Average Sailboat Insurance Cost in 2023 (13 Examples)

On this page:

1. 13 Examples Of Sailboat Insurance Costs in 2023
2. Factors Affecting Sailboat Insurance Costs
3. Coverage Options and Their Inclusions
4. Insurance Costs by Boat Use
5. How to Reduce Sailboat Insurance Costs

13 Examples Of Sailboat Insurance Costs in 2023

Sailboat insurance is a type of boat insurance that provides coverage for your sailboat in case of damage or loss. It is an important investment for any boat owner, as it can provide coverage for a wide range of incidents, such as collision damage, bodily injury liability, property damage liability, and more.

Sailboat owners can expect to pay between $250 and $4,000 per year to insure their sailboats. The cost can be higher or lower depending on your coverage options.

Below is a table containing examples of sailboat insurance costs in 2023 to give you a better understanding of what to expect when shopping for sailboat insurance.

Type of Sailboat	Estimated Insurance Cost
Catamaran	$1,500 - $2,500 per year (up to $4,000 per year for larger boats)
Daysailer	$250 - $500 per year (up to $1,000 per year for larger boats)
Bluewater Boat	$1,000 - $2,500 per year (up to $3,500 per year for larger boats)
Monohull	$250 - $1,500 per year (depending on policy type and coverage amounts)
Trimaran	$500 - $2,500 per year (depending on the size and value of the boat)
Kelch	$250 - $1,500 per year (depending on modifications made)
Cutter	$250 - $1,500 per year (depending on the size and value of the boat)
Sloop	$250 - $1,500 per year (depending on the size and value of the boat)
Dinghy	$100 - $500 per year (depending on performance and use)
Yawl	$250 - $1,500 per year (depending on the size and value of the boat)

Insurance costs for catamaran

Catamarans are popular among sailors because they are stable and offer more space than traditional monohull sailboats. However, catamarans can be more expensive to insure due to their size and complexity. On average, you can expect to pay between $1,500 and $2,500 per year for catamaran insurance.

For a 40-foot catamaran, you can expect to pay up to $3,000 per year for the insurance, and larger catamarans cost even more to insure, with policies for 50-foot catamarans averaging around $4,000 per year.

Insurance costs for different sizes of catamarans can be found in this article: Average Cost of Buying & Owning a Catamaran (With 4 Examples)

Insurance costs for daysailers

Daysailers are small sailboats designed for day trips and recreational sailing. These boats are typically less expensive to insure than larger sailboats because they are less complex and have a lower risk of damage.

On average, you can expect to pay between $250 and $500 per year for daysailer insurance. For the insurance of a 20-foot daysailer, you might need to pay up to $750 per year. Policies for larger daysailers, such as a 30-footer, can cost around $1,000 per year.

Insurance costs for bluewater boats

Bluewater boats are designed for long-distance cruising and are built to withstand heavy seas and harsh weather conditions. Because of their specialized construction and equipment, bluewater boats can be costly to insure.

On average, you can expect to pay between $1,000 and $2,500 per year to insure a 40-foot bluewater boat. Policies for larger bluewater boats, such as a 50-footer, can cost around $3,500 per year.

Insurance costs for monohulls

Monohulls are the most common type of sailboat and are generally the least expensive to insure. The average cost of insurance for a monohull is between $250 and $1,500 per year, depending on factors such as policy type and coverage amounts.

If you have an older or less expensive monohull, you may be able to get away with only basic coverage, which can cost as little as $250 per year.

Insurance costs for a trimaran

Trimarans are a type of multihull sailboat that have three hulls. Because they are less common than monohulls, insurance costs for trimarans can be slightly higher.

The average cost of insurance for a trimaran is between $500 and $2,500 per year, depending on the size and value of the boat. If you have a larger or more expensive trimaran, you may need to purchase additional coverage, such as agreed-value coverage, which can increase your insurance costs.

Insurance cost for kelch

Kelch sailboats are a type of monohull sailboat that are known for their stability and speed. Insurance costs for Kelch sailboats are similar to those for other monohulls, with an average cost of between $250 and $1,500 per year. However, if you have made any modifications to your Kelch sailboat, such as adding a racing rig or a larger engine, your insurance costs may be higher.

Insurance cost for cutter

Cutter sailboats are a type of monohull sailboat that are known for their versatility and ability to handle a variety of weather conditions. Insurance costs for cutter sailboats are similar to those for other monohulls, with an average cost of between $250 and $1,500 per year. However, if you have a larger or more expensive cutter sailboat, you may need to purchase additional coverage, such as liability coverage, which can increase your insurance costs.

