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Best Boat Insurance

The best boat insurance companies with great coverage are Progressive, BoatUS, Markel, the NBOA, State Farm and Foremost according to our industry-wide review

Daniel is a MarketWatch Guides team writer and has written for numerous automotive news sites and marketing firms across the U.S., U.K., and Australia, specializing in auto finance and car care topics. Daniel is a MarketWatch Guides team authority on auto insurance, loans, warranty options, auto services and more.

Rashawn Mitchner is a MarketWatch Guides team editor with over 10 years of experience covering personal finance and insurance topics.

Key Takeaways:

• Progressive is our top boat insurance recommendation for its low average prices and a wide variety of coverage options.
• Markel offers the best boat insurance coverage options out of the providers we’ve reviewed.
• Comparing multiple quotes is the best way to find cheap boat insurance  with the right coverage for your needs.

The best boat insurance companies offer coverage options that suit your needs, costs that fit your budget and customer service you can depend on. Some of the insurance industry’s biggest names also offer marine coverage, but does it line up with their other products?

In our boat insurance study, we at the Guides Auto Team took an in-depth look at the coverage, costs, reputation and more of a wide range of leading providers. After considering the data and many customer reviews, this is what we found.

Who Has The Best Boat Insurance?

We found that Progressive has the best boat insurance policies out of the providers we reviewed due to its comprehensive coverage options and extensive discount offerings. BoatUS, Markel, National Boat Owners Association, State Farm and Foremost also have some of the best boat insurance plans on the market.

Best Boat Insurance Reviews

When researching boat insurance providers for our industry-wide boat insurance study, our team took into account each company’s industry reputation, the availability of its coverage, its coverage selection, the cost of its coverage and customer sentiment. The following table shows the top best boat insurance providers based on the results of that study:

Best Boat Insurance Companies

Below we’ve broken down the best boat insurance companies, what makes their policies stand out along with their unique coverages and discounts.

1. Progressive: Best Boat Insurance Company

Progressive boat insurance review.

Progressive boat insurance scored the highest of all providers in our study, earning the title of the best boat insurance company. The well-known auto insurance provider offers a slew of coverage options for boat owners, and a large selection of discounts including an option for bundling with a Progressive car, RV or homeowners policy.

Notable Progressive Boat Insurance Coverages

• Propulsion Plus ® mechanical breakdown coverage : Similar to an extended car warranty , this MBI policy pays for mechanical repairs to stated components on your boat.
• Trailer trip interruption : This trip interruption coverage reimburses up to $500 in food, transportation and lodging costs if you break down more than 100 miles from home.
• Sign & Glide ® on-water towing : Progressive offers a towing package as an add-on to your boat insurance policy.

Notable Progressive Boat Insurance Discounts

• Prompt payment : Progressive actually starts its policyholders out with a discount for making their first payment on time. This discount continues as long as the policyholder continues to make on-time payments. 
• Original owner : You can get a discount if you are the original owner of the vessel and have both collision and comprehensive coverage as part of your boat policy.
• Advanced quote : If you buy your watercraft insurance at least one day in advance of the policy beginning, you can get a discount.

2. BoatUS: Best Boat Insurance Member Organization

Boatus boat insurance review.

As one might expect, BoatUS offers a wide range of specialized coverage options. Add-ons such as fishing guide coverage and a lifetime repair guarantee may be especially appealing to serious boaters and professionals. BoatUS also offers some of the insurance industry’s most expansive cruising areas, which is a significant perk for dedicated boaters.

Notable BoatUS Boat Insurance Coverages

• Fishing guide coverage : If you use your boat for tours, fishing or other business purposes, this coverage adds commercial liability coverage for up to six passengers.
• Unlimited towing : You can purchase an unlimited towing package with 24/7 dispatch from the company’s partner organization TowBoatUS.
• Trailer coverage : BoatUS offers a towing trailer package that covers your boat trailer. The company includes roadside assistance with this package.

Notable BoatUS Boat Insurance Discounts

• Multi-boat : You can earn a discount if you insure more than one boat under the same policy.
• Bundling : BoatUS offers a discount for bundling your boat policy with a Geico auto insurance policy.

3. Markel: Best Boat Insurance Coverage

Markel boat insurance review.

While the company has plenty of coverage options suited for all types of boaters, Markel is a specialty boat insurance provider that’s a particularly good choice for serious boaters and fishing professionals. The company offers commercial liability coverage for fishing and other boat-based businesses. Fishing pros can also get coverage for rods, reels and related equipment.

Notable Markel Boat Insurance Coverages

• Fishing equipment : Markel offers coverage for all your fishing equipment, ranging from your tackle box to your trolling motor. 
• Professional liability : Tour guides, professional fishers and others who use their boats for work can add commercial liability insurance to their policies. This covers injuries and property damage that occur while your boat is being used for business.
• Tournament fee reimbursement : You can add insurance to cover the cost of a fishing tournament entry fee if your boat is out of service following a covered accident.

Notable Markel Boat Insurance Discounts

• Mature operator : If the primary operator of your boat is over the age of 40, you’re eligible for a discount from Markel.
• Experienced driver : Boaters with more than five years of experience can get additional savings on their policy.
• Diesel engine : If your boat’s inboard or outboard motor uses diesel fuel rather than gasoline, Markel offers a discount.

4. NBOA: Best Boat Insurance Marketplace

Nboa boat insurance review.

In our study of boat insurance providers, the NBOA was the best option we found for comparing policies from multiple companies. The NBOA doesn’t manage or underwrite boat insurance policies itself. Instead, the organization functions as an insurance marketplace where you can work with agents to match your needs with a plan and provider. The NBOA works with a network of marine insurance companies, so options will vary and an agent can help you determine what those options are for you.

NBOA Boat Insurance Membership

Although you don’t need to be a member to purchase coverage, NBOA membership provides several perks. As a boating organization, the NBOA offers its members a wide range of benefits such as discounts, towing services and more. Membership to the organization is not included with an insurance policy you buy through the NBOA, but it’s easy to purchase a membership if you choose to do so.

5. State Farm: Best Commercial Boat Insurance

State farm boat insurance review.

State Farm is the country’s largest insurer, making it an obvious option when it comes to boat insurance. While the company offers coverage for everyone, it excels when it comes to commercial boating insurance options.  While options like fishing-related coverage aren’t that hard to find from boat insurance providers, coverage for boats rented to and from other people is scarce. State Farm boat insurance offers both in addition to several other options for people who work on the water.

Notable State Farm Boat Insurance Coverages

• Boat rental reimbursement and liability : This coverage functions similarly to rental car coverage for auto insurance. It covers the cost of a rental boat while yours is being repaired and includes liability coverage on the rented boat.
• Boat rental liability : You can purchase coverage for boats you rent from others to protect you in the event of an accident.
• Boat rented to others : State Farm offers coverage for boats you own and rent out to others.

Notable State Farm Boat Insurance Discounts

• Freshwater : You can get a discount in some areas if you only use your boat in fresh water.
• Lay-up : State Farm offers a discount for establishing a lay-up period — a set period of time in which your boat is stored and decommissioned.

6. Foremost: Best Included Boat Insurance Benefits

Foremost boat insurance review.

Foremost is a specialty insurer for its parent company Farmers, one of the country’s largest insurance providers. In addition to the traditional way of building a policy by picking and choosing coverages, Foremost offers unique pre-configured coverage packages that are curated for different types of boats and boaters. Foremost also includes emergency on-water assistance with many of its policies.

Notable Foremost Boat Insurance Coverages

• Boat lift : You can get additional coverage for your boat lift in case it breaks or gets damaged.
• Hurricane haul-out : This add-on covers some or all of the cost to move your boat to safety if it’s in the path of a hurricane.
• Pollution liability : You can add insurance to cover many of the costs related to fuel spills and other polluting incidents. These include cleanup, civil penalties and more.

Notable Foremost Boat Insurance Discounts

• Paid-in-full : You can get a discount on your boat policy if you pay for it up front rather than by monthly payments.
• Safety course : Foremost offers a discount for completing a state-approved boat safety course.

Best Place To Get Boat Insurance: What To Consider

When looking for the best place to get boat insurance for you the coverage that you can get on policies, the types of boats you can insure and what affects costs are incredibly important to know. You may also not need boat insurance depending on how you use your boat and your location. So we’ve made a comprehensive guide to boat insurance below to help guide you through your buying process.

What Does Boat Insurance Cover?

Boat insurance covers what you want it to cover, for the most part. While there are some scenarios in which you’re required to have boat insurance, you can typically build a policy to suit your needs. That can mean inexpensive liability-only coverage, a comprehensive full coverage policy or anything in between.

Types of Boats You Can Insure

Companies have different restrictions on which types of boats they’ll cover. For example, some providers offer insurance for personal paddle boats like canoes and kayaks while others don’t. 

Exclusions vary by provider and sometimes by location, but these are the most common types of boats you can insure:

• Fishing boats : Sometimes called bass boats, these vessels are designed for fishing, featuring trolling motors and other equipment for the sport. 
• Personal watercraft (PWC) : Typically built for one or two people, these jet-powered watercraft include Jet Skis, WaveRunners and Sea-Doos.
• Pontoon boats : These vessels feature a flat deck riding on two or three sealed metal tubes, and are typically large enough to accommodate a group of people.
• Powerboats : Also known as motorboats, these types of boats feature one or more outboard, inboard or jet motors and are useful for a wide range of activities.
• Sailboats : While sometimes outfitted with a motor for backup, these boats have one or more sails to harness wind power.
• Yachts : These luxury liners are typically well appointed and can cost millions of dollars — meaning that some insurers do not offer yacht insurance, as the boat cost is more than some providers are willing to cover.

Standard Boat Insurance Coverage

The standard types of boat insurance are similar to the ones you’ll find for auto insurance. Boat insurance policies can cover damages you cause as well as damages caused by others.

These are the standard coverage options you’ll find with most providers:

• Bodily injury liability : Covers medical bills and lost wages of other parties if you’re found at fault for an accident. 
• Property damage liability : Covers damages to other boats and property if you’re at fault for a boating accident. 
• Collision insurance : Provides damage coverage for your vessel and personal property after an accident no matter who is found at fault.
• Comprehensive insurance : Covers damages to your boat from sources other than accidents, such as floods, extreme weather, vandalism, fire and more. 
• Medical payments : Covers medical expenses for you and your passengers regardless of who is found at fault for a boating accident.
• Uninsured watercraft coverage : Covers damages if the at-fault boat operator lacks sufficient insurance coverage.

What Is Full Coverage Boat Insurance?

You may have seen or heard the term “full coverage” used to describe a type of insurance policy. A full coverage boat policy includes liability, collision and comprehensive coverage. When you have all three, you and your boat are covered in almost every situation, whether on the water, in transit or in storage.

Optional Coverage and Add-Ons

Providers also offer various optional coverages you can add to your policy. These may insure additional equipment on or for your boat, offer emergency services, protect your business or cover many other related boating costs.

