Geico Boat Insurance 2022

Geico doesn’t make any direct mention of how much its watercraft insurance costs on its website, but the provider is typically among the most affordable when it comes to car insurance. While the average cost of boat insurance is between $200 to $500 per year, marine coverage premiums are highly variable. It’s entirely possible that your insurance costs fall outside of that range.

Boat Insurance Cost Factors

There are several factors that go into the cost of your boat insurance. Not all providers use the same criteria, and each provider may weigh factors differently.

Agreed Value vs. Actual Cash Value Coverage

In the event of a total loss, agreed value policies pay out at a rate you set with your insurer at the beginning of your policy. For example, if you and your insurer agree that your boat is worth $28,000 when you sign your policy, that’s what you’ll receive — minus your deductible — following a total loss, regardless of depreciation.

An actual cash value policy, on the other hand, pays out based on the current value of your vessel at the time of an accident. This includes depreciation and market factors that may have changed since you started your policy. 

Agreed value policies tend to cost more, as you might expect.

Boat Condition

Boats in poor condition are more likely to suffer further damage. That’s why some insurers require an inspection before writing a policy, and charge higher rates for boats in rough shape than they would for new boats.

Boating Horsepower

Speed is one of the most significant risk factors for boating accidents. As a result, insurance companies tend to charge more to cover speedboats and other vessels with high-horsepower engines.

Cruising Area

Many insurers adjust your rates depending on where you plan to navigate your boat. This is commonly referred to as your cruising area. If you get into an accident outside of this zone, your insurer is unlikely to cover the damage.

Generally, the wider your cruising area the more you’ll pay for coverage. Your rates may also go up if your intended travel area is considered high-risk.

Deductible Amount

In most cases, you can choose the amount you have to pay out of pocket for repairs or replacements, known as your deductible. This amount could range from nothing at all to thousands of dollars. For the most part, the higher you set your deductible, the lower your monthly cost, or premium.

Safety Equipment

Many insurance companies reward you with discounts for making your boat safer. For example, installing an onboard fire suppression system could save you money with some providers.

Type and Amount of Coverage

Unless coverage is mandated by your lender or where you store your boat, you can typically get as much or as little insurance as you want. The most affordable plans are those that only include liability insurance, just like liability vs. full coverage insurance for cars. But, you can opt for full coverage with a bundle of add-ons if you’re willing to pay more. 

You’ll also get to set your coverage limits in most cases. Whether it’s in the type of coverage you have or the amount, the more insurance you have, the higher your premium is likely to be.

Geico Boat Insurance Discounts

The company only mentions two discounts on Geico.com. These are:

• Multi-policy discount: If you combine other policies such as your homeowners insurance, renters insurance or life insurance with your boat coverage, you’ll be eligible for a discount.
• Boat safety course discount: Geico offers a discount for completing a state-approved boat safety course.

Given that Geico offers plenty of discounts on other insurance products, it’s possible that you’ll find more saving opportunities than the two listed here. Be sure to ask a Geico agent about any possible discounts when you request a quote.