Insurance cost for a sloop

Sloop sailboats are a type of monohull sailboat that has a single mast and a fore-and-aft rig. Insurance costs for sloop sailboats are similar to those for other monohulls, with an average cost of between $250 and $1,500 per year. However, if you have a larger or more expensive sloop sailboat, you may need to purchase additional coverage, such as agreed-value coverage, which can increase your insurance costs.

Insurance cost for dinghy

Dinghies are small, lightweight sailboats that are typically used for racing or day sailing. Insurance costs for dinghies are generally lower than for other types of sailboats, with an average cost of between $100 and $500 per year. However, if you have a high-performance dinghy or if you use your dinghy for racing, your insurance costs may be higher.

Insurance cost for yawl

Yawl sailboats are a type of monohull sailboat that have two masts, with the aft mast shorter than the forward mast. Yawl sailboats can be insured at an average cost between $250 and $1,500 per year.

The length of your sailboat can also affect the cost of your insurance policy. Here are some examples of sailboat insurance costs for boats of different lengths:

Sailboat Length	Estimated Insurance Cost
20-foot	$250 - $500 per year
30-foot	$500 - $1,000 per year
50-foot	$1,500 - $2,500 per year

Insurance costs for 20-feet boats

If you own a 20-foot sailboat, you can expect to pay an average of $250 to $500 per year for insurance. However, insurance costs may vary depending on the type of boat you own and the amount of coverage you need.

Insurance costs for 30-feet boats

For a 30-foot sailboat, you can expect to pay an average of $500 to $1,000 per year for insurance. Again, this cost can vary depending on the type of boat you own and the amount of coverage you need.

Insurance costs for 50-feet boats

For a 50-foot sailboat, you can expect to pay an average of $2,000 to $3,000 per year for insurance. This is the highest insurance cost range on our list, but it's not surprising given the size and value of these boats.

Insurance costs for new vs. used sailboats

Below is a table summarizing the estimated insurance costs of new and used sailboats based on age:

Type of Sailboat	Age of Sailboat	Estimated Insurance Cost
New	Less than 1 year	$1,500 - $3,000 per year
New	1-5 years old	$1,000 - $2,500 per year
New	5-10 years old	$800 - $1,500 per year
Used	10-20 years old	$500 - $1,000 per year
Used	Over 20 years old	$300 - $800 per year

The actual insurance costs for both new and used sailboats can vary depending on various factors such as the type of boat, its age, location, usage, and the insurance company's policies.

In general, the insurance costs for a new sailboat are typically higher compared to a used sailboat. This is because new sailboats have a higher value and are more expensive to repair or replace in case of damage or loss. On the other hand, used sailboats have a lower value and may have pre-existing wear and tear, which can lower their insurance costs.

Factors Affecting Sailboat Insurance Costs

The length and type of sailboat can affect insurance costs

Generally, larger boats and more expensive boats will cost more to insure than smaller boats and less expensive boats. Additionally, different types of boats may have different insurance requirements and costs. For example, catamarans may require different coverage than a daysailer.

The age and condition of your sailboat can impact insurance costs

Older boats or boats in poor condition may be more expensive to insure due to the increased risk of damage or accidents.

The location of your sailboat has an effect on insurance costs

Where you keep your sailboat can also impact your insurance costs. Some areas may be considered higher risk due to weather patterns, theft rates, or other factors, which can result in higher insurance premiums.

Your driving record and experience can also impact insurance costs

If you have a history of accidents or violations, you may be considered a higher risk and may pay more for coverage. Additionally, more experienced sailors may be eligible for lower insurance rates.

Insurance costs can be affected by whether your sailboat is motor-operated or not

If your sailboat has a motor, it can also impact your insurance costs. Generally, sailboats with motors will cost more to insure than those without motors.

The insurance company you choose can impact sailboat insurance costs

The insurance company you choose can also impact your sailboat insurance costs. Different insurance companies may offer different rates, premiums, and discounts, so you may need to shop around and compare quotes before choosing a policy.

Completing safety courses and marine inspection can lower insurance costs

Completing safety courses or having your sailboat inspected by a marine surveyor can also impact your insurance costs. Some insurance companies may offer discounts for completing safety courses or having your boat inspected, as it can reduce the risk of accidents or damage.

Allowing underage operators can affect your insurance costs

If you plan to allow underage operators to drive your sailboat, it can impact your insurance costs. Some insurance companies may require additional coverage or charge higher premiums for underage operators.

