You get your claim handled promptly and reliably. There are a few cases where your homeowners' insurance policy will cover your boat, but the coverage does not extend too far. For instance, annual insurance for a $100,000 yacht will cost you $1,000 to $5,000. Damaging someone else’s property. Travelers will share 50% of the cost up to $1,000/per occurrence and $2,000/per policy period to move your vessel to safety during a named windstorm watch or warning. It's important to note that uninsured watercraft coverage only helps pay for expenses related to personal. 00 for it. It covers things like damage to your boat, yacht or Jet Ski. Standard benefits. Depending on the level of coverage you choose, a boat insurance policy serves two main purposes. ; Bodily injury liabilityâBodily injury liability coverage is the part of your insurance policy that pays for the costs associated with injuries to other. Hagerty has over 30 years of experience providing coverage for those boat owners who enjoy vintage boats and the gratification of restoring their own classic boats. A homeowners insurance policy will often only cover up to $1,000. These include: 1. Stuff the hole with a rag, bedding, or whatever you have on board until help arrives. In the case of a partial loss, this policy will cover the total cost of repair minus a. If you struck a submerged object, rest assured that the damage will be repaired. Boat insurance will cover physical damage to your boat trailer, but there is no liability coverage. Insurance claims are always welcome. For more information on coverage, perils, and availability please contact your local Allstate agency at 1-800-allstate. Normally excluded from policies, this affordable “wear and tear” add-on coverage pays to repair or replace the lower unit of an outboard motor, or the upper and lower units of a stern drive motor in the event of a mechanical breakdown. We value your privacy. Boat insurance that covers those choppy waters. We automatically include liability to pay for damages and injuries you cause if you hit another boat, person, dock, buoy, or something else. Online requests will be sent via email within 2-3 business days. Learn more about the cost of boat insurance. Outboard Lower Unit Oil Changes: What You Need, How to Do It, How Often, and What It Costs. Losing money due to an accident is not. Get a free online quote. If you are looking for insurance that covers just the lower unit, then you will need to get a separate insurance policy. Amounts can be higher, as houseboats vary substantially in their design and insurable. It pays for loss or damage to the boat, and. Propulsion Plus does not apply to jet drives or inboard motors. An "all risk" policy will offer the best protection. Some boat insurance companies now provide coverage for mechanical breakdowns or failures. The average annual cost of boat insurance is a few hundred dollars, though it can run over $1,000 per year, depending on the type of boat and your personal profile. Finally, some insurance companies cover damage to lower units on outboards and stern drives in case of metal fatigue. Does boat insurance cover lower unit? Boat insurance covers the boat and all of its contents. I figured he might know why someone might encase their engine’s lower unit in Glad Wrap. Mechanical Breakdown Coverage is an optional coverage that pays to repair or replace the lower unit of an outboard motor, or the upper and lower units of a stern drive motor in. There are some exceptions to this rule, however, so it’s important to check with your insurer to see if engine damage is covered in your policy. What sets State Farm® Boat Insurance apart. The industry-wide average cost of boat insurance ranges from about $200 to. The coverage is beneficial for people who live in the coastal region. Boat insurance provides coverage for almost any boating trip. The Actual Cash Value policy marketed by SAFECO Insurance insures more than 100,000 boats and develops premium income of $20,000,000; it covers boats up to 30 feet in length. This is often an optional coverage on a policy, and it may not be available in every state. Standard wear is not customarily shielded. Progressive offers lower unit coverage. The main difference between a condo owner's HO-6 policy and a regular HO-3 homeowners insurance policy is that an HO-6 policy only covers the interior structure of a unit from the "walls in. This information is not an insurance policy, does not refer to any specific insurance policy, and does not modify any provisions, limitations, or exclusions expressly stated in any insurance policy. How and where you boat determines the type of coverage you need. Boat insurance is an important investment. Weather-related damage, or damage from hitting a submerged object, should be covered. Reviewed Oct. Covers your boat, engines, and boating equipment. If your Yacht is worth more than $150,000 or is longer than 32 ft, you’ll need a special kind of insurance for. Mechanical Breakdown Coverage For Lower Units And Drives. It is a type of marine insurance that provides coverage for damage to a ship's hull and machinery. Does boat insurance cover lower unit damage? Does Boat Insurance Cover Lower Units? We offer protection for damage to the lower unit of your boat as long as the damage was caused by a covered event, such as colliding with another object. Does Progressive