Boater’s Insurance: 2020 Vs. Today

By: Advocate Brokerage

The Rise of Outdoor Recreation

In the age of “social distancing,” people began to prioritize outdoor time. Couple this with the extra cash provided by stimulus checks, and people now had the time and money to invest in themselves. And they did so by buying personal watercraft.

Between 2020 and 2021, US boat sales topped more than 620,000 units. Lockdown restrictions, closed businesses, and the widespread call to stay six feet from others meant people were outside more and enjoying the coasts, rivers, and lakes throughout the US.

Are Insurance Rates Rising?

Home and auto insurance rates have risen dramatically across the board in the last four years. However, boat insurance has, quite fortunately for now, not kept up the same pace. So that means there’s never been a better time than now to cover your watercraft and other personal recreation vehicles.

But what affects insurance rates? Boat insurance is not a “one-size-fits-all” product. Instead, your personal insurance rates are determined by many factors, including:

  • Boat characteristics. There are many different types of boat, including speedboat, sailboat, pontoon, and fishing vessel. Bigger, faster, more expensive boats tend to have higher premiums while those with less horsepower that are meant for meandering are more affordable to ensure.
  • Boat location. Where you use and moor your boat matters. Inland lakes are much less expensive than oceans and coastal bays. On the east-coast it is less expensive if the boat is north of Delaware.
  • Your experience and past claims history. If you are a lifelong boater with few or no claims in your history, then you’ll likely get the best rates. Keep in mind, however, that your driving record and whether you have completed boating safety courses also play key roles. If you are an inexperienced boater purchasing a luxury watercraft, an experienced captain might be required.
  • Coverage details. Your liability limits and deductible also impact the cost of boat insurance in New York. Lower deductibles mean a lower monthly premium.
  • Usage and storage. In addition to the above, how you use and store your boat on dry days plays a part in your insurance rates. If you are in a coastal area, for example, and store your boat in saltwater at a marina, you may pay higher rates than those who drydock.


Are you looking for boaters’ insurance? Contact your insurance Advocate today to find out more about how to enjoy active outdoor days with the peace of mind of knowing that your pleasure investments are covered.

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