Living aboard your sailboat will require additional insurance

If you plan to live aboard your sailboat, you may need to purchase additional coverage or a different type of policy. Liveaboard sailboat insurance can provide coverage for personal belongings, liability, and more, but it may be more expensive than standard sailboat insurance.

Coverage Options and Their Inclusions

Basic coverage includes liability coverage and damages

Liability coverage protects you if you are found to be at fault for an accident on the water. Damages to your boat may be covered up to a certain amount, depending on your policy.

Comprehensive coverage includes a more extensive form of liability coverage

Comprehensive coverage is a more extensive form of coverage that includes liability coverage as well as coverage for damages to your boat. It may also include coverage for medical expenses and other related costs.

Salvage coverage includes the costs in case of a wreck

In the event of a wreck, salvage coverage can help cover the costs of removing your boat from the water. This can be an expensive process, so you may need to make sure you have adequate coverage.

Specialized coverage includes insurance for specific boat needs

If you have a specialized sailboat, such as a catamaran or a daysailer, you may need specialized coverage. This covers the specific needs of your boat like an expensive prop or navigation equipment. Make sure your policy includes coverage for your specific type of boat.

If you want to know more about boat insurance and what the best insurance should cover, read Boat Insurance Should Cover These 10 Basic Things

Insurance Costs by Boat Use

When it comes to sailboat insurance costs, the manner in which you use your boat can have a significant impact on the premium.

Boats used for a recreational purpose has a lower insurance

If you're using your sailboat for recreational purposes only, you can expect to pay lower insurance premiums than if you're using it for commercial purposes. Recreational use typically involves activities such as day sailing, cruising, and racing.

Insurance costs for recreational sailboats generally range from $250 to $1,500 per year, depending on factors such as boat length, type, and value.

Boats used in fishing require additional insurance for fishing gears

If you're using your sailboat for fishing, you may need additional coverage for fishing equipment and other gear. Some insurance policies may include coverage for fishing equipment, while others may require you to purchase a separate policy.

Insurance costs for sailboats used for fishing can vary widely depending on factors such as the type and value of the boat, the amount of fishing equipment you have, and the waters you fish in.

Boats with anchors and electronics will need additional insurance

Insurance costs can also be affected by the type of equipment you have on board your sailboat. Anchors, electronics, and other types of gear can increase your insurance premium, especially if they are expensive or if they increase the risk of theft or damage. Make sure to discuss the equipment you have on board with your insurance provider to ensure that you have the appropriate coverage.

Boats transported via trailer will be required an additional coverage

If you transport your sailboat using a trailer, you may need additional coverage for the trailer itself. Some insurance policies may include coverage for trailers, while others may require you to purchase a separate policy.

Insurance costs for trailers can vary widely depending on factors such as the type and value of the trailer, the distance you transport your sailboat, and the frequency of transport.

Boats with fuel tanks are required to have a liability coverage

If your sailboat has a fuel tank, you may be required to carry liability coverage for fuel spills. The cost of this coverage can vary widely depending on factors such as the size of your fuel tank, the type of fuel you use, and the waters you sail in.

How to Reduce Sailboat Insurance Costs

Sailboat insurance can be costly, but there are ways to reduce your premiums and save money. Here are some tips to help you lower your sailboat insurance costs:

Shop around for the best deal

Don't settle for the first insurance company you come across. Get quotes from multiple providers and compare their rates and coverage options. You may be surprised at how much you can save by doing some research and shopping around.

Take advantage of discounts

Many insurance companies offer discounts for various reasons, such as completing a boating safety course, having a clean driving record, or bundling your boat insurance with other policies. Ask your insurance agent about any available discounts and take advantage of them.

Upgrade your boat's safety features

Installing safety equipment on your boat, such as fire extinguishers, smoke detectors, and GPS tracking systems, can help lower your insurance premiums. These safety features reduce the risk of accidents and make your boat less likely to be stolen.

Consider raising your deductible

A higher deductible means you'll pay more out of pocket if you have to file a claim, but it can also lower your monthly premiums. If you have a good safety record and don't anticipate needing to file a claim, raising your deductible can be a good way to save money.

Talk to your insurance agent

Your insurance agent can be a valuable resource for finding ways to save money on your sailboat insurance. They can help you understand your coverage options and recommend ways to reduce your premiums.

Check if your homeowner's insurance covers your boat

If you own a small sailboat, your homeowner's insurance may provide some coverage for it. This can be a cost-effective option if you only use your boat occasionally and don't need comprehensive coverage.