Boat insurance cost by boat, value and state

A smaller recreational boat usually costs about $300 to $800 a year to insure. GEICO's guide gives an average of $300 to $650 annually, while Chubb quotes $300 to $800 for smaller recreational boats.

That yearly payment is called your premium, and yours could be lower or higher depending on your boat and how you use it. Progressive notes that a policy can typically start at just $100 a year.

Larger, quicker, pricier boats bring higher insurance bills. Chubb's average yearly premiums break down by boat type like this.

Source: Chubb's guide to boat insurance pricing.

Location plays a big role in what you pay. Progressive groups states into three tiers, and the priciest group, mostly coastal states, averages $662.51 a year, against $307.01 in the cheapest group.

Source: Progressive's breakdown of boat insurance pricing.

According to Progressive, northern states tend to cost less because their boating seasons are shorter than those in the south. Other insurers show the same trend. GEICO estimates around $300 on average in states such as Michigan and Minnesota, while places like Florida and Louisiana sit closer to $650.

Chubb's figures for boats under 27 feet put the costliest coastal states at roughly $600 to $1,000 a year. That group covers Florida and Texas, along with Louisiana, New York, and Massachusetts.

According to Chubb, most owners should plan on a yearly premium of about 1% to 5% of what the boat is worth. That gives you a fast ballpark figure before you request a quote.

These ranges use Chubb's 1% to 5% guide.

That spread is wide since value is only one piece of the pricing puzzle. Your location, storage setup, and personal record all shape where your premium lands within it.

GEICO names these as the key factors behind your rate:

• The kind of boat you have
• What it is worth
• How old it is
• The power of its engine
• The way you use it
• Where you store it, on land or in the water
• Your time on the water
• Your past claims

Progressive points out that more powerful engines usually mean higher rates. Newer boats also tend to cost more to insure than older ones.

Storage plays a part as well. Chubb says a boat stored securely on land often earns a lower premium than one kept in the water or at a yard near the coast.

When you ask for a quote, insurers will ask about:

1. The kind of boat, how old it is, and the power of its engine.
2. The boat's current worth.
3. Where it is kept, and whether it rests on land or stays in the water.
4. The way you use it, your time on the water, and any earlier claims.

Check the deductible on each quote too. That's the share of a claim you cover out of pocket before insurance picks up the remainder. For boats, it's frequently a percentage of the insured value rather than a set dollar figure. Chubb offers this example: with a 2% deductible on a yacht insured for $200,000, you would handle the first $4,000 of a claim on your own.