Geico boat insurance 2022


Geico makes no direct mention of the cost of its watercraft insurance on its website, but the provider is generally among the most affordable when it comes to car insurance. While the average cost of boat insurance is between $200 and $500 per year, premiums for marine coverage vary widely. It is quite possible that your insurance costs are outside this range.

Boat Insurance Cost Factors

Several factors go into the price of your boat insurance. Not all vendors use the same criteria and each vendor may weigh factors differently.

Hedging the agreed value versus the actual surrender value

In the event of a total loss, agreed value policies pay out at a rate you set with your insurer at the start 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.

A true cash value policy, on the other hand, pays based on the current value of your vessel at the time of the 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 susceptible to further damage. This is why some insurers require an inspection before taking out a policy and charge higher rates for boats in poor condition than for new boats.

nautical power

Speed ​​is one of the most important 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 based on where you plan to sail with your boat. This is commonly referred to as your browsing area. If you have an accident outside of this area, your insurer is unlikely to cover the damage.

Generally, the larger your boating area, the more coverage you will pay. Your fares may also increase if your intended travel area is considered high risk.

Deductible amount

In most cases, you can choose how much you have to pay for repairs or replacements, known as your deductible. This amount can range from nothing to thousands of dollars. In most cases, the higher your deductible, the lower your monthly cost or premium.

Security equipment

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

Type and amount of coverage

Unless coverage is mandated by your lender or where you store your boat, you can usually 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 car insurance. But you can opt for full coverage with a bundle of add-ons if you’re willing to pay more.

You will also be able to set your coverage limits in most cases. Whether 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 These are:

  • Multi-policy discount: If you combine other policies such as your home insurance, tenant insurance or life insurance with your boat insurance, you will be entitled to a discount.
  • Discount on boating safety course: Geico offers a discount for taking a state-approved boating safety course.

Since Geico offers many discounts on other insurance products, you may find more savings opportunities than the two listed here. Be sure to ask a Geico agent about any discounts when requesting a quote.


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