rates. Seasonal use could qualify you for lay-up discounts during the off-season. 

Step 3: Your Insurance Deductible

Wait, What’s a Deductible Again?

It’s the amount you pay out of pocket before your insurance covers the rest of a claim, or how much you self-insure on a loss. Deductibles for most boat policies start as low as $500 or $1,000. Some higher-value boats or specialized coverages (like hurricane haul-out or named storm coverage) may come with higher deductibles. 

» MORE: A Guide to Boat Insurance Premiums Deductibles and Policy Limits

Some policies also offer extra perks like:

• Disappearing Deductibles: Your deductible shrinks each year you go claim-free.

Higher Deductible = Lower Premium

Choosing a higher deductible means you're agreeing to pay more out of pocket if something happens—but your premium (the amount you pay for insurance) will be lower.

Why Would You Choose a Higher Deductible?

• You prefer saving on premium and are covering more out-of-pocket if exchange for those savings.
• You have a solid emergency fund set aside.
• You’re a cautious boater who doesn’t expect to file frequent claims.

Just Keep in Mind:

If you do need to file a claim, your out-of-pocket cost will be higher. It’s all about balancing risk vs. cost. 

Ready to Get Started?

Boat insurance doesn’t have to be complicated. Once you understand the basics (how much coverage you need and what details affect your rate) you can build a policy that fits your boat and your lifestyle. 

It only takes a few minutes to evaluate your needs. A little planning now can go a long way in protecting your boat, your passengers, and your budget.

Get a quote online and get quality, affordable boat insurance with SkiSafe today.