insure yachts?About Boat Insurance. address. Our personalized service will get your unit to you with the exact specifications you need. (Considered Standard when Physical Damage Coverage is also selected. In general, the annual boat insurance premium is around 1. Boating experience: More experienced boaters may pay less for boat insurance than. I need to renew my boat insurance and am wondering if I should keep SkiSafe or go with Progressive. Boat insurance can help cover the costs associated with any damage or loss incurred while boating. Chubb: Yacht owners can find specialty policies with Chubb, which offers up to 120 percent replacement coverage in the case of a total loss. Your needed insurance, and thus your cost of insurance, will depend on the vessel type, the types of coverage, the value of coverage, the company, and even the state you live in. Compare that to the thousands you could pay out of. The agreed-upon value is based on a fair market value of your vessel, including its motors, fixtures and equipment. Conclusion. The average cost of boat insurance ranges from about $200 to $500 per year. Click for information on on Losses and Depreciation. That is why there is no way to say for sure if your lower unit damage will have coverage. Damage to the Lower Unit is a significant matter for boat owners everywhere. Does Boat Insurance Cover Lower Unit Damage . How can I lower my Massachusetts boat insurance rate? Discounts vary by state, but in Massachusetts, you may be able to lower your insurance rate if: Multi-boat discount: You insure more than one watercraft on your Progressive boat policy. At a cost of less than $1 a day, the peace of mind a good boat insurance policy can provide you with is very inexpensive. Best Overall: Progressive. Read our editorial standards for Answers content. Most boat policies will cover you for a specific geographic region. What is typical boat insurance? The average cost of boat insurance is $200 to $500 a year—although for a really big or expensive boat (like a yacht or sailboat), insurance can cost around 1–5% of the boat's value. Sailboats tend to be more expensive to insure than motorboats because they are more prone to damage, whereas powerboats have a higher risk of accidents that can cause liability claims. #boat #insurance #coverage. 5% of your boat’s value for personal watercraft insurance. The best boat insurance companies are Progressive, BoatUS. Does Boat Insurance Cover Other. While boat insurance might seem like a significant expense, there are some ways to lower the cost. I thought this was pretty cool especially if you fish waters. Property coverage: Property coverage financially protects the boat’s physical structure along with components that are permanently attached to the watercraft. Cash value: With this type of coverage, the insurance company will pay for the value of your boat or the equipment destroyed at the time of the incident. Just as with other parts of the boat, insurance generally will cover the lower unit of an outboard motor or upper and lower units of an inboard/outboard motor if you damage them in a collision or national disaster or if they are stolen. Physical damage coverage provides protection if your boat collides with another vessel or submerged object, such as a log or a rock. Unnamed operators. According to our research, Progressive boat insurance policies start as low as $100 per year, or around $8 per month. Or, call 1-866-749-7436. Different insurance providers and policies may vary in their coverage offerings. Only a handful of states – Arkansas, Hawaii, and Utah – require boaters to purchase boat insurance for their watercraft. Boat insurance covers a blown engine under some circumstances. Discover what State Farm insurance coverage offers to help protect the people and things you value most. This type of coverage may also be helpful if you tend to store your boat during the long winter months when your boat is not in use. The average cost of houseboat insurance is around $1,200 per year or $100 per month. Have a plan!What Does Boat Insurance Cover. Covers fishing gear and other personal property on your boat/watercraft. These include boats, fishing boats, rowing boats, pontoon boats and recreational equipment. COLLINGWOOD. Yachts and boats over $150,000. Insurance Disclosure. Read our editorial standards for Answers content. Propulsion Plus mechanical breakdown coverage will help if the lower unit of an outboard motor or the upper and lower units of an inboard/outboard motor break. However, you’ll see that for more expensive watercraft, insurance can cost from 1% to 5% of the value of the boat. If it isn’t excluded it’s usually covered. How Does Boat Insurance Cover Nonmotorized Boats. However, similar to other types of insurance, the cost of your boat insurance depends on you and your vessel. How can I lower my boat insurance rate in Wisconsin? Discounts vary by state, but you may be able to lower your Progressive insurance rate if: Responsible driver: If you maintain a clean boating and driving record for three years, you can lower your insurance rates. Foremost – Best Insurance Packages. But accordingly, if there’s an incident you. When looking for insurance, it is essential to consider your location, driving record, and the insurance carrier’s reputation and pricing. It may cover legal fees related to the incident as