How Much Does Boat Insurance Cost in Portland Maine?

Maine insurance rates are among the lowest in the country. That’s true for boat insurance too. That’s a good thing, because Maine has some of the best boating in the country, from the islands of Casco Bay to thousands of lakes and ponds. How much does Maine boat insurance cost? About $400 on average for clients of our Portland insurance agency. That cost varies, from $100 to $1400 per year.

Which Boats are Cheapest to Insure in Maine?

Not surprisingly, many factors affect the cost of Maine boat insurance. Most of them depend upon you and the boat you own. Here are the top four factors that influence the cost of boat insurance.

Age and Value of Boat

The more expensive the vessel, the more it costs to insure. Makes sense, right?

Age matters, too. Picture two identical sailboats on adjacent moorings in Portland Harbor. One is 20 years older. The older boat’s insurance is more expensive. Insurance underwriters charge extra for yachts over 11 years old. Vessels older than 20 years may need a condition & valuation survey to get insurance.

Your Experience

Have you operated boats for years? You get good insurance rates. Were those boats similar to the one you’re insuring? That’s even better. Have you owned (vs. operated) a similar vessel? Boat insurance underwriters love that. Have a Coast Guard Power Squadron certificate, or a captain’s license? You’ll get a discount. Bad auto driving record? You’ll pay more for boat insurance.

Vessel Type and Equipment

Assuming boats of comparable value, sailboats are the cheaper to insure than power boats. Diesel powered craft are cheaper to insure than gas powered ones. The slower the maximum speed, the lower the insurance cost. Speedboat insurance costs the most. Do you live aboard your boat? Expect to pay quite a bit more than the weekend sailor at the next slip. But at least you don’t have to mow the lawn.

Boat Insurance Discounts

You’ll earn boat insurance discounts for onboard safety equipment. Some examples:

  • Depth finder
  • GPS/Radar/Loran
  • Automatic fire extinguishing system
  • VHF radio
  • Vapor detector

Where and When You Use the Boat

Your boat insurance policy may have a navigational limit. It may also have a “layup clause”, which specifies dates during which it can be in the water. If your vessel is outside the territory or in the water when it’s supposed to be laid up, you have no insurance.

A smaller navigation radius and a longer storage period means lower boat insurance costs. “Fresh water only” navigation is cheaper than coastal. For Maine saltwater boaters, Eastport to Cape Ann is a common navigation territory. The most common storage (or “layup”) requirement is November 1 to April 1. Some of our clients who take their boats south for the winter. They need a different navigation territory and layup clause – and pay more premium for them.

Where to Get Boat Insurance in Portland Maine

Do you need insurance on a boat or yacht in the Portland Maine / Casco Bay area? Contact a Noyes Hall & Allen agent in South Portland at 207-799-5541. We offer a choice from several of Maine’s best boat insurance companies, so we can help you find the best value. We’re independent and committed to you.