Coverage add-ons differ from one provider to the next. In the world of boat insurance, some providers tend to specialize in insurance products geared more toward professionals and others who spend a lot of time on the water, while other insurers may cater more to a recreational boating and watersports clientele.

What Doesn’t Boat Insurance Cover?

For everything your marine insurance policy can cover, there are a few things almost no policy will. Most insurers exclude damage from the following sources:

• Damage while using drugs or alcohol
• Deterioration
• Manufacturing defects
• Renovations
• Servicing and maintenance
• Wear and tear

How Much Does Boat Insurance Cost?

The average cost of boat insurance is between $200 and $500 per year . However, boat insurance premiums vary widely depending on several variables and the cost of your policy could easily fall outside of that range.

Marine Insurance Cost Factors

The reason the cost of boat insurance varies so much is that there are typically many variables that factor into these costs. Not all insurers consider the same factors or weigh these factors the same. That’s why you’ll get different quotes from different providers for the same boat.

Agreed Value vs. Actual Cash Value Coverage

There are two main ways that your policy can value the replacement cost of your boat in a total loss — agreed value or actual cash value. Some insurers only offer one or the other and some offer both.

An agreed value policy covers an amount you set with your provider at the start of your policy. This amount stays the same for the duration of your policy, regardless of the age of your boat or market conditions.

An actual cash value policy, on the other hand, pays out for a total loss based on the value of the boat at the time of the accident. This amount includes depreciation and considers market factors as well.

Agreed value policies, as one might expect, tend to be more expensive.

Boat Condition

Boats in worse condition are more likely to suffer further damage and therefore may be considered riskier to insure. Some insurers require a full inspection of your boat before agreeing to cover it. If your boat is in poor condition, you may have to pay more for coverage.

Boating Horsepower

Speed is one of the most significant risk factors for boating accidents. Many insurers charge higher rates for powerboats with high-horsepower engines.

Cruising Area

Some providers ask you to declare a cruising area when you request a quote. This is the area where you intend to use your boat.

The larger your cruising area is, the more you’ll likely have to pay for coverage. Insurers may also charge more if your stated travel area includes high-risk places.

Deductible Amount

You’ll typically get to set the deductibles on your policy. These amounts could be as little as zero dollars or could range into the thousands.

While a low deductible means you won’t have to pay as much out of pocket for repairs or a replacement, it also means you’ll pay a higher premium.

Most boat insurance providers offer discounts that can bring the cost of coverage down. Many of these discounts are similar to those you’d find with a reliable car insurance company , such as multi-policy discounts for combining your boat policy with your homeowners insurance.

Some insurers also offer discounts that are unique to the boating world, such as one for having a diesel-powered motor rather than a gasoline-powered one. Another common boating insurance discount is one given for installing an onboard fire suppression system.

Storage Location

Your boat is still at risk when it’s in storage, so where you store it can play a role in the cost of your premiums. Boats that are stored in areas with higher risk factors, such as those prone to tornadoes, floods, hurricanes and other natural disasters, may drive higher premiums.

Type and Amount of Coverage

Of course, the types of coverage and limits you choose are a major component of the premiums on your boat insurance policy. The cheapest boat insurance policies are typically liability-only coverage, but you can choose to cover much more.

Do You Need Boat Insurance?

There are a few situations in which you need boat insurance. These are the most common:

• Your state requires it : Only Arkansas and Utah require boat owners to maintain an insurance policy. If you live in either state, you’ll need to meet its minimum insurance requirements.
• Your marina requires it : Some marinas require boaters to have liability coverage. As a result, some providers offer insurance plans that are designed to fit these requirements.
• Your lender requires it : If you took out a loan to buy your boat, the lender may require you to insure it up to a certain amount.

Risks of Boat Ownership

Owning a boat comes with many risks. Boat insurance can help cover those risks and protect your finances, as well as offer you peace of mind. 

Here are some of the most common ways your boat can be damaged:

• Collisions : Whether between two vessels or between a boat and a stationary object like a rock or a pier, a boating accident can cause injuries and property damage.
• Damage during storage : Your boat can be damaged even when it’s in storage. It’s not uncommon for boats to be scratched, dented or mishandled while being stored.
• Damage while moored : Marinas are high-traffic areas and an easy place for your boat to get damaged. 
• Damage during transit : Bad weather, car accidents, road debris and more all pose a threat to your boat while you’re moving it from one place to the next.
• Swamping : Even experienced boaters sometimes hit sandbars or unexpected earth. This can cause physical damage to your vessel and may sometimes require assistance to get unstuck.
• Sinking : There are many ways in which a boat can sink. If yours does, you’ll often have to pay for wreck removal in addition to your property loss.
• Storm damage : Storms can damage your boat while on the water and even while it’s in storage.
• Theft : Boat theft isn’t as regular as car theft, but it still happens. In 2019, there were 4,240 watercraft thefts, according to the National Insurance Crime Bureau (NICB) .
• Fire : Boats often have fuel stored on board and have electrical components that regularly come into contact with water. Because of these and other factors, fires are one of the more common risks for boat owners. 

Boating Accident Statistics

Accidents on the water are a regular occurrence. In 2020, there were reported 5,265 boating accidents, according to data from the U.S. Coast Guard (USCG). These accidents resulted in 3,191 injuries and 767 deaths.

Historical data from the USCG shows that boating accidents are becoming more frequent, too. The number of boating accidents increased by 26.3% between 2019 and 2020. The number of injuries and deaths from boat accidents also rose in that time, by 24.7% and 25.1% respectively.

Boat Safety Courses

Many insurers offer discounts for completing an approved boat safety course. This is primarily because statistics overwhelmingly show that operators who have a boat education cause fewer accidents than those who don’t.

The Best Boat Insurance: The Bottom Line

Progressive earned the top spot in our industry-wide study of the best boat insurance companies. However, BoatUS, Markel and the other providers from our list all have distinct advantages. We recommend comparing boat insurance quotes from multiple providers to see which ones offer the lowest rates for you and your boat.

Best Boat Insurance Company: FAQ

Below you can find frequently asked questions about the best boat insurance providers:

Best Boat Insurance: FAQ

Which marine insurance is best.

Progressive scored the highest out of all marine insurance providers in our study based on its range of coverage choices, discount selection and more. The company’s 9.1 out of 10.0 rating earned it the title of the Best Boat Insurance Company.

Where can I get the best boat insurance

You can find the best boat insurance with the following providers:

• Progressive : Best Boat Insurance Company
• BoatUS : Best Boat Insurance Member Organization
• Markel : Best Boat Insurance Coverage
• NBOA : Best Boat Insurance Marketplace
• State Farm : Best Commercial Boat Insurance
• Foremost : Best Included Boat Insurance Benefits

Is Geico dropping boat insurance?

Geico is not dropping boat insurance, but it’s providing it through a different path. The company no longer offers boat insurance through independent brokers and instead offers it through BoatUS, the country’s largest boating organization.

How much is insurance on a $100,000 boat?

How much insurance is on a $100,000 boat depends on several variables, including the types and amounts of coverage you want. In general, a reasonable estimate for a boat insurance policy is somewhere between 1% and 5% of the boat’s value annually. In this case, you can expect insurance on a $100,000 boat to cost between $1,000 and $5,000 per year.

What is typical boat insurance?

A typical boat insurance policy costs between $200 and $500 per year, but could easily cost more or less. Boat insurance premiums vary based on several factors and the coverage you choose, including options like personal effects coverage, coverage for wreckage removal or protection for your boat-related business.

How We Rated The Best Boat Insurance Companies

Because consumers rely on us to provide objective and accurate information, we created a comprehensive rating system to create our rankings of the best boat insurance companies. We collected data on dozens of marine insurance providers to grade the companies on a wide range of ranking factors. The end result was an overall rating for each provider, with the insurers that scored the most points topping the list.

Here are the factors our ratings take into account:

• Reputation : Our research team considered market share, ratings from industry experts and years in business when giving this score.
• Availability : Boat insurance companies with greater state availability and few eligibility requirements scored highest in this category.
• Coverage : Boaters can benefit from a wide variety of specialty coverage options. We evaluated companies based on the amount and diversity of coverage add-ons they offer for boat insurance.
• Cost : As boat insurance costs are highly variable, our research team mainly considered the availability of policy discounts.
• Customer Experience : Our research team took into account companies’ industry reputation with organizations such as the BBB as well as the ease and availability of in-person, over-the-phone and online services.

* Data accurate at time of publication.

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Best Boat Insurance of 2024

Table of Contents

• Best Boat Insurance
• Things To Consider When Buying
• How We Chose

Boat insurance is a type of coverage designed to protect boat owners and their personal property in the event of an incident on the water. The best boat insurance companies offer flexible coverage options for a variety of vessels, with reasonable premiums and lots of additional benefits.

Every person who owns or operates a boat should consider carrying boat insurance , as it protects them against personal liability if they’re in an accident, as well as guarding them against loss if something happens to their vessel. In this guide, we’ll explore some of the best companies that offer boat insurance, what they offer, as well as their benefits and drawbacks. We’ll also discuss special coverage options for particular use cases or types of boats.

• Best Overall: Geico Marine »
• Best for Fishing Enthusiasts: Markel »
• Best for Yacht Owners: Chubb »
• Best for Jet Ski and Personal Watercraft Owners: SkiSafe »
• Best for Houseboats: American Family »
• Best for Discounts: Progressive »

Best Overall: Geico Marin e

Insures boats up to 50 feet in length

Gives policyholders access to BoatUS Catastrophe Team

Insures boats valued up to $2.5 million

Doesn’t insure wood or composite boats

Boats more than 40 years old aren’t eligible for coverage

Geico Marine has been writing boat insurance since the 1980s. Originally established as Seaworthy Insurance, the company was bought by financial giant Berkshire Hathaway in 2007.

Under the Geico umbrella, Geico Marine offers insurance designed to meet the needs of the vast majority of boat owners. The list of boats that are ineligible for coverage by Geico is far shorter than those that are. Disqualifying criteria include:

• Boats over 50 feet in length
• Boats over 40 years old (15 years for houseboats)
• Multihull sailboats (catamarans)
• Watercraft made of wood or composite material
• Homemade boats
• Amphibious land boats or hovercraft
• Boats previously deemed a total loss
• Boats valued over $2,500,000

In addition to its strong lineup of coverages, Geico Marine insurance also comes with 24/7 assistance. Additionally, the company has a long-standing association with The Boat Owners Association of the U.S. (BoatUS), including giving policyholders access to the BoatUS Catastrophe (CAT) Team. The BoatUS CAT Team is a group that brings considerable resources to bear – including towboats and cranes – to help BoatUS members and Geico customers recover and salvage their vessels after a natural disaster.