well. If you are injured in a boating accident, the insurance company is only required to pay up to a specific benefit cap. The average cost of boat insurance is $200 to $500 a year —although for a really big or expensive boat (like a yacht or sailboat), insurance can cost around 1–5% of the boat's value. Boat insurance is not as expensive as it might seem. Some of the factors that can help you determine the boat. Boat insurance helps cover damage to your boat and can protect you financially if an injury arises from a covered loss, so you can sit back, relax, and enjoy the water with less worry. The copper found in most AC units is especially valuable. Marine Insurance Terms. Depending on individual policy coverage, boat insurance policies cover damage to your own boat or equipment, as well as injuries to people and damage to other boats or property. In reality, boat premiums can range. Emergency services coverage: This pays for towing if your boat breaks down. According to our research, Allstate boat insurance starts around $25 per month or $300 per year. Boat insurance can also cover your motorboat, sailboat, or other types of watercraft in the event it. How much is boat insurance in Michigan? Michigan's shorter boating season and cold winters mean less time on the water. Your home insurance policy covers your boat in some cases, but it doesn’t go far. The insurance company can also decide whether or not it is worth covering the boat and may advise you to fix certain problems before they can give you a comprehensive. Ultimate drive coverage. You can find affordable boat coverages that suit your needs and budget. Mandatory for all boat owners in Hong Kong, this type of insurance only covers the liability for death or bodily injury to third. Marine insurance can also cover damage from vandalism and theft. You’ll be on the hook for potentially exorbitant costs. And yes, well still cover it if its caused by general wear and tear. However, the same rule might not apply to a larger boat. Your policy may cover parts of the boat including:Does Boat Insurance Cover Lower Unit Damage . The property covered can vary, but the policy will typically cover the hull and other components, such as: Motors. Anyone who has a boat needs insurance. Homeowners policies typically cap boat coverage at $1,000 or 10% of your homes insured value. Keep in mind, normal wear and tear isn’t covered, so make sure you’re properly maintaining your boat. Without renters insurance, you may have to bear the financial burden of a loss on. Discuss your physical damage coverage needs with your insurance representative. The upper and lower units of a sterndrive motor can be repaired or replaced in the event of a breakdown. coastline and into Canadian coastal or inland waters. . 1 Hume Street, Unit #105On average, boat insurance premiums run between $200 and $500 per year, though some owners may see prices above or below that range. 00 boat is stolen, youll only be reimbursed $1,000. What does boat insurance cover? Most boat insurers offer comprehensive policies that should protect you against the following risks: Accidental damage. Progressive offers lower unit coverage. Does insurance cover blown motor on boat? If the problem is not related to a lack of maintenance or expected upkeep, your boat insurance may cover it. These factors work exactly as they do with automotive insurance. Insurance requirements; Costs and rate factors. BoatUs – Best for Membership Benefits. This means that if your $700. It is included in most boat and other marine policies. Secondly, you should also verify the limit of insurance under this coverage. This policy allows you to replace or repair your boat in the event that it sustains damage. Rebuilding: Mercury, Mariner, Force, Evinrude, Johnson. 8. Help protect yourself if you're liable for injuries or property damage. Does Boat Insurance Cover Damage to Lower Unit? Yes, most boat insurance policies will cover damage to the lower unit. A boat insurance policy may cover you and your boat or personal watercraft against liability and damage in the event of a boating accident, including if you injure someone or damage someone else's property with your boat. get a free quote. November 16, 2021. They also cover the contents of your boat, like fishing gear or life jackets. This is typically considered to be part of the hull coverage, and so long as the damage is not caused by negligence or lack of maintenance on your part, it should be covered. If insuring your pontoon sounds a. Is mechanical failure covered by boat insurance? The upper and lower units of a stern drive motor can be repaired or replaced in the event of a mechanical breakdown. Boat insurance helps protect a boat (and other watercraft) from certain risks. You can choose from several different coverage levels to make sure you’re adequately protected. Quick Look: The Best Boat Insurance. Boat Insurance benefits. However, the same rule might not apply to a larger boat. If covered items are stored in a basement, meaning they are not connected to a. Navigational Territory. We offer standard and add-on coverages so you can build a policy. Learn more about our boat insurance offering. Geico Boat Insurance covers your boat, motor, and trailer in the event of an accident, theft, or vandalism. Some insurers will use a flat deductible amount, while others use a. The average