How much is insurance on a pontoon boat? If you’re have a pontoon boat , one of the most important considerations is understanding the cost of a pontoon’s insurance. It’s essential to be aware of what premiums are associated with protecting your investment.
In this blog post, Scott Ewart will break down everything you need to know about the average pontoon boat insurance cost. Besides, we give you know how to evaluate prospective pontoon insurance providers. At the end of this post, you can make an informed choice about which coverage best fits your needs. Now, let’s start!
How much is insurance on a pontoon boat?
The answer to this question depends largely on the size and value of your boat, as well as the type of coverage you are looking for. Factors such as age, use, geography, safety devices, etc. may also affect your premium rates. There are some main types of insurance for pontoon boats:
A pontoon boat having enhanced handling characteristics includes a deck, a central pontoon mounted to said deck, two outer pontoons mounted to said deck on respective opposite sides of said central pontoon,
Costs of insurance for a medium-sized pontoon boat
A fundamental insurance plan will only cover liabilities associated with expenses. Boater liability insurance only covers boaters’ injuries and property damage to others. On average, insurance companies pay 50,000 dollars per person for bodily injury and 25,000 dollars per person for property damage.
Insurance will reimburse up to $100,000 for every individual harmed and provide compensation of $50,000 for items damaged. Included are medical payouts of up to $5,000, regardless of who was to blame, as well as a $500 deductible for uninsured boaters.
Costs of insurance for a larger pontoon boat
You may get an idea of what the premiums would look like for larger and more costly boats. With the following boats, their prices range from $40,000 and above.
- 2018 25′ Harris FloteBote ($72k value; $39 per month).
- 2015 28-foot Coach 250 Honda $90k value—$45 per month
- 2013 32-foot Manitou Oasis, valued at $115k—$55 per month.
- 2016 36-foot Avalon Catalina Platinum ($135k value; $65 per month).
These premiums are based on liability coverage with a $500 deductible. The boats being stored on the water in an area less prone to adverse weather conditions. Other factors that could influence the premium include the age of the boat, usage (fishing vs. pleasure), and any more endorsements.
The best type of insurance for pontoon boats
Boating is risky. Boat owners should look into obtaining hull, liability, medical payments. These are the most common for pontoon boats.
- Hull coverage will protect your boat from any damage caused by fire, theft, and other unexpected circumstances.
- Liability insurance protects you from being sued if your boat operation causes someone else to get hurt or damage their property.
- Medical payments coverage helps pay for medical expenses that result from a boating accident.
So, $23–$35 per month is a fair price for decent pontoon boat insurance under $40,000. If your boat is larger, it can cost more to insure. Comprehensive insurance is the best solution.
Primary reasons to buy a pontoon boat insurance
Regulations and Laws of the State:
It is important to know the regulations and laws of the state in which you plan to operate the pontoon boat. Some states require boat insurances:
If you have the watercraft having more than 50hp, then you must purchase insurance before operating it. The policy must cover a minimum of $50,000 in damages or more.
The following are the minimum coverage limits that all boat insurance policies must have:
- $15,000 to cover damage to property.
- Covers one person’s injuries to the body up to $25,000.
- If more than one person is hurt, the total amount is $50,000.
Ensure that your pontoon boat complies with the insurance laws of your state before launching onto the lake. The reason is that regulations can alter over time.
Furthermore, if you require a loan to purchase your pontoon boat, you must acquire insurance for it. It is a common requirement of lending institutions that borrowers insure the property until their loans are fully paid off. Moreover, many marinas and parks require boats using their waterways to be insured for safety reasons.
Protect your boat by theft or vandalism
It is a devastating experience to find out that your pontoon boat has been vandalized or stolen. Having the right insurance policy in place can help cover any expenses incurred due to theft, vandalism, and other malicious acts of nature. An individual may not consider this need when they purchase their boats, but it should be taken into consideration as it can be a costly affair.
Tractor locks are easy to break (even good ones). A thief could connect your moored boat to his hook, unlock it, and steer away.
Mishaps may happen at any moment
Are you financially prepared if a tragedy occurs while on your boat? Keep yourself safe with responsible policies today.