Coverages Offered: 

• Not disclosed

Exclusions:

Navigational Limits:

Discounts and Benefits:

Salvage Coverage:

• 24/7 assistance dispatch
• Access to BoatUS Catastrophe Team

Insurer Financial Strength:

• A++ (Superior) rating by AM Best

Best for Fishing Enthusiasts: Markel

Special coverage for rods, reels, and other equipment

Emergency towing and personal property coverage included

Lift and trailer coverage available

Claims can take a few weeks to settle

Some negative customer reviews online

Specialty insurer Markel is another provider of boat insurance. Markel boat insurance policies come with multiple coverages included and even more optional coverages available, including many not available from other insurers. Several of these special coverages are geared towards fishing enthusiasts, including both amateurs and professionals.

Among Markel’s special coverages for fishers are protections for rods, reels, and other personal effects, plus coverage for boat lifts and trailers. The company even offers professional angler liability coverage and tournament fee reimbursement as optional add-ons.

However, according to Markel’s documentation and customer reviews online, the company can take up to several weeks to settle claims. This is somewhat longer than some other providers. Customers have also noted that claims can take longer and be more involved, increasing the time it takes to get boats repaired or replaced.

• Watercraft liability
• Medical payments
• Agreed value watercraft and equipment
• Emergency towing
• Personal effects 
• Uninsured/underinsured boater
• Pollution liability
• Replacement cost settlement
• Boat lift 
• Trailer 
• Fishing equipment 
• Professional angler liability
• Tournament fee reimbursement
• Crash damage
• Theft coverage
• Theft away from home
• Wreck removal
• Cost of gas, oil, parts, or a loaned battery in the event of a breakdown
• Experienced boater 
• Vanishing deductible for loss-free boaters 
• Multi-boat policy 
• Outboard propulsion 
• Primary operator age 40 and over 
• Diesel engine 
• Wreck removal coverage included
• A (Excellent) rating by AM Best

Best  for Yacht Owners: Chubb

Coverage designed specifically for yacht owners

High coverage limits available for captained vessels

Vessels must be 36 feet longer or greater to qualify for yacht coverage

Crew required for vessels over $3 million

Global insurer Chubb is one of the few large carriers that offers boat insurance designed specially for yachts, including those over 70 feet in length with professional captains and crews.

Yacht insurance from Chubb is available for pleasure cruisers at least 36 feet long (and valued up to $3 million), as well as captained yachts at least 70 feet long and valued at $3 million or more.

Among the niche yacht coverages available from Chubb are:

• Search and rescue
• Longshore and harbor workers’ compensation
• Boat show and demonstration
• Oil Pollution Act

Yacht insurance from Chubb can even include temporary substitute watercraft, so you can still enjoy the water if your yacht is damaged and requires repairs.

• Agreed value 
• Liability protection for both owner and crew 
• Replacement cost loss settlement
• Uninsured/underinsured boater 
• Medical payments 
• Search and rescue 
• Longshore and harbor workers’ compensation 
• Personal property and fishing equipment 
• Marina 
• Boat show and demonstration 
• Precautionary measures
• Bottom inspection
• Oil Pollution Act (OPA) 
• Temporary substitute watercraft
• Marine environmental damage 
• Emergency towing and assistance

Best for Jet Ski and Personal Watercraft Owners: SkiSafe

Coverage specifically designed for personal watercraft

Vessels are still covered during winter lay-up periods

Water sports liability coverage is included

No coverage for commercial use

$25,000 limit for no-fault medical payments

Specialty provider SkiSafe is one of the biggest personal watercraft insurers you’ve never heard of. The company doesn’t underwrite its own policies; that’s handled by AXIS Insurance Co., a large Bermuda-based insurer. SkiSafe has been around for nearly 50 years and insured more than half a million boaters.

Boat insurance from SkiSafe is designed to meet the needs of personal watercraft owners. As a result, coverages are fairly consolidated and focus specifically on the reduced needs of these types of boaters. Naturally, there is a heavy focus on coverage for injuries, including related to water sports. However, there are also special savings related to lay-ups, since the season for personal watercraft can be relatively short compared to other types of boats.

• Physical damage
• Bodily injury
• Medical payments ($25,000 limit for no-fault medical payments)
• Water sports liability 
• Commercial use is not covered
• Roadside assistance
• Policies have stated navigational limits
• Owners can’t take vessels to another country without prior approval
• Boating safety course 
• Clean driving record 
• Restricted navigation territory 
• Multi-craft 
• Winter layup 
• AXIS Insurance Company is rated A+ (Superior) by AM Best

Best for Houseboats: American Family

Special coverage designed specifically for houseboats

Up to $100,000 of personal effects coverage available

Boats up to 54 feet can be covered (40 feet in Georgia)

A marine survey may be required

Must work with a local agent to buy coverage

American Family is unique among boat insurance carriers in that it’s one of few that offers a policy designed specifically for houseboats. Included in American Family houseboat policies are several coverages that cater specifically to these types of vessels, including up to $100,000 for your personal property in case items are stolen, damaged, or fall into the water.

Houseboat insurance from American Family may lack some coverages you might find with other types of vessels, such as emergency towing or parts delivery (these are included in some boat policies from American Family, but it’s unclear from the website whether they’re included in houseboat policies). Additionally, these policies have restrictions specific to houseboats, including horsepower limitations. But, American Family also offers unique discounts particularly helpful for houseboat owners.

• Property damage (liability)
• Medical expenses
• Watercraft equipment 
• Houseboat repair cost
• Total loss agreed value
• Houseboats can’t be used as a permanent residence
• Vessels can’t be used for business purposes (separate coverage required)
• Boats must be 54 feet or shorter (40 feet in Georgia)
• Vessel MSRP must be less than $250,000
• 500 horsepower limit for single-engine boats and 1,000 for dual-engine craft
• Boating safety features 
• Autopay and paperless 
• Premium paid-in-full 
• Multi-policy bundling 
• Diminishing deductible

Best for Discounts: Progressive

Numerous discounts available

Can buy coverage online

Up to $1,000 of coverage if a pet is hurt or killed in a boating incident

Lots of limits on boat length and value

Many types of vessels are ineligible for coverage

Rounding out our list is insurance giant Progressive, which also has a strong boat insurance offering. Progressive has been insuring boats for more than three decades and insures more than 1 million vessels. Its policies should meet the needs of most owners of boats less than 50 feet long and worth less than $500,000.

Where Progressive really shines, though, is in its list of available discounts. Progressive offers boaters not just the standard discount opportunities available with other insurers, such as multi-policy, multi-boat, or paid-in-full discounts. Progressive also offers savings simply from switching coverage from another country. Additionally, accident forgiveness is also available for incidents both large and small.

• Full replacement cost
• Bodily injury 
• Property damage liability 
• Water sports 
• Total loss replacement (optional)
• Fishing equipment or carry-on item (optional)
• Mechanical breakdown (optional)
• Comprehensive  (optional)
• Collision (optional)
• Uninsured/underinsured boater (optional)
• Medical payments (optional)
• Trailer trip interruption (optional)
• Boats less than 10 years old must be worth $500,000 or less
• Boats 11 to 20 years old must be worth $350,000 or less
• Boats more than 20 years old must be worth $75,000 or less
• Boat can’t be used as a primary residence (liveaboards) 
• Houseboats must have motors 
• Homemade boats without a hull identification number are ineligible for coverage
• Boats can’t have more than two owners 
• Boats can’t have steel or wood hulls 
• Amphibious land boats, hovercraft, and airboats worth more than $27,000 are ineligible
• Boats must meet published U.S. Coast Guard standards
• Boats must also be 50 feet long or shorter (limits can be 35 feet and $175,000 in value in some states)
• Multi-policy 
• Multi-boat 
• Responsible driver 
• Original owner 
• Transfer from another company discount
• Associations (including United States Coast Guard Auxiliary, United States Power Squadron, USAA members in some states)
• Advanced quote 
• Pay in full 
• Prompt payment 
• Safety course 
• Small-accident forgiveness
• Large-accident forgiveness
• Disappearing deductibles
• Wreckage removal
• On-water towing (optional)
• A+ (Superior) rating from AM Best

The Bottom Line

Boat insurance is a highly individual product, much more so than auto or home insurance. Because boat owners’ needs vary greatly, it’s important to research providers to find the right carrier for your vessel and use case. Based on our research, we found that Geico is the best insurance company available for the widest array of vessels and the most common types of uses.

Things To Consider When Buying Boat Insurance

• Coverage options : When looking for coverage, be sure to focus on the standard protections included in policies from each carrier, as well as optional add-ons available.
• Policy limits and deductibles : Pay close attention to coverage limit type (such as replacement cost or agreed value), vessel value limitations, and policy deductibles for each carrier.
• Navigational limits : Some carriers have limits on where their coverage is active, though few disclose this information publicly. 
• Additional services and benefits: Extra features like 24/7 assistance, emergency towing, or part delivery can add significant value to a boat insurance policy.
• Exclusions and limitations: Many carriers have exclusions for certain activities (such as commercial use), as well as certain types or values of vessels.
• Agreed value vs. actual cash value: Some insurers offer boat coverage up to a specific value or amount agreed upon by the insurer and owner (typically, at the time the policy is written) should a covered incident occur, whereas other companies only may cover the actual cash value of your vessel.
• Discounts and special offers : Multi-policy and multi-boat policies are common, but more niche discounts can offer greater opportunities to save.

How We Chose the Best Boat Insurance

To identify the best boat insurance, we reviewed offerings available from numerous reputable carriers. We focused primarily on those with solid financial ratings and comprehensive coverage options to meet the needs of a wide array of boaters. We then narrowed down our selections to those providers with best-in-class offerings specifically designed to meet certain types of boaters.

WHY SHOULD YOU TRUST US?

At U.S. News 360 Reviews, our contributors and editors have years of experience researching and reviewing complex financial topics including insurance policies. Dock David Treece , the author of this piece and a senior contributor for 360 Reviews, has more than two decades of experience in the finance and insurance industry. He has covered insurance and other financial topics for Forbes, Investopedia, Business.com, and other publishers. He has also written for several insurers, including Progressive.

Based on our research, Geico Marine offers the best boat insurance policies for the greatest number of boat owners and operators.

Boat insurance is not required in most states. However, if you have a loan secured by a boat, most lenders require that you buy boat insurance. Additionally, boat insurance can protect owners and operators against personal liability if they’re involved in an accident.

When you buy boat insurance, you’ll need to provide several pieces of personal information, as well as information about your boat and applicable licenses. Depending on the type of boat and policy, you may also be required to submit a marine survey, which assesses the condition of your vessel.

Boat insurance does not typically have a waiting period before you can file a claim.

Some insurers allow policyholders to insure multiple boats under the same policy, so long as they all have the same owner(s). Many carriers also offer discounts for owners who insure multiple boats with the same company.

Depending on the size, type, and value of the vessel being insured, some carriers require a boat to undergo an inspection (called a marine survey) in order to assess the boat’s condition prior to binding coverage.

U.S. News 360 Reviews takes an unbiased approach to our recommendations. When you use our links to buy products, we may earn a commission but that in no way affects our editorial independence.

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These are the best 5 boat insurance companies to cover your boat

Boat insurance can help protect your watercraft and your wallet..