cost of a boat insurance policy in Texas is around $348 a year. Uninsured watercraft coverage helps cover your injuries or your passenger's injuries caused by another boater with little to no liability insurance. Travelers will share 50% of the cost up to $1,000/per occurrence and $2,000/per policy period to move your vessel to safety during a named windstorm watch or warning. Like auto insurance, your boat insurance covers certain named drivers on your policy. If they start, try shifting forward and reverse to confirm you haven't lost propulsion. Life. 3 / 5. Or, call 1-866-749-7436. Some boats with high horsepower already require operators to. What Boat Insurance Policies Cover. Many homeowners policies include “personal property floaters” which can provide coverage for certain types of personal belongings, including boats and motors. Boat Insurance Costs And Discounts. When it comes to insuring a boat/RV-storage facility, it’s important to augment general liability with coverages that address the exposures involved. How does Boat Insurance Work? Boat insurance is similar to car insurance. You may pay $200 to $500 per year or more for Geico insurance depending on. However, routine wear and tear is not covered, so make sure you. Boat insurance claim problems Summary:Find an expert that can give advice and answers to all of your boat insurance questions. Posted By Dick Law Firm || 8-Aug-2022. Expect a quicker motor to cost a bit more to insure. Example: Your 10-year old lower unit simply runs its course and dies on you. What does boat insurance cover? When it comes to insuring your boat, the answer is not always clear. USAA Yacht Insurance. In this article, we’ll cover the average cost of houseboat insurance in the United States for both new and used vessels. And yes, we’ll still cover it if it’s caused by general wear and tear. Hawaii is considered a high-cost state in terms of Progressive boat insurance cost. Boat insurance may also help cover damages to your watercraft due to theft or vandalism, if you carry comprehensive coverage. Boatowners coverage wording and local law will govern. Even if you live in a state where boat. This information is not an insurance policy, does not refer to any specific insurance policy, and does not modify any provisions, limitations, or exclusions expressly stated in any insurance policy. Get details about Washington boat insurance. Multi-policy discount: You have another policy with Progressive; you can bundle and save on boat insurance. Learn about the types of coverage available for boats and yachts and what’s required in the state of Ohio. Popular bass boat insurance. Keep in mind, normal wear and tear isn't covered, so make sure you're properly maintaining your boat each year. Valuable Personal Property insurance, or VPP, offers protection beyond what a homeowners or renters policy covers. Temporary cover for your new boat. Boat and yacht insurance – sometimes referred to as marine insurance – is designed to help protect you and your boating guests from the potentially high cost of accident-related damages or injuries. Yes, most boat insurance policies will cover damage to the lower unit. USAA Yacht Insurance. Propulsion Plus mechanical breakdown: Propulsion Plus mechanical breakdown coverage will help if the lower unit of an outboard motor or the upper and lower units of an inboard/outboard motor suffer a mechanical breakdown — even if it's from wear and tear. Travelers: While not boat-specific, Travelers has a solid program for boats and yachts. Before you file a claim with your insurance company, however, you will need to file a police report. It may cover things like hitting a buoy or a dock but you will have to discuss that more specifically with your insurance agent. For example, if your boat is worth $60,000, you can agree to cover your boat for $60,0000 (you wouldn’t want to cover your boat for less than what it’s worth). Many smaller vessels, like kayaks and canoes, may fall under your homeowner’s insurance policy. 2. Get insurance quotes, explore coverage, or find an agent. In most cases, your policy is not going to cover the damage that you incur from hitting something that was readily avoidable in the water. So a boat worth $10,000 would be approximately $150/year to insure. Personal property coverage is included on a standard homeowners insurance policy and is the portion that provides coverage for your personal belongings, including furniture. Propulsion Plus ® mechanical breakdown coverage can help if the lower unit of an outboard motor or the upper and lower units of an inboard/outboard motor suffer a mechanical breakdown — even if it's from wear and tear. Help protect your watercraft and trailer, including options for agreed value and emergency services. Progressive will pay to repair or replace the lower unit of an outboard motor, or upper & lower units of an inboard/outboard motor if you have a mechanical breakdown. Find the best [category] The cheapest boat insurance can be found for as little as $100 per year, but coverage costs vary greatly. Propulsion Plus is an optional coverage, starting at just $38/year. How does Maryland boat insurance work?. How To Get Cheaper Boat Insurance. Homeowners policies typically cap boat coverage at $1,000 or 10% of your home’s insured value. This information is not an insurance policy, does not refer to any specific