Allstate Boat Insurance Review: Cost and Coverage (2022)

According to our research, Allstate boat insurance starts around $25 per month or $300 per year. This is on the lower side of the national average range of $200 to $500 per year.

Boat Insurance Cost Factors

The cost of insurance coverage for your boat could fall outside the average range. That’s because boat insurance premiums are individual to each boat and owner and based on several variables.

Agreed Value vs. Actual Cash Value Coverage

With agreed value policies, you set a total loss value with your insurer at the start of your policy. Actual cash value policies pay out the current value of your boat, including depreciation. Agreed value policies tend to be more expensive.

Boat Condition

Although boats in poor condition may not be worth as much, they’re more likely to sustain damage. Therefore, you’ll typically pay less to cover a boat that’s in good condition than one that’s not.

Boating Horsepower

Just as it is with driving a car, speed is a risk factor for boating accidents. That’s why high-horsepower boats typically command higher insurance premiums.

Cruising Area

Insurers adjust rates based on where you drive or sail your boat. In general, the closer you keep your boat to its home, the less you’ll pay. If you plan to take your boat to high-risk areas such as those prone to storms or those with high rates of boating accidents, you’ll usually pay more.

Your stated cruising area is your coverage area. If your boat is damaged outside this area, your insurer is unlikely to cover it.

Deductible Amount

Most insurers let you choose your own deductible. This can range anywhere from zero to several thousand dollars. Generally, the higher your deductible, the lower your premium will be.

Discounts

While there aren’t as many discounts on average for boat insurance as there are for car insurance, you can still find plenty of savings opportunities. You’ll find familiar ones, such as autopay and multi-policy discounts, as well as others more specific to boating life.

Safety Equipment

Many insurance companies reward you with policy discounts for making your boat safer. Having safety features such as built-in fire suppression systems or fire extinguishers can make coverage more affordable.

Storage Location

Where you store your boat is a major factor in your insurance premiums. Boats stored in areas prone to storms, flooding or other natural disasters often drive higher premiums. Some insurers may adjust rates based on how a boat is stored, such as whether it’s stored indoors or outdoors.

Type and Amount of Coverage

Coverage choices for boat insurance range from minimal liability plans to comprehensive coverage with a full portfolio of add-ons. The coverage limits you set can also range from just a few thousand dollars to well over a million. In general, the more your boat policy covers, the more you’ll have to pay for it.

Allstate Boat Insurance Discounts

Allstate mentions several marine insurance discounts on its website. These include:

• Multi-policy discount: Combine other Allstate policies such as your life insurance or homeowners policy to save on your overall premium. 
• FullPay^® discount: Save on your premium by paying for your entire policy when you sign up. 
• Homeownership discount: Get a discount on your policy if you own a home that isn’t insured with Allstate.
• Boat education discount: Save on your marine insurance policy when you complete an approved boater safety course.
• Easy Pay Plan^® discount: Get a discount on your policy when you sign up for automatic payments. This is not available in all states, so check with a local agent.

Allstate may offer more discounts than it advertises on its website. Some discounts may vary by state as well. Be sure to check with an Allstate insurance agent in your area to see which discounts may be available to you.