Whether you have a speedboat, small fishing boat, yacht, sailboat or other type of watercraft, if you're a boat owner, chances are that you need some sort of insurance coverage for your vessel.

While only two states (Arkansas and Utah) require boat insurance, having coverage can help protect you financially if your boat is damaged, stolen or injured someone — either in the water or on land. You also may be required to carry boat insurance by your marina, or your lender if you have a boat loan. 

A homeowners insurance policy may cover some damage to a boat, but it will likely not be sufficient coverage for many larger boats.

Here, CNBC Select  rounds up the five best boat insurance companies based on coverage, availability and ease of use (see  our methodology  for more information on how we made this list).

Best boat insurance companies

• Best for bundling: Geico
• Best for specialty boats: Markel
• Best for discounts: Progressive
• Best for high-value boats: Chubb
• Best for a wide variety of boats: Foremost

Best for bundling

Geico boat insurance.

The best way to estimate your costs is to request a quote

Policy highlights

Geico has teamed up with BoatUS (Boat Owners Association of the United States) to offer insurance to recreational boaters in all 50 states and Washington, DC. Its standard policies include options for both agreed hull value and actual cash value, as well as liability only policies.

App available

• Wide variety of coverage options with additional add-ons available
• Available in all 50 states and Washington, DC
• Few discounts listed online

Geico offers boat insurance policies through BoatUS that cover many types of boats and scenarios. Its policies include helpful features like discounts for completing boat safety courses and optional add-ons like boat towing assistance, disappearing deductibles and coverage for your fishing equipment. Geico is rated highly for customer satisfaction and financial strength, also taking top spots in CNBC Select's rankings for best car insurance and best home and auto insurance bundles .

Best for specialty boats

Markel boat insurance.

Known for insuring niche products like boats, Markel's boat insurance is a strong option for the breadth of boats covered by its policies and the depth of coverage available. Markel policies include protection against theft, wreckage removal and emergency towing. It can also include coverage like tournament fee reimbursement and trailer and boat lift coverage.

• Specialty coverage for fishing, including equipment coverage and tournament reimbursement
• With few other policies available, limited opportunities for bundling

Markel offers coverage for a variety of specialty items, including boats. Its coverage is an especially strong option for those who use their boats for fishing, with some unique perks and coverage for things like tournament fees and fishing equipment. Markel has several discounts available to customers and offers special policies for personal watercraft and yachts. It also offers commercial policies if you use your boat for charters or excursions.

Best for discounts

Progressive boat insurance.

Progressive covers a wide variety of boats under 50 feet long and at or below $500,000 in value. It also offers several discounts for those who bundle their policies, take a safety course or are the watercraft's original owner.

• Affordable on-water towing coverage is available
• 10 discounts for boat owners
• Many age, value and material resctrictions on boats covered

Progressive is a strong choice for its boat coverage, covering a variety of boats valued under $500,000 and up to 50 feet long. Progressive stands out for offering competitive rates with 10 different boat insurance discounts, including discounts for paying in full, completing a safety course and getting quotes in advance. Optional policy add-ons include replacement cost coverage, hurricane haul out and Sign & Glide, which covers emergency services like on-water towing and jump starts.

Best for high-value boats

Chubb boat insurance.

Chubb is known for its coverage of high-value property and items and its boat insurance offerings are no different. Chubb offers boat coverage for pleasure boats up to 35 feet. Boat insurance coverage through this insurer caters to high-net-worth clients, and includes coverage for things like scuba gear and water skis and even high-end coolers.

• Coverage for most watercraft up to 35 feet
• May not be a good fit for those looking for a basic policy

Chubb is ideal for those insuring large or expensive boats or yachts. Creating policies to cater to those with higher-value properties and items, this insurer can cover luxury pleasure boats 35 feet and less. Chubb's unique, tailored coverage could be a good fit for clients who have an expensive boat with high-dollar items on board. It also offers unique services for yacht owners like complimentary background screenings on crew members, travel briefings and discounted rates on security services.

Best for a wide variety of boats

Foremost boat insurance.

With Foremost boat insurance, you get the same reliable coverage you would get through Farmers. Foremost offers coverage for a wide variety of watercraft, from fishing boats to cruisers. It also offers several discounts to customers, including a discount for paying in full.

• Variety of boats are eligible for coverage
• Several discounts available
• Online quotes take two to three business days

As a Farmers Insurance company, Foremost offers coverage with the same great strength as its name-brand parent company. Foremost's boat insurance serves a wide range of boat types, from fishing boats to performance boats. With coverage available in all 50 states, it is a strong choice for many boat owners. Foremost also has multiple discounts available, such as for boat owners over 55, as well as special coverage options for USAA members.

What does most boat insurance cover?

Boat insurance generally covers the following:

• Liability coverage that can pay for damages that you're found responsible for
• Uninsured/underinsured boaters
• Medical payments for you and your passengers
• Specialty equipment or personal property onboard a boat

However, every policy is unique so it's important to review your policy to see what exactly is and is not covered.

Does boat insurance cover hurricanes?

Boat insurance can cover damage sustained from weather-related events, such as hurricanes, but it's not always included by default — it may be an optional add-on to your policy. Some insurers will also help cover the cost of moving your vessel out of danger during a hurricane advisory.

How much is boat insurance?

The average boat insurance premium is about 1.5% of the boat's insured value according to Bankrate . However, other factors like your credit score and location (and the length of the boating season there) can affect the amount you pay, too.

What are the three main types of boat insurance?

There are three types of boat insurance: actual cash value insurance, agreed value insurance and total replacement value insurance. Actual cash value policies pay for replacement cost minus depreciation if you have a claim, and are generally the most affordable. Agreed value insurance has an agreed-upon amount that the owner will receive if the boat is considered to be a total loss. Meanwhile, total replacement value insurance replaces damages with new items without considering depreciation.

Is it worth getting boat insurance?

Boat insurance can repair or replace a boat, and could be a useful tool for those with larger, powered boats. While smaller boats like a canoe or kayak may be covered under a homeowners insurance policy, a boat insurance policy can protect a larger and more expensive vessel, and make sure your finances aren't impacted if you're found liable for damages.

Bottom line

While boat insurance isn't required in every situation, having coverage can help ensure smooth sailing for you in a number of ways. Boat insurance can protect both your investment in your watercraft and your finances if you're involved in an accident. To find the best deal for you, it's important to get quotes from several insurers and compare them.

Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox.  Sign up here .

Why trust CNBC Select?

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every boat insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of insurance products .  While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See  our methodology  for more information on how we choose the best boat insurance companies.

Our methodology

To determine the best boat insurance companies, CNBC Select analyzed dozens of U.S. insurance companies with policies for boats that suit a variety of needs.

When narrowing down and ranking the best boat insurance companies, we focused on coverage, availability, unique features and ease of use. We considered the number of states where coverage is available, the variety of vessel types and sizes covered, financial strength ratings from AM Best (which measures a company's ability to pay on debts), and the number of discounts available.

From there, we sorted our recommendations by the best overall and runner-up, the best for discounts, best for high-value boats, and best for a wide variety of boats.

Note that the premiums and policy structures advertised for motorcycle insurance companies are subject to fluctuate in accordance with the company's policies. 

Catch up on CNBC Select's in-depth coverage of  credit cards ,  banking  and  money . And follow us on  TikTok ,  Facebook ,  Instagram  and  Twitter  to stay up to date.

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At ConsumersAdvocate.org, we take transparency seriously.

To that end, you should know that many advertisers pay us a fee if you purchase products after clicking links or calling phone numbers on our website.

The following companies are our partners in Boat Insurance:  Allstate ,  Progressive ,  BoatUS , and  Geico .

We sometimes offer premium or additional placements on our website and in our marketing materials to our advertising partners. Partners may influence their position on our website, including the order in which they appear on the page.

For example, when company ranking is subjective (meaning two companies are very close) our advertising partners may be ranked higher. If you have any specific questions while considering which product or service you may buy, feel free to reach out to us anytime.

If you choose to click on the links on our site, we may receive compensation. If you don't click the links on our site or use the phone numbers listed on our site we will not be compensated. Ultimately the choice is yours.

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Our brand, ConsumersAdvocate.org, stands for accuracy and helpful information. We know we can only be successful if we take your trust in us seriously!

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Best Boat Insurance Based on In-Depth Reviews

• 200+ Hours of research
• 50+ Sources used
• 30 Companies vetted
• 4 Features reviewed
• 8 Top Picks

• There are coverage options for most boat types and boat owners’ needs.
• Policy cost will depend on the boat owner’s age, boat size, use, storage location, etc.
• Get multiple quotes to evaluate the policies’ cost range.
• Search for companies that offer discounts—multi-policy or others.
• How we analyzed the best Boat Insurance Companies
• Our Top Picks: Boat Insurance Reviews
• BoatUS review

Best for Broad Navigational Limits 

Screenshot Boatus.com, June 2020

BoatUS insurance options include agreed value, actual cash value, and liability-only policy.  They cover onboard injuries up to $10,000 per person, liability expenses up to $500K, fuel spill, and the cost for haul-out up to $1,000, for NOAA-named storms.   

But what BoatUS really offers is a broad cruising area. Their policies include protection in both U.S. and Canada’s inland and coastal waters. Plus adventurous boat owners who desire to explore other waters can add extended services to Alaska, Bahamas, Mexico, and the Caribbean.

• Chubb review

Best for Yachts

Chubb is a premier yacht insurance provider and one of the largest publicly traded property and casualty insurers in the world with locations in 54 countries. they provide all-risk protection for yachts between 36-70 feet in length. , screenshot chubb.com, june 2020.

Their yacht policy offers up to 120% in replacement coverage, protection against fines and penalties related to marine environmental damages, coverage for trailers, and up to $5,000 to charter temporary substitute watercraft. Yacht owners can also include unique add-ons such as coverage for marinas as additional insureds and liability for any employed crew member aboard your yacht if they are within the jurisdiction of the Longshore and Harbor Workers Compensation Act (LHWCA).

• National Boat Owners Association review

Best for Memberships

National Boat Owners Association is a nationwide boat insurance company that offers boat owners access to their membership club program and to insurance options from top-rated marine underwriters.

Screenshot Nboat.com, June 2020

NBOA’s coverage options include liability with limits from $100K onwards, agreed value, pollution liability, and with select insurance carriers, total loss replacement. Customers can also choose from inland lakes and rivers to coastal U.S. waters or extend their policy coverage to other areas such as the Bahamas. 

Anyone can purchase their insurance policies, whether or not they are members of the NBOA. Nonetheless, boat owners who enroll in any of the two membership programs enjoy additional benefits. Among them, unlimited water towing, road assistance for trailers and discounts in boating safety equipment, marine retailers, marinas and car renting from national companies.

• SkiSafe review

Most customizable 

Screenshot Skisafe.com, June 2020

Since they’re exclusively a boat insurance provider, policies are tailored to meet the needs of each boat owner. Their insurance coverage options include all-risk coverage for boats and trailers, liability coverage with towing, roadside assistance, medical payments up to $25,000, and water sports liability. 