insurance policy, and does not modify any provisions, limitations, or exclusions expressly stated in any insurance policy. You'll always know what your claims check will say with this coverage that pays to replace your boat up to its agreed hull value, determined when you start your policy. Dinghies/Tenders. Does Boat Insurance Cover Lower Unit Damage . The higher the deductible, the lower the premium and vice-versa. More than just boats. You'll always know what your claims check will say with this coverage that pays to replace your boat up to its agreed hull value, determined when you start your policy. A Geico boat policy contract can cover powerboats, personal watercraft, fishing boats, pontoon boats, sailboats and more. Propulsion Plus® mechanical breakdown coverage: We’ll pay to repair or replace the lower unit of an outboard motor, or upper & lower units of an inboard/outboard motor if you have a mechanical breakdown. Take, for instance, an entrepreneur owns a 30-foot long schooner that is worth $39,000: 39,000 x . If your belongings are valued at $100,000, you would pay $1,000 for full value protection. Best Boat Insurance for Value: Progressive. ; Original owner: If you're the original owner of your boat – and you carry both. Most landlords’ insurance covers only the building and damages due to negligence. Let’s see if an blown engine qualifies, and if similar damage, like lower unit or engine block troubles, is furthermore covered by boat insurance. If the engine damage was caused by a collision or severe weather, most. The only time engine damage is covered by car insurance is if your engine was damaged during an accident or through some other insurable event like a tree falling on the hood of your vehicle and causing engine damage. This protects the boat against theft and damage due to an accident or sinking. We all want cheap boat insurance rates, but customer service matters too. Progressive: Best for small boats. Passengers on the boat are covered under the liability portion of the boaters policy. Chubb specializes in agreed-value coverage for boaters with specific coverage needs. A widespread misconception is that one's homeowner's insurance policy will provide coverage for their boat in the event of an accident. Propulsion Plus® mechanical breakdown coverage can help if the lower unit of an outboard motor or the upper and lower units of an inboard. 350 LaCroix Street Unit 4 Chatham, ON N7M 2W3 519-676-6104. All coverage is subject to terms, conditions, limits and exclusions of the policy. Coverage & Benefits - 4. S. A boat insurance policy can cover the cost of repairing a boat if it’s accidentally damaged. Watercraft insurance is a blanket term for three different types of insurance: boat insurance, yacht insurance and personal watercraft insurance. Best for Boat Collectors. Dinghies/Tenders. The Hanover covers boats (up to 43’), sailboats (up to 51’) and. When I asked about it, the rep mentioned that if anything happens to the lower unit on the boat, I would be responsible for the deductible, but they would cover the rest on the lower unit repair, or a new lower unit. The national trend among harbours, marinas and waterways authorities toward the. Tiger lives on Lake George, NY, a latitude that – like mine – forces a frigid off-season off the water for boaters each winter. The Area: If the area where you will be using your boat has natural hazards, the rates can get affected. Get all the details about boat insurance in Texas. Enjoy life on the water with boat insurance from Progressive. Get a boat insurance policy to protect your investment. a homeowners policy is with personal property coverage. Get comprehensive protection for your boat. A boat policy typically won't provide coverage if you are found liable for damages that occur to another vehicle or person while you're hauling your boat. Boats come in a range of sizes, have different values, and include distinctive features, which can alter the cost of a policy. Read More 5 Ways to Save Money on Car. In conclusion, the average cost of bass boat insurance is around $250 to $950 per year, but it can vary based on several factors. In addition to providing peace of mind, boat insurance. If so, boat insurance may help protect your trailers and other equipment, too. Horsepower and Speed. When I asked about it, the rep mentioned that if anything happens to the lower unit on the boat, I would be responsible for the deductible, but they would cover the rest on the lower unit repair, or a new lower unit. Whether or not you are legally required to have boat insurance depends on the type of boat you have, where you keep it and where you use it. Boat insurance usually covers collision, property damage, bodily injury, and comprehensive in the on- and off-season. For example, you may pay about $2,500 a year to insure a $100,000 yacht. Boating is fun. or dock if your boat caused the damage. S. The top ways to lower your car insurance costs are outlined here…. Let's start by describing the two basic sections of a typical boat or yacht insurance policy: physical damage and liability. As a result, Michigan is one of the lower-cost states to insure a boat in. It can include items like rods, reels, tackle boxes, and even electronic devices used for fishing purposes. Learn about the types of coverage available and Get all the details about boat insurance