It goes without saying, but just like your car or truck, how your pontoon boat insurance costs will very much depend on a range of factors. This can include the value of the boat, your record, how old you are, where the boat is kept, and how it’s used.
So, as you can understand, it’s impossible to give you an exact figure, but what I can do is give you some example estimates, plus examples of what you can claim for should you need to use your insurance – and fingers crossed you won’t!
Whether you own a pontoon boat, or you are considered purchasing one, I cannot stress enough the importance of covering your boat with insurance. After all, if this boat is to be one of your most prized possessions, its only right you want to take care of it and ensure your investment is protected.
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Example Average Sized Pontoon Boat Insurance Costs
I am going to firstly give you an example of what I would call a reasonably average pontoon, which is actually the one I own – a 22 foot 2012 Sweetwater 200.
- Basic Insurance – costs $8 per month: This only covers for liability and any damage that you cause to others. The pay-outs would be around $50,000 per person, and then up to $25,000 when you damage boats or other property.
- Comprehensive Insurance – costs $29 per month: Just like your car insurance, this will cover almost any eventuality. The pay-outs significantly rise to $100,000 per person, and a $50,000 limit on property damage. The quote I received will also pay for medical care up to $5,000 and will cover accidents with un-insured boaters.
Insurance Costs & Prices for Larger Pontoon Boats – $40,000 Value and Up
What I have also done is canvass opinion in the pontooning community, asking friends and other pontoon owners what they are paying. Below you can see some example insurance costs for larger more expensive boats in the $40,000 and up range.
- 2011 Bennington 2575 Yamaha 225hp – $18 per month
- 2016 24-foot Coach 250 Honda $55k value – $30 per month.
- 2016 Premier Dodici 350 Verado – $66 per month
- 2017 Crest 200 – $16 per month
- 2017 24-foot Bennington SSBXP 150 Yamaha – $31 per month
- 2017 Avalon 200hp $42k value – $32 per month
Should You Use a Specialist Boat Insurer?
You don’t have to, but in my view, it’s best to as they will understand the vagaries and complexities in being out on the water. It is possible to insure your pontoon under your standard homeowner’s policy, but I would recommend you go specialist.
If your boat costs less than $40,000 then a more typical cost of insurance for your pontoon tends to average from $20 to $40 per month. If yours is more expensive refer back to up the examples of what you might pay in the previous bullet points.
Is There Cheap Pontoon Boat Insurance That Won’t Break the Bank?
Yes, and I believe it’s from a company called Progressive Insurance. I don’t have any affiliation with them at all, but when I put some examples quotes into their system when compared to other providers, they came out cheaper 70% of the time.
What’s the Best Insurance for Older Pontoon Boats?
You might find that if own an older pontoon, that some companies will not insure them. But, don’t fret as there are some companies out there who will.
But it might depend on what type of insurance you are after.
Replacement insurance might be troublesome, as an insurance company may feel that there is no value left to insure, especially if the pontoon has completely depreciated in value. But from my research I have found that you might still have some luck with the Progressive and State Farm insurance companies – they have been known to accept customers like this.
The policy that you can always apply for is liability insurance. That will be set-up for you regardless of how old your pontoon is.
If you are still not getting very far with replacement cover, then try calling an insurance broker who will shop different providers to find you coverage.
Another solution could be to actually put the older pontoon onto your homeowner’s policy. I know a guy with a 1980 pontoon who does exactly this, on the advice from his insurance company.
What Other Pontooners Say
I also asked a selection of 5 pontooners I know who have very old boats who they are using for their pontoon boat insurance company – there’s even one guy with a 1981 24-foot Kayot; yes really, that old!
Four out of the five guys that I asked were with Progressive Insurance. The general consensus seemed to be that they offer the best rates and are a specialist marine insurer.
I have no affiliation with this company, I am simply going on what other pontooners who are running older boats have told me.
And lastly, I bumped into and old college friend recently who has restored a 1990 Party barge and kept all the receipts from the build.