• Progressive review

Most Comprehensive  

Although well-known for their car insurance products, Progressive also offers comprehensive boat insurance for different types of boats—fishing boats, pontoon boats, powerboats, personal watercraft, and sailboats.   

Screenshot Progressive.com, June 2020

Their collision and comprehensive coverage include full replacement cost, meaning that if you have an accident they’ll pay the cost to return your boat to its previous condition or better. They also provide coverage for bodily injuries, property damage, fuel spill, wreck removal, roadside assistance, and other optional services such as on-water towing, fishing equipment replacement, and medical payments. Additionally, boat owners are covered in any lake and river in the United States and in ocean waters within 75 miles of the coast. 

Progressive provides popular saving options—discounts for multi-policy, multi-boat, and safety courses. There is also a discount for members of the United States Coast Guard Auxiliary (USCG), the United States Power Squadron, and the United Services Automobile Association (USAA). Boat owners who stay with Progressive can enjoy attractive rewards such as a 25% reduction of their deductible every time they renew without having issued a claim.  

• Markel review

Best for Operator’s Age Discount

Markel’s insured operator’s age discount might interest you if you’re a boat owner in your forties. Typically most companies apply this discount if you’re 55 years or older, but Markel sets it for boat owners who are 40 years or older. 

Screenshot Markel.com, June 2020

Markel has over 30 years of experience offering marine insurance. They provide coverage for boats of up to 26 ft., personal watercraft, yachts, speedboats (over 65 mph), and commercial boats—i.e. rentals, boat schools, or charters. In addition, their fishing boat policy covers replacement costs for fishing gears and tournament fee reimbursement if you are unable to assist due to a covered accident or event.  

• Foremost Insurance Group review

Best for Ease of Use

Sometimes companies overwhelm clients with tons of general information regarding boat insurance, rather than describing their products. That’s not the case with Foremost. Customers can easily navigate their website and find on-point descriptions of their boat insurance packages without redirects to other windows or tabs.     

Screenshot Foremost.com, June 2020

Foremost offers three insurance packages for most types of boats, and tailored coverages for pontoons, classic boats, and speedboats. Their basic, most affordable package includes actual cash value for loss settlements while their medium and premier packages include agreed value. Their premier also adds attractive features such as navigation to Mexico and the Bahamas, coverage for pets, and liability expenses for pollution. 

• Hagerty review

Best for Boat Collectors

Hagerty has over 30 years of experience providing coverage for those boat owners who enjoy vintage boats and the gratification of restoring their own classic boats. They provide insurance for a wide variety of classic boat types, including fiberglass boats, wooden boats, runabouts, cruisers, and sailboats. 

Screenshot Hagerty.com, June 2020

Hagerty also offers discounts for boating club members. Some of their marine partners are The Antique and Classic Boat Society, Lyman Boat Owners Association, and Century Boat Club. 

• More insight into our methodology

Shopping for boat insurance is somewhat similar to getting car insurance , with one major difference: they’re not standardized. First because boat insurance is not required in all states, except for the three states—Arkansas, Utah, and Hawaii—where boat owners are required to have some kind of liability coverage, and second because of boats themselves. While cars tend to have similar purposes and structures, and are only slightly different in size, boats have many purposes and come in significantly different sizes and styles. Additionally, boat owners face a wide range of risks in the water that car owners do not face on the road. This means that there’s not a suggested minimum coverage requirement, and that companies consider different factors to determine policy costs and boat owners risks. 

In order to choose the best boat insurance companies we focused on the following factors:

• Coverage & Benefits

The first thing you should consider when choosing boat insurance is whether you want an actual cash value or an agreed value policy. This is what influences the amount of money you will receive in case of a covered loss.  

With actual cash value, the amount to be reimbursed will be calculated based on the value of your boat at the time of the accident, and takes into account how the parts have depreciated with time.

On the other hand, agreed value will provide coverage for repairs up to the amount agreed with the insurer at the moment of signing the contract. Typically this type of damage coverage is more expensive, because it doesn’t take into account depreciation.  

Before making your decision, get at least three quotes from different companies and compare them. Consider the benefits that each company can offer you. Some companies may include services in their policies that others offer as additionals, such as coverage for your boat trailer, towing services, wreckage removal, or fuel spill coverage.

Boat insurance can be pricey, especially if it’s a large boat. Nonetheless, there are a variety of discounts that companies can apply to help you lower policy costs. Popular discounts include savings for bundling multiple policies, taking a boating safety course, or installing protective devices in your boat. 

Since not every company offers the same discounts, you should check each company's discounts section and/or ask their representatives which ones you qualify for. 

• Customer Experience

Another factor you should consider is companies’ customer service standards. You’ll want to make sure that you can count on a team of qualified experts available to respond and assist you throughout the process whenever you need to file a claim. We favored companies that offer 24/7 assistance over the phone, chats, free quotes, and other useful resources such as account management and options for filing claims online.

• Financial Strength & Reputation

Before choosing an insurance policy, be it for cars, homes, or boats, you should verify if the company will be able to pay out claims in the future. The best way to ensure this is to look at their financial strength according to the rates they receive from credit rating agencies such as AM Best , Standards & Poor’s , and Moody’s . 

Another thing that can guide your decision of whether or not to purchase a policy from a given company is checking their reputation among customers. You can do this by looking for patterns in complaints and at customers' overall satisfaction, ratings, and comments in customer review websites.

• Helpful information about Boat Insurance

It’s every boat owner’s nightmare—what starts as a beautiful day in your boat with friends or family can take an unexpected turn, ending up in a collision with another boat, a reef, or a buoy. This could result not only in liability expenses and boat repairs, but in medical expenses if someone onboard gets hurt. 

In 2019 the US Department of Homeland Security and the National Coast Guard reported a total of 4,168 boat accidents and an estimated $55 million dollars in property damage as a result of recreational boating accidents. The same annual report shows that the top five factors contributing to accidents had to do with operators' inattention, improper lookout, inexperience, excessive speed, and alcohol use. 

Boat owners also encounter other non-accidental incidents in the water such as breakdowns, motor malfunctions, or even fuel spillage—events that may leave you stranded, and requiring specialized services that boat insurers can cover for you. 

So while sailing is full of adventures, it also poses many hazards for you and your boat. Therefore, the matter in question is not whether you need boat insurance or not, rather what type and how much coverage you should get. 

• What does it cover?

Actual Cash Value vs. Agreed Value

Boat insurance providers offer physical damage coverage in two primary ways: actual cash value and agreed value. Out of the two, an actual cash value policy will be the least expensive, because it covers the current value of your boat at the time of the accident, minus any depreciation. Whereas an agreed value policy will cover the amount listed in your policy, as agreed with the insurer at the moment of purchase regardless of how the parts might have lost value over time. 

Coverage Options

Policy coverage options vary depending on the insurer, nonetheless, companies usually feature services such as: 

Liability Coverage: Usually, the most basic coverage. It protects you from at-fault damages caused to another boat or property. 

Medical Payments: Medical coverage will pay out for medical expenses that you or any passenger onboard experience as a result of an accident. 

Salvage: Salvage coverage is also known as wreckage removal. Simply put if your boat wrecks in the water, the insurer will pay salvage costs.    

Pollution Liability/Fuel Spill: According to the Oil Pollution Act of 1990 , polluters are responsible for the costs related to oil spill clean-ups and environmental damage. This type of coverage will protect you from expenses resulting from accidental contamination. 

Additional Coverage Options

Most insurers also offer additional coverage options that may come handy in specific situations:

In-water towing services for whenever you need to tow your boat back to land.

Roadside assistance for whenever you experience problems on the road while hauling your boat, such as gas delivery or towing your vehicle and boat to a repair shop.  

Haul-out to cover haul-out expenses whenever you need to transport your boat to an event or a safer place before a storm. 

Uninsured/underinsured coverage to cover damages or injuries (to you or any person onboard) if hit by a boater without insurance. 

Personal equipment coverage in the event of theft, damage or loss of apparel, sports equipment and/or fishing equipment on your boat.

Pet coverage so that in case you bring your four-pawed family members on board, they’ll be covered in the event of being injured in an accident. 

• How much coverage do you need?

With the exception of Arkansas, Utah, and Hawaii, where some type of liability coverage is required, boat owners don’t need a minimum amount of boat insurance in most states. This means that finding the right policy for you will mainly depend on four factors: first, the type of boat you have, second, what you use it for—fishing, sports, recreation with family or friends, etc.—, third, how protected you want your boat to be, and fourth, how much are you willing to pay.  

If your intention is purchasing a well-rounded boat insurance policy, it should at least feature some type of liability coverage, collision, and medical payments. These three options will cover damages caused to property, physical damages to your boat, and medical expenses for you or passengers. Adding extra coverage to your policy such as towing and roadside assistance can also come in handy. Keep in mind that sometimes companies include services in their policies that others offer for an additional cost. In order to find the best policy and price, you should at least get three quotes from different companies and compare what coverage and services they feature in their policies.

• How much does boat insurance cost?

A variety of factors influence boat insurance rates; that includes type, length, speed, and age of the boat, as well as your age, boating experience, and credit history. Typically, depending on whether you are considered a high-risk or low-risk boat operator, insurers offer multiple ways to lower your policy rate.  

Most common discounts

Just like car insurance companies reward experienced drivers with a clean driving record, insurers are more likely to reward boat operators who take the most safety precautions with their boats. Each company offers popular discounts that can help you keep money in your wallet. Most companies apply discounts for:  

Boating Education Course : insurers like it when you show them that safety comes first. That’s why holding any state-approved boating safety course certificate is the most popular discount. You can find a list of approved courses in the National Association of State Boating Law Administration .

Protective Devices : installing safety equipment in your boat such as EPIRB, GPS, Radar, Depth Finder, or automatic fire extinguisher system can also reduce policy costs.   

Responsible Boat Operator/Driver : a clean boating or driving record increases your chances of getting better rates.

Boat owner’s age : generally boat owners who are 55 years or older get better rates. However, it’s possible to find companies with a lower age limit. 

Multi-Policy Discount : bundling is an easy way to save money. Many companies give you a discount when you include your boat with your homeowners, life, or car policy.

Multi-Boat Discount : having more than one boat listed in your policy can translate into another discount.  

Payment method : another way to save money is to pay in full or sometimes subscribing to automatic payment.

Loss-Free Renewal : some companies may offer you discounts on your deductible every time you renew your policy without having filed claims.

• FAQs about Boat Insurance

Am I required to buy boat insurance?

If by required you mean whether you’re legally obligated to have boat insurance, then it’ll depend on the state. Currently, only three states—Arkansas, Utah, and Hawaii— required boaters to have boat insurance. However, regardless of whether or not it is mandatory, every boat owner should get one, especially considering the many navigational hazards you can encounter on the water.

Is my boat covered by my homeowner's insurance?