in Georgia. And yes, well still cover it if its caused by general wear and tear. What sets State Farm® Boat Insurance apart. Boat insurance can also cover you if you accidentally damage someone else’s property with your boat. “The liability of towing a trailer is never covered by boat insurance,” says Mike Pellerin, vice president. A boat insurance policy may also cover the unexpected, including instances of theft and vandalism that necessitate repairs or replacement. Boat Cover - 20 ft. How much is boat insurance in Minnesota? How much does bass boat insurance cost? Starting at just $100/year for liability coverage, * insuring your bass boat can be inexpensive with Progressive. We’ll pay to repair or replace the lower unit of an outboard motor, or upper & lower units of an inboard/outboard motor if you have a mechanical breakdown. Navigation limits. Let’s see if a blown engine qualifies, and if similar damage, like lower component or engine barrier troubles, is also covered by vessel insurance. First, consider the type of boat you have. The new guide from Marine Insurance Now is intended to raise awareness of the importance of boat insurance in protecting boat owners from financial burdens. With boat and watercraft insurance coverage through the Nutmeg Insurance Agency,** our specialists can help you customize your policy. With boat insurance, the older you are the better your rate! Owning a Home – Home ownership can also be a positive factor and result in lower rates. You can choose your deductible, which is the amount deducted from your insurance check if you make a claim. For example, if you own a $25,000 boat, then your insurance premium can cost approximately $375 annually or $32 monthly. Advertisement. You can also get watercraft liability protection that pays for bodily injury and medical expenses if passengers or other people are injured. Of course, this number will fluctuate based on the type of coverage and other factors. Stuff the hole with a rag, bedding, or whatever you have on board until help arrives. If you are injured in a boating accident, the insurance company is only required to pay up to a specific benefit cap. Still, this provides solid proof that bass boat insurance cost is more affordable. This concept of law is often employed by marine insurers following a loss where the insured misrepresented the “number of years boating” in a collision case, “intended location of berth” in a theft case, or “the condition of a vessel” in a sinking case. Boat insurance is an insurance policy that covers property damage or liability expenses related to your motorized watercraft. But, does boat insurance cover lower unit damage? In this essay, we will explore what lower unit damage is, what boat insurance is, and whether or not boat insurance covers lower unit damage. This is on the lower side of the national average range of $200 to $500 per year. Learn how liability coverage on a boat insurance policy can pay for damages or injuries caused by your watercraft. Like other types of insurance, boat insurance typically comes with a deductible, which you pay out of pocket before your insurance coverage kicks in. Deductible: The higher the deductible the lower the premium. S. 00 for it. How much does it cost to insure a boat? On average, boat insurance costs around 1. About Boat Insurance. Typically, insurance wouldnt pay for. Boat insurance covers you in the event of a loss or damage to your watercraft. Fuel spill covers the legally required clean-up. It is vital to gather correct details and record the incident if an accident or damage occurs while boating. Keep in mind, normal wear and tear isn't covered, so make sure you're properly maintaining your boat each. 00. In some cases, insurance will cover a mechanical. Insurance claims are always welcome there. If you are lucky and have a $2 million worth yacht, your insurance will be at least $30,000 a year. According to our research, Progressive boat insurance policies start as low as $100 per year, or around $8 per month. The liability of towing a trailer is never covered by boat insurance, says Mike Pellerin, vice president of underwriting at BoatU. State Farm can cover many vessels including fishing boats, houseboats, ski boats, jet skis, kayaks, sailboats and more. What Does Boat Insurance NOT Cover?. How Much Does Boat Insurance Cost. Fully Comprehensive Boat Insurance Costs. Get an Online Quote. A guide to the best boat insurance providers of 2023, including. See all available boat insurance coverages. Boat insurance costs and discounts. If the Actual Cash Value of the boat is $30,000, the most you will be paid is $30,000, even if the boat is insured for $40,000. Propulsion Plus mechanical breakdown coverage will help if the lower unit of an outboard motor or the upper and lower units of an inboard/outboard motor suffer a mechanical breakdown — even if it's from wear and tear. The best way to find out the cost is to get a boat insurance quote by. Boat Insurance. In addition to the type of coverage you opt for, many factors decide the cost of boat insurance, including: Make, model, and year of the boat: Insuring larger, older, or more expensive boats often leads to a higher premium. Physical Damage Coverage. The reason insurance premiums vary is that each boat is unique. There may also be a separate deductible, depending on the type of boat you have.