His insurance company said that they will honor what he put into it as long as he keeps the receipts for whatever was replaced new and installed from new.
Do You Need Pontoon Boat Insurance?
Erm… yes!
This could be an insurance claim…
Boating can be a very dangerous and unpredictable activity. Whilst you might consider yourself to be safe and sensible when pontooning, there’s no accounting for sudden choppy water, the behavior of your passengers, and how other water users will act.
By just having one bad day out on the water, you could place yourself in a massive financial hole if not insured, threatening not just the immediate future, but also for years to come.
Don’t be that guy who is not insured.
For owners of expensive pontoons, you should always opt for comprehensive insurance. This gives you the peace of mind in knowing that should anything drastic happen, you can get the entire boat replaced at the huge cost you paid for it.
But, if you have a cheaper and smaller pontoon, you might be comfortable in just paying lower premiums for a basic insurance policy. This will cover you for injury to you or a passenger, and some degree of damage. You might only have to pay costs of up to $100 a year if this scenario suits you.
But not only that; here’s why you need insurance whilst out on the water.
1. State Law and Legislation
You might not be required by law to hold personal watercraft insurance depending on where you live and boat. The law will differ from state to state and you can find out what the legislation is in your state by clicking on where you live in this pontoon regulations guide.
Some states will only require you to have the minimal amount of liability insurance, which is cheap enough for most pontooners at under $10 per month. Even if it’s not mandatory, you should still get it, you would be foolish not to.
2. Pontoon Boats Get Stolen
How would you feel if your pride and joy was stolen and you didn’t have adequate insurance coverage to replace it? Pretty horrific thought isn’t it?
Even the top-end pontoons aren’t that secure, and trailer locks are very easy to break off. Once that’s done, the bad guy just needs to hook your trailer up and they’re off, never to be seen again.
3. Accidents Can Happen
Given the nature of the water, and some of the leisure activities you will be doing with your pontoon, it’s a high-risk situation where accidents can happen.
Mix water with high-spirits (and perhaps alcohol), and then throw some fun in such as water skiing or tubing and you’ve got a potential recipe for disaster, even if you do have the best intentions and common sense.
How would you cope financially if someone was seriously injured, or even had a fatal accident? Putting aside the emotional aspects, the reality is that if you are un-insured you could have expensive medical bills to pay for, or even have a court case brought against you.
What to Look For in Potential Pontoon Insurance Providers
Please make sure to set aside the time to perform an in-depth search of the insurance market so that you can get the best insurance deal for your pontoon, plus a lot more benefits in the process. I am often pleasantly surprised each time my insurance comes up for renewal just how many features are available to customize your pontoon boat insurance including:
- On the water towing
- Fuel spill liability
- Assistance at the roadside
- Coverage for uninsured boaters
- Total loss replacement
- Coverage for wreckage removal
- Agreed value coverage
Additionally, I have noticed that I am advised each time of the many discounts I could take advantage of and reduce my pontoon insurance each time by:
- Being a homeowner
- Being claims free
- Completing an approved boat safety course
- Being multi-vehicle and insuring more than the one boat
- Being multi-policy and covering home and car alongside boat for insurance purposes
- Paying my boat policy premium in full
- Being a responsible driver
Lastly: Remember to Shop Around When Renewing
If I can please give you one last piece of advice. Review your pontoon boat insurance every year. Most insurers will only cover replacement costs for a few years from the date of manufacture. After that, the pay-out is actual cash value.
What you could be currently doing is paying an insurance rate for a brand-new boat when your claim will be settled at a much lower value.
Insurance companies tend not to make this too obvious, as it’s in their interest for you to pay as much as a premium as possible.
Put a note in your calendar for the month leading up to your annual renewal date, and then get shopping around as chances are you can get cheaper insurance costs that way.
It’s also worth telling your insurance company that you will be shopping around. Once you say that, most will do their utmost to convince you to stay with them and will probably look for a discount opportunity.