Boat-specialist insurance companies: should use it them?
While it isn’t a requirement, consulting with specialized marine insurance agents is recommended. They understand the intricacies and hazards of being out on the sea. Homeowner’s insurance can cover your vessel. However, for optimal protection, you should get coverage from an insurer that specializes in maritime policies.
If your pontoon is worth less than $40,000, the average monthly insurance premium is between $20 and $40.
The best insurance for older pontoon boats
If you possess an older pontoon, you may discover that certain insurers will not cover it. But don’t worry; there are businesses out there that will. But, it could change depending on the kind of insurance you choose.
Replacement insurance could be hard to get because the insurance company might think there’s nothing left to cover. Particularly, the pontoon’s value has entirely declined. Liability insurance is a coverage you may always apply for. Whatever the age of your pontoon is, that will be set up for you.
If you still can’t find replacement coverage, try calling an insurance broker. They will call other companies to find you coverage. Adding the older pontoon to your homeowner’s policy is an additional option.
How to evaluate prospective pontoon insurance providers
Boat insurance can be used to cover a variety of expenses. They can be damage to the boat itself, liability for any damage or injury caused by your boat, and medical payments.
Ask for information about liability insurance
Liability insurance is less expensive because it doesn’t cover you or your boat. There is liability insurance coverage to shield you from any resulting legal troubles. This coverage will pay the medical and property repair costs if you cause an accident that injures someone or damages their property.
Liability insurance protects the State against third-party claims for bodily injury and property damage.
Is your out-of-water boat insured?
Ask your agent about this because many insurance plans are ambiguous. Some policies only cover pontoon boats on the water. What about when your boat is at home or on a trailer?
In most cases, a vehicle insurance policy is anticipated to provide coverage for boats damaged while being trailered. Your vehicle insurance will determine if you are truly covered. Ask more information about:
- Towing on the water
- Gasoline spill liability
- Help by the side of the road
- Coverage for boaters who aren’t insured
- Total loss replacement
- Coverage for removing the wreckage
Safeguarding against storms and theft
If a serious storm threatens, some insurance companies will retrieve and transfer your boat inland for a fee.
Ask about discounts about insurance
There are some ways to receive the discounts:
- Finishing an authorized boat safety course
- Multi-vehicle and multi-boat insurance
- Multi-policy insurance for home, vehicle, and watercraft
- Paying my boat insurance fee in full Driving responsibly
Ask for more details on the coverage
Collision damage. If you’re unfortunate enough to experience an accident, your boat will be either repaired or replaced depending on the extent of damages. Additionally, most insurance plans cover cleanup costs if needed.
If you have property damage liability coverage, your insurance policy will pay for any damage you do to someone else’s property.
Body injury liability coverage. If you are at fault for injuring another person, your insurance policy will take care of any medical costs or other associated damages.
Total coverage secures your boat from theft, malicious acts of vandalism, and external damages.
Increasing your coverage could include different options. For example, they are stolen equipment, inadequate boater’s insurance, and roadside assistance.
You should ask the right questions before choosing an insurance provider to make sure that you get the best coverage for your pontoon boat. Ask them about all of these things, and then compare their policies with those of other providers to find the one that best suits your needs.
FAQs How much is insurance on a pontoon boat?
How much would it cost to insure a yacht that costs $200,000?
The annual cost of your boat insurance is often estimated to be somewhere in the range of 1.5% to 2.5% of the value of your boat. Take, for instance: Insurance for boats worth $20,000 typically costs approximately $300 per year.
How much does it cost to have boat ownership per year?
Boats cost $5,000–$8,000 a year to own (Boating Valley 2021). Most recreational boats cost $5,000–$8,000 per year, although tiny boats cost approximately $2,000.
Is my yacht tax-deductible?
For tax purposes, a boat or recreational vehicle can be your main or secondary home. This gives you the same tax benefits as a regular homeowner.
Should you pay cash for a boat or get a loan?
Financing a boat is much more expensive than buying it outright because you have to pay back what you borrowed plus interest. Depending on how much you borrow, you may have to pay thousands of dollars in interest over the life of the loan.