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Factors That Affect Boat Insurance Rates

Insurance companies factor in a number of variables when setting their rates for boat insurance. Some are predicated on averages, while others are directly related to the vessel and its owner. Boating is available year-round in Florida, meaning there are more opportunities for vessels to be damaged and people to be injured.


The age of the boat and the operator are significant. It determines the amount of money an insurance company will have to pay if the boat is stolen, vandalized or damaged. Younger owners are more likely to take chances, just like drivers on land.

Driving Record

Individuals that have tickets, accidents and claims on land will pay more for their aquatic-based insurance. Insurers are anticipating a corresponding rate of accidents on water.


A new boat owner has less experience in piloting their vessel and avoiding incidents. They’re also more likely to go outside of their stated navigation area. Those that have taken a certified boating education course can typically obtain a discount on their insurance rates.

Type of Boat

A large vessel will cost more to insure than a smaller one.


Individuals that take their boats out regularly will pay more for insurance as the chances of damage and injury is higher. People that tend to use their boats less often have fewer opportunities for a mishap.

Navigation Area

Staying relatively closer to shore rather than venturing into international waters presents substantially less risk of injuries to individuals or damage to the vessel.


Vessels that are stored in secure storage facilities are less likely to be stolen, damaged or vandalized and that means savings for owners. Boats stored in facilities rather than left at dock are less likely to be at the mercy of hurricanes.

Previous Insurance & Coverage

Some insurers provide a discount if the boat is already insured. The type of coverage that boaters choose, along with their deductible, will have an impact on their rates.

Number of Boaters

An increasing number of people are purchasing boats. That means more vessels on the water at any given time, which increases the potential for injuries and damages. Those numbers increase the chances of not being able to find storage space inland in the event of a hurricane or a marina with adequate security.

For more information about how The Sena Group can help you with any

of your insurance needs, please contact us at 561-391-4661.

We can be found on Social Media at the following links.


The Sena Group
6501 Congress Ave., Ste. 100
Boca Raton, FL 33487