Sometimes homeowners insurance policies include boat protection. Nonetheless, these policies often offer limited protection for your boat and treat it as any other personal property. Most likely it won’t offer the same specialized protection that a boat insurance policy provides.

Does boat insurance cover accidents outside of the water?

This will depend on the type of boat insurance you have. In most cases, insurers will cover physical damages that your boat or trailer (if duly insured) may have experienced as a result of an accident while hauling your boat. However, it probably won’t cover liability damages caused to another vehicle or person in an at-fault accident. a

Are passengers covered by boat insurance?

In most cases, insurance companies cover passenger injuries if your policy includes collision or medical payments coverage. Make sure to ask your agent before signing on the dotted line.

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Best Boat Insurance

Be prepared for anything before you head out on the water

Boating accidents are more common than most people realize. The United States Coast Guard counted 4,439 boating accidents in 20201 alone, which resulted in $67.5 million of property damage and 658 fatalities. You can never predict when accidents will strike, but you can prepare yourself for any possible catastrophe by purchasing the best boat insurance for your needs.

We evaluated boat insurance policies from more than 20 nationally recognized brands to help you determine who offers the best boat insurance your money can buy before you head out on the water. After our careful analysis, we selected five companies that offer the best boat insurance.

Best Boat Insurance of 2024

• Best Overall: Allstate
• Progressive: Best for Cheap Boat Insurance
• Nationwide: Best for Policy Bundling
• Foremost: Best Variety of Coverage
• Markel: Best for Fishermen
• Our Top Picks
• Best for Cheap Boat Insurance
• Best for Policy Bundling
• Best Variety of Coverage
• Best for Fishermen
• See More (2)
• Compare Providers

The Bottom Line

Frequently asked questions, methodology, best overall : allstate.

Great coverage including many extras

Average national rates around $25 per month

Limited info online about restrictions and exclusions to coverage

Allstate offers a very comprehensive lineup of options for boat coverage, including:

• Watercraft liability coverage
• Property coverage
• Repair costs
• Medical payments
• Uninsured watercraft coverage
• Additional equipment and personal effects
• Trailer coverage
• Emergency services (such as towing, labor, and fuel, oil, and battery delivery)
• Agreed value

Even though Allstate offers boat coverage starting at about $25 per month, it doesn’t shy away from discounts. You may qualify for the following when you insure your boat with Allstate:

• Multiple Policy Discount – Discount when you combine your boat insurance with an Allstate homeowners policy
• Full-Pay Discount – Discount for paying your full premium upfront
• Homeownership Discount – Discount for owning a home
• Boat Education Discount – Discount when you take an approved boater safety class
• Easy Pay Plan Discount – Discount when you enroll in automatic payments

Limitations

Allstate does not disclose many limitations on its boat coverage. However, some types of coverage and discounts are not to be had in all states, so it’s best to contact a local Allstate agent to verify the availability of coverage and discounts before switching over to Allstate for your boat insurance.

Additional Perks

Allstate offers the best of both worlds to its customers: local agents to help you with your insurance needs, as well as online tools and an 800 number to get questions answered anytime.

Allstate’s website also has a lot of information and resources for boaters, which can be especially helpful to new boaters or those with limited experience in owning a boat. The company offers articles and videos on boat maintenance, dealing with accidents and other marine emergencies, and handling your boat and boat insurance during the offseason.

Progressive : Best for Cheap Boat Insurance

Rates as low as $100 per year

Wide array of coverage

Lots of available discounts

Restrictions on types of boats covered

As expected from one of the industry leaders in personal property insurance, Progressive offers all of the major coverage and more, including:

• Bodily injury and property damage liability
• Comprehensive coverage
• Collision coverage
• Uninsured/underinsured boater (UB/UIB)
• Propulsion Plus mechanical breakdown coverage (add-on, starts at $38 per year)
• Sign & Glide on-water towing (add-on, starts at $30 per year)
• Fishing equipment or carry-on items
• Water sports injury coverage
• Fuel spills and wreckage removal
• Roadside assistance and trip interruption (if you elect trailer coverage)
• Full replacement cost

You can potentially save even more with Progressive by qualifying for some of the following discounts:

• Advanced Quote Discount – For those who obtain a quote and sign up for coverage at least 24 hours before you want it to go into effect
• Transfer Discount – For those who move their boat to Progressive from another company
• Multiple Policy Discount – For those who maintain multiple types of insurance with Progressive (car, boat, motorcycle, homeowners, etc)
• Multi-boat Discount – For those who insure more than one vessel
• Association Discounts – For those who are members of the United States Coast Guard Auxiliary, United States Power Squadron, or USAA
• Original Owner Discount – If you’re the original owner of your boat
• Responsible Driver Discount – For boaters who remain accident-free on the water for at least three years
• Prompt Payment Discount – Automatically discounted so long as you pay on time
• Pay-in-Full Discount – For paying your entire premium upfront

Additionally, Progressive offers these perks that help customers save on their boat insurance over time:

• Small Accident Forgiveness – This prevents your rates from increasing if you end up in a boating accident with a claim under $500.
• Large Accident Forgiveness – This prevents your rates from increasing after an accident if you’ve previously remained accident-free for three years.
• Disappearing Deductible – Your deductible lowers by 25% for each period you remain claim-free until it finally reaches zero.

Progressive boat insurance is only available for boats up to 50 feet in length, and in some states that experience higher hurricane risks, the limitations are 35 feet and $175,000 in value.

Progressive also places some age and value restrictions on the boats it covers. For example, it will not insure the following:

• Boats over 10 years old and worth more than $500,000
• Boats that are 11 to 20 years old and worth more than $250,000
• Boats over 20 years old and worth more than $60,000
• Boats used as a primary residence
• Houseboats that do not have motors
• Homemade boats without a hull identification number
• Boats with more than two owners
• Boats with steel or wood hulls
• All amphibious land boats, hovercraft, and airboats
• PWCs worth more than $27,000
• Boats that do not meet published U.S. Coast Guard standards

If you aren’t sure if your boat fits into Progressive’s coverage requirements, you should contact Progressive over the phone to ask clarification questions and obtain a quote.

Other companies place restrictions on where you can use your boat, but Progressive gives you the freedom to sail wherever you’d like on any lake or river in the United States, as well as in ocean waters within 75 miles of the coast.

Progressive also waives some requirements that other companies force on customers, such as navigation plans and marine surveys. These requirements often cost customers hundreds of dollars, which means you save even more by using Progressive.

Finally, Progressive offers a variety of online tools and features, including the Name Your Price Tool and a mobile app. These help travelers access their plans and make changes anytime.

Nationwide : Best for Policy Bundling

Multi-policy discount for those who bundle boat insurance and at least one other policy with Nationwide

Boat insurance packages to help customers save money

No online quote tool for boat insurance

Not all coverages and discounts available in all states

Nationwide offers lots of options for boat insurance coverage, including:

• Uninsured/underinsured boater
• Medical payments coverage
• Roadside assistance (for boats and trailers)
• On-water boat towing and labor
• Fishing equipment insurance
• Personal effects insurance

Furthermore, there may be additional savings on your boat insurance when you select one of Nationwide’s boat insurance packages. The company offers a wide range of packages for different types of boaters, such as:

• Weekenders – For those who simply take gear onto their boat and remove it when they’re done, Nationwide offers an affordable package that includes up to $1,000 for fishing equipment, $3,000 for personal effects, and $500 for towing.
• Overnighters – For those who take short boating trips, Nationwide offers up to $2,500 for fishing equipment, $5,000 for personal effects, and $2,500 for towing.
• Light Tackle Anglers – For customers who own a bass boat or smaller fishing boat, Nationwide offers up to $5,000 for fishing equipment, $2,000 for personal effects, and $2,500 for towing.
• Deep Water Pros – For those who fish big waters, gulfs, bays, and oceans, Nationwide offers up to $10,000 for fishing equipment, $5,000 for personal effects, and $2,500 for towing.

The best way to save with Nationwide is by bundling your insurance policies with them. While the company's website claims customers can save up to 20% when bundling home and auto, it does not mention specific savings on bundling another policy with your Nationwide boat insurance. However, customers who choose to bundle a boat policy with their home, auto, or life policy with Nationwide will be awarded a discount.

In general, Nationwide offers these discounts to people who insure boats:

• Multiple Policy and Multiple Boat Discounts – For those who combine home, boat, vehicle, and/or life insurance policies
• Boater Safety Course Discount – For those who complete an approved water safety course
• Diesel Fuel Discount – For those who own a diesel-powered boat
• Paid-in-full Discount – For those who pay their 12-month premium upfront
• Claims-Free Renewal Discount – For those who are claim-free during the previous year

Although Nationwide doesn’t specifically list limitations on where you can obtain its boat insurance, the company does stress that not all products and discounts are available in all states. Contact a local Nationwide agent or use the company’s website to obtain a quote before switching your boat coverage over to Nationwide.

Nationwide offers a digital experience through its website and mobile app. On the website you can take advantage of resources as well as manage your policy through the company’s customer portal.

Foremost : Best Variety of Coverage

Variety of packages and coverage options

Several great discounts

Limitations on who can receive coverage

When it comes to coverage, Foremost offers many standard coverage options, including:

• Watercraft physical damage
• Personal liability
• Uninsured watercraft
• Towing and Roadside assistance
• Personal property

Additionally, Foremost offers numerous packages that let boaters customize the coverage they receive. These include:

• Saver Package – The most affordable package includes cash value settlements in case of a total loss
• Plus Package – Includes all of the basic coverage plus agreed value/total loss replacement cost settlement, watersports liability, diminishing deductible, extended depreciation deferral, and hurricane haul-out
• Elite Package – Offers the most coverage possible, with perks such as boat lift/hoist/cradle coverage, fishing tournament fee reimbursement, pet insurance, trip interruption coverage, enhanced towing services, Bahamas and Mexico navigation coverage, extended total loss replacement, and depreciation deferral
• Pontoon and Pontoon Elite Packages – For the specific needs of pontoon boats
• Classic and Classic Elite Packages – For boats more than 25 years old
• Performance and Performance Elite Packages – For speedboats that reach speeds of 77 mph or greater
• Personal Watercraft Insurance – With features specifically tailored for personal watercraft

Foremost’s discounts include:

• Lay-Up Discount – For those who store their boat for at least three months each year
• Paid-in-Full Discount – For those who pay their entire coverage period upfront
• Boating Safety Course Discount – For those who complete an approved safety course or obtain a marine license
• Protective Device Discount – For those with boats that contain safety features (such as automatic fire extinguishing equipment, monitoring systems, an alarm system, a no-strike lightning system, a theft recovery system, dock assist, NMMA certification and/or a PWC brake system)
• Multiple Policy Discount – For those who hold more than one policy through Foremost or its partner companies (Farmers, Bristol West, or 21st Century)
• Multiple Unit Discount – For those who insure more than one boat
• Loss Free Renewal Discount – For those who go three or more years without claims
• Insured Age Discount – For those 55 or older
• Affinity and Alliance Discount – For members of approved organizations

Although Foremost boat insurance is available in all 50 states, coverage and coverage amounts may vary by state. Foremost also limits and denies coverage based on credit scores , meaning that it may not be the best option for those with poor credit.

Foremost doesn’t offer a lot of perks, but the numerous coverage packages and discounts make it a viable choice if you want to have the ability to customize your coverage.

Markel : Best for Fishermen

Expansive coverage for fishing equipment

Savings of up to 35% with discounts including a diminishing deductible

No options to bundle with homeowners or car insurance

Markel offers boat insurance starting at just $100 per year depending on what coverage you need. Whether you’re a professional fisher or just enjoy fishing for fun, Markel offers lots of coverage, including for:

• Watercraft liability
• Agreed value watercraft and equipment
• Emergency towing
• Personal effects
• Pollution liability
• Replacement cost settlement
• Fishing equipment
• Professional angler liability
• Tournament fee reimbursement
• Crash damage
• Theft away from home
• Wreck removal

Although Markel doesn’t offer some of the discounts that larger insurance companies do, you can still save money through these discounts for:

• Multiple boats
• Outboard propulsion
• Age (when the primary operator is 40 or older)
• Diesel engines
• Experienced boaters (for those with five or more years of boating experience)
• Being accident-free (a diminishing deductible program reduces your deductible by 25% for every year that you remain accident-free until it hits zero)

Markel operates in all 50 states, but you should always consult with a customer service representative to see what boat insurance is available for you.

Additionally, Markel does not currently offer a smartphone app.

Although Markel boat insurance comes with a few limitations, there are some significant perks. For starters, the diminishing deductible program is one discount option that not all companies provide. Moreover, Markel is the only company we found that offers discounts for boaters over the age of 40, which can help older people who fish for fun save money.

The most notable perk with Markel, though, is the large amount of coverages it has as standard policy. The professional angler option provides replacement cost coverage for fishing equipment and personal items, in addition to covering the boat itself. These coverage options make Markel a standout pick for anyone who uses their boat for fishing in any capacity.

Compare Best Boat Insurance

Boat insurance protects one of your most expensive possessions and gives you peace of mind when out on the water. When selecting a policy, don’t forget to compare all the fine print and see which companies offer the best discounts and other perks to help you get the most bang for your buck.

Do I Need to Have Boat Insurance?

Though boat insurance is not required in every state, you shouldn’t go without it in most cases. If you end up in an accident or stranded out in the ocean somewhere, you’ll be glad you have it.

It’s recommended that you obtain boat insurance if you own one of the following types of boats:

• Large sailboats
• Personal watercraft (such as WaveRunners)
• Motorboats (anything that runs faster than 25 mph)

Conversely, if you’re just using a canoe, a small-engine boat, or an inexpensive boat worth less than $1,000, you may not need boat insurance.

What Should I Look for When Shopping for Boat Insurance?

There are many factors to consider when shopping for boat insurance. For starters, you’ll need to decide if you want a policy that uses an agreed value policy or an actual cash value (ACV) policy. ACV policies are typically cheaper, but they provide less payout in the event of a total loss.

Furthermore, you’ll want to look for exclusions and restrictions to boat coverage. For example, some companies will only insure boats up to a certain size, whereas others will not insure boats used for commercial purposes. Knowing the specifics of your boat and what you’ll use it for can really help you find the best policy to fit your needs.

Once you find several companies that will cover your boat, read the entire list of standard coverage inclusions and compare. Where one company may offer towing as a standard feature, another company may only offer it if you pay an extra monthly fee. Noting these small differences could really save you money.

Finally, consider a company’s reputation and the attention it gives to its boat insurance. Some specialty insurance companies focus solely on coverage for boats and other recreational vehicles, while other companies just offer boat insurance as an extra to attract more customers. Noting this can help you get the best coverage from experts who know what they’re doing when it comes to boats.

Does Homeowners Insurance Cover My Boat?

Although some homeowners insurance policies cover boats, these typically come with several limitations. In most cases homeowners policies treat your boat like any other household possession (i.e. a television or couch), meaning that your policy will only cover the boat up to a certain value (10% of your home’s insured value in most cases). What’s more, liability insurance for your boat isn’t typically included under your homeowner's insurance. This means you’d be out any liability or injury costs in the event of a boating accident.

What Does Boat Insurance Cover?

At first glance coverage for your boat may look and sound a lot like auto insurance coverage. This makes sense given that a boat is basically a car that you drive in the water.

• Bodily injury liability : Just like your car insurance policy, your boat insurance will cover costs associated with injuries you may cause others, such as medical bills, lost income, and pain and suffering.
• Property damage liability : Just as car insurance covers property damage to other vehicles and stationary objects, boat insurance also covers damage to docks and other boats.
• Collision coverage : Collision coverage is usually an optional coverage for cars, and it’s the same for boats. This type of insurance covers repairs and replacement of your own boat in the event of an accident. As with any other policy, though, always read the fine print on collision coverage; not all insurance providers will cover your boat if it sinks.
• Comprehensive coverage : Comprehensive coverage protects your boat against all non-accident-related damage to your boats, such as theft, vandalism, and other potential hazards.
• Umbrella coverage : In most cases, your insurance company will only insure your boat if you or other listed drivers on your policy are driving the boat. However, the exception to this rule is an umbrella policy . If you obtain this type of coverage, any driver is covered unless they are specifically excluded from the policy.
• Additional types of coverage : Depending on the insurance company and the policy you select, you may also receive coverage for medical payments, roadside assistance, wreckage removal, watersports, fuel spills, carry-on items, fishing equipment, trip interruption, uninsured boater, trailers, and towing (both for the boat on a trailer and in the water).

When selecting the best boat insurance providers, we compared policies and discounts for more than 20 nationally recognized insurance companies that offer boat policies. We also looked at each company’s financial strength, customer satisfaction ratings, and reviews. We feel confident that our evaluations provide a useful guide to help you select a boat insurance company, but we always encourage you to shop around and compare quotes before signing on the dotted line for any insurance policy.

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United States Coast Guard. “ 2021 Recreational Boating Statistics .” Page 6.

Insurance Information Institute. “ Boat Insurance and Safety .“

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Yacht Insurance

Finding the perfect coverage has never been easier.

Insurance doesn’t have to be boring. That’s why we hired Sara East to be our BA insurance writer. Maggie specializes in making mundane subjects hella-entertaining.

Yachts are a luxurious way to be on the water, but owning a yacht means having the right insurance in the event of damage or being destroyed. Because of their price, repair or replacement is likely to be very expensive making the proper coverage crucial for boat owners.

Before using your yacht, an independent agent can work with you to create a customized yacht insurance policy to your specific watercraft, its value, and how you use it. 

Boating Statistics

No one likes to think about the dangers of boating, but accidents can happen and it's best to be prepared in the event that you face unexpected hardship. Whether you hit another boater, have an incident with a passenger, or your boat is damaged while being transported or docked, lots of things can lead to a financial headache for you.

Here are some statistics about boating accidents.

• Cabin motorboats, which include yachts, accounted for 14% of all boating accidents
• Only about 20% of all boaters who drowned were on vessels larger than 21 feet
• Operator inattention was cited as the leading cause of accidents involving cabin motorboats

What Is Yacht Insurance and What Does It Cover?

Yacht insurance is a specialized type of boat insurance for luxury boats. Yachts can be used for personal as well as commercial use, so insurance policies must be created to accommodate each of those needs. 

While yachts, like most boats, depreciate over time, they still generally have a much higher than average value. Because of their high values, a standard boat insurance policy may not provide enough coverage for your vessel.

The components of yacht insurance are similar to standard boat insurance coverage.

• Bodily injury and property damage liability: Covers the costs associated with injuries or property damage you cause to another person, as well as legal fees. If the liability limits in your yacht insurance policy are not adequate to protect your assets from a lawsuit, you may want to consider buying an umbrella liability policy , which provides a much higher liability limit.
• Collision coverage: Pays for damage to your boat after a collision with another boat or object.
• Comprehensive coverage: Covers non-collision damage or loss, including theft, fire, vandalism, or damage caused by an object other than another boat.

Additional yacht insurance options to consider

• Uninsured/underinsured boaters insurance:  Covers any damage or injuries from an accident with an uninsured or underinsured boater. Since boat insurance is rarely required by law, if you have a significant amount invested in a vessel, this is a good insurance option to discuss with your agent. 
• Medical payments coverage: Covers medical expenses and funeral expenses for anyone on that is injured, entering, leaving or while on your boat.
• Equipment and personal effects coverage: Pay to repair or replace damaged or lost items such as gear, fishing equipment, cameras, and other personal belongings.

An independent agent can work with you to determine the appropriate coverage for your needs. Because these agents work with multiple insurance companies, they can help protect all of your interests with a broad range of insurance coverage, all from one agency office.

Is Yacht Insurance Different from Standard Boat Insurance?

Yacht insurance provides similar types of coverage as standard boat insurance . However, yachts have some specific differences from standard boats, and yacht owners generally need certain protection that regular boat insurance does not provide.

For example, a yacht policy tends to restrict hauling on a trailer to only a few hundred miles, while boat insurance tends to provide coverage for trailering over longer distances. 

Also, deductibles for yacht policies are very flexible, instead of having set amounts like $250, $500 or $1,000. In addition, yacht policies can include coverage for raising and removing a sunken yacht, while boat policies generally do not include this coverage.

Is Yacht Insurance Required?

Yacht insurance is not typically required by state law. However, sailboats often do have insurance requirements. So, if you have a sailing yacht, insurance may be required by law. 

Yacht club membership statistics

You will also need to buy insurance to protect your investment in your vessel if you finance the purchase of your yacht through a lender.

Many marinas require that you have insurance in order to slip your boat at the marina. Check your local marina's guidelines, and be sure to learn about your state’s laws and regulations. 

Do I Need Yacht Insurance?

A yacht can range in price from $300,000 to several million dollars. Purchasing one is a big investment and having the ability to insure your investment can ease your mind if there's an accident or your yacht needs repairs or replacement.

Insuring your yacht is also not just about the boat. In the event that an injured party files a liability claim against you, you will want to have enough coverage in place to protect your boat, home, savings, investments, and future income.

Assessing your financial situation will help you to determine how much yacht insurance you need.

Save on Boat Insurance

Our independent agents shop around to find you the best coverage.

How an Independent Insurance Agent Can Help with Yacht Insurance

A local independent agent will talk with you, free of charge, to learn about your yacht and insurance needs. They'll gather multiple quotes for you from several different companies and help you compare options and rates. Your agent can assist you with every aspect of your insurance and will be your point of contact if you need to file a claim.

An independent agent can help to prevent gaps in coverage that leave you exposed to risk. You will know you are getting the right coverage for your needs, and that you are not paying for any unnecessary coverage. 

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Yacht Insurance

Protect your superior watercraft with superior protection from Chubb.

Chubb has been a leading provider of yacht insurance for over 100 years, offering some of the most comprehensive policies available for private, pleasure watercrafts. Being on the water is an experience of peace, calm, and new adventures on the horizon. It’s an experience you want to protect. Our Masterpiece® Yacht insurance policy offers superior coverage for pleasure yachts 36 feet or greater in length. And for captained vessels 70 feet or greater in length and valued at $3 million or more, our  Masterpiece Yacht Preference policy has the specialty coverages you and your crew need.

Masterpiece® Yacht Policy Highlights

Agreed Value Coverage

We pay the entire agreed amount, with no deductible, for a total loss. With our Masterpiece Yacht Select policy, eligible vessels can receive Replacement Cost coverage up to 120%.

Liability Protection

Limits of coverage to suit your personal needs, including: legal defense costs, liability as required by the Oil Pollution Act of 1990, wreck removal, and Jones Act coverage for paid crew.

Replacement Cost Loss Settlement

Repair or replacement of covered property is paid for without deduction for depreciation for most partial losses.

Uninsured/Underinsured Boater Coverage

Pays for bodily injury to persons aboard the insured watercraft who are injured by an uninsured owner or operator of another vessel.

Medical Payments

Reasonable medical and related expenses are included for all those onboard, boarding or leaving the covered vessel. These benefits are provided on a per person basis, rather than per occurrence. Optional and customized limits are available.

Search & Rescue

Up to $10,000 for the expenses incurred by an insured in relation to a governmental unit such as the United States Coast Guard (USCG) who provide emergency aid and assistance are included for no additional charge. With our Masterpiece Yacht Select option, coverage is available up to $25,000.

Longshore and Harbor Workers’ Compensation Act (LHWCA)

When Liability coverage is purchased, coverage is automatically provided for those employed aboard the vessel who are within the jurisdiction of the LHWCA.

Personal Property & Fishing Equipment Coverage

Protection is automatically included for the clothing, personal effects and fishing gear of the boat owner and their guests. Optional higher limits are available.

Coverage for Marinas as Additional Insured

Marinas, yacht clubs and similar facilities where clients keep their vessels are included as Additional Insureds.

Trailer Coverage

We automatically include coverage up to $5,000 for your trailer used with your insured vessel. Higher limits are available.

Emergency Towing & Assistance

Our policy includes this coverage with optional higher limits available.

Boat Show & Demonstration Coverage

We automatically provide this coverage, at no additional charge.

Precautionary Measures

We will pay up to the policy limit the reasonable costs incurred to haul, fuel or dock the insured watercraft endangered by a covered peril.

Bottom Inspection

We will cover the reasonable costs to inspect the bottom of an insured vessel after grounding, stranding, or striking a submerged object. There is no deductible for this coverage.

Oil Pollution Act of 1990 (OPA) Coverage

If Liability coverage is purchased, our policy provides coverage in addition to the Liability limit, up to the required OPA statutory limits, regardless of the Liability limit chosen. Additionally, if the OPA statutory limit is increased in the future, our policy will automatically increase the applicable OPA limit to match the new higher statutory limits.

Temporary Substitute Watercraft

Up to $5,000 to charter a temporary substitute watercraft if the insured vessel is out of commission due to a covered loss and cannot be repaired within 72 hours. With our Masterpiece Yacht Select policy offering, the limit of Temporary Substitute Watercraft is increased to $10,000.

Marine Environmental Damage Coverage

This feature provides protection up to $10,000 for fines and penalties as a result of marine environmental damage, as defined by the policy terms. Coverage is provided in addition to the insured's applicable Liability and OPA limits. With our Masterpiece Yacht Select policy offering, the limit of Marine Environmental Damage Coverage is increased to $25,000.

57% of boating accidents happen on calm days with waves less than 6 inches.

Chubb offers some of the most comprehensive protection and services available rain or shine.

*Source: 2016 Recreational Boating Statistics, United States Coast Guard

Masterpiece Yacht Preference

Masterpiece Yacht Preference fulfills the specialty insurance needs of luxury yacht owners with captained vessels 70 feet in length and greater, valued at $3 million or more.

No depreciation applies on the following items

Machinery inside the hull, Personal Property, dingy/tender, and Personal Watercraft.

Emergency Towing Service

We include coverage up to the amount of Property Damage with no deductible.

The medical payments limit offered is on a per occurrence basis, and we will pay costs incurred up to three years from the date of occurrence.

Marina as Additional Insured

The marina, yacht club, or similar facility where the insured yacht is docked, moored, or stored is included as an Additional Insured.

Captain and Crew Coverage

Liability coverage is extended to the captain and crew members serving aboard the insured yacht.

Defense Costs

Defense costs are included in addition to the limit of liability and includes up to $50,000 loss of earnings.

Mooring or Slip Rental Agreement Waiver

When waiver of subrogation is required through a written contract by a yacht club, marina, or similar facility used for the purpose of storage or slip rental, our Masterpiece Yacht Preference policy will permit an insured to waive their rights of subrogation.

Masterpiece® Recreational Marine Insurance Brochure

Your client’s guide to watercraft protection. Make sure they’re protected, with the right coverage, so they can relax on and off the water.

Related Coverage

We provide exceptional boat insurance with tailored protection.

We help you stay ahead and informed with these helpful tips and tricks

12 safety tips for recreational boaters

As the weather warms up, many of us head to lakes, rivers, or the ocean to fish, waterski, cruise, and relax onboard a boat, yacht or other personal watercraft. 

Understanding boat insurance

A comprehensive guide to finding the right boat insurance coverage.

This information is descriptive only. All products may not be available in all jurisdictions. Coverage is subject to the language of the policies as issued.

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The Differences between Boat & Yacht Insurance

When you look at a boat insurance policy, you'll notice the language is unlike your typical homeowner's or auto policy. What you may not know is that vessel insurance can even vary from policy to policy, depending on a variety of factors.

Yachts are classified as vessels 27 feet or more in length, while boats are 26 feet or less. No matter what type of vessel you have, when it comes to the type of policy, seek out Agreed Value. Agreed Value policies are cover all damages, except for sails, outboard motors, canvas covers, cushions or other specified items. They do not reflect depreciation or market value, which means you will get a greater settlement in the event of a claim. Other policies such as Actual Cash Value may be cheaper, but they also factor in depreciation and market value and will subtract that from your payout.

Also, when it comes to navigation limit, boat and yacht insurance policies can vary due to different exposures. For example, a boat policy typically includes unlimited overland transportation on a trailer, while a larger yacht policy would restrict overland trailering to only several hundred miles.

Deductible amounts can also differ. A yacht policy can offer deductibles of up to 3 percent for any hull damage. However, deductibles for a total loss, marine electronics loss or a windstorm loss can vary depending on your particular policy. By contrast, a boat policy offers a flat deductible, typically of $250, $500 or $1,000.

Because yachts inherently incur more risk due to their size and navigation, the liability feature of yacht insurance provides broad coverage designed to shield you from the effects of the maritime law. Your coverage is much broader than with a typical watercraft liability policy, and offers protection to permissive users, captain and crew liabilities, along with the Jones Act, a federal law that allows a seaman who gets injured on the job to bring a suit for damages against his or her employer.

Besides, yacht insurance addresses salvage to a damaged yacht, legal liability to remove a sunken wreck and uninsured boater coverages. In a typical boat policy, only general liability protection is included. For example, if your boat sinks in the Great Lakes or any of its tributaries, the U.S. Coast Guard says it must be raised. There will be salvage costs, fuel clean-up - and you'll have to pay the bill regardless of your coverage.

While most yacht policies provide salvage coverage, they do so in different ways. Some choose to limit the dollar coverage to a stated amount or percentage of the hull amount.

Another very important part of the salvage issue is wreck removal. Some companies include wreck removal under their hull coverage, which then limits its value. A true yacht policy will include it under the protection and indemnity limit, which will provide much higher limits and additional coverage.

Get Your Insurance Quote

Another difference is that in yacht policies, your legal defense is in addition to protection and indemnity limits, while boat policies offer legal defense within the limit of liability.

Yacht policies have warranties, including the seaworthiness, navigation limits territories and navigation lay-up limits. While some boat policies do not require warranties, others may incorporate them.

Many boaters consider adding their vessels to their homeowner's insurance in an attempt to reduce their costs. Although the cost is substantially less when you add a boat to a homeowner's policy, but you don't get near the coverage. In this case, the old adage still holds true - you get what you pay for. The bottom line is not the amount of your policy premium, but how much you will collect at the time of loss.

For more information on boat and yacht insurance, or to talk to an experienced agent about different coverage options, contact NBOA Marine Insurance. Representing several A+ rated carriers, their insurance specialists will be able to create a customized policy that fits your specific needs and would be happy to answer any questions you may have.

Call 1-800-248-3512 or start your online boat insurance quote today.

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5 of the best Yacht Insurance Companies

While yachting is meant to be all about escaping the humdrum aspects of life, to enjoy the experience with full peace of mind it’s a wise idea to get your trip – and your vessel – insured.

Yachts line the famous harbour in Monaco (Photo: Mike McBey via Flickr / CC BY 2.0)

From brokers to charterers to concierge, most operators in the yacht world are focused on one thing and one thing only: selling yachting as an enticing lifestyle choice that you can’t do without. But behind this glossy idyll, the comparatively prosaic requirement of choosing an insurance policy that protects yacht owners and charterers from unforeseen events looms large. We’ve picked out 5 of the best yacht insurance companies currently on the market.

Pantaenius has been providing insurance across a number of sectors dating back to 1899, and for the yacht industry since 1977. Today the company is widely considered one of the leading insurance specialists on the yacht market in Europe and globally thanks to their tailor-made solutions developed by skippers, for skippers, and designed to eliminate all of the worry and stress from the cruising experience. As well as their standard coverage options such as hull insurance, personal accident insurance and crew medical insurance, they also offer a unique online solution, which allows vessel owners to choose their own cover according to the modular principle and manage contracts easily online.

pantaenius.com

Perhaps best known for the sales and charter arms of the business, IYC are also a leading international player in the yacht insurance sector. Their team of insurance experts help owners navigate their way through the multitude of customised solutions available to cover the exposures linked to the operation of their yacht. With direct access to US, Lloyd’s and European insurance markets, they are uniquely positioned to offer exclusive, competitive yet fully comprehensive yacht insurance products to clients. As well as market-leading yacht coverage, they also offer personal accident coverage (including emergency medical expenses and search and rescue) providing peace of mind for both owner and crew.

A family-run business with offices around the world, Lockton offer fully comprehensive coverage for vessels of all sizes. Their dedicated Yacht Practice provides specialist advice and expertise, working with clients to tailor insurance programmes that meet the complex needs of yacht ownership and provide comprehensive insurance resolutions. By combining the talents of both Private Client and Marine colleagues, they deliver seamless programmes to protect these high-value assets and their staff. Their solutions include coverage for hull and machinery insurance, tenders and submersible vessel insurance, medical and personal accident insurance for your crew and guests, berth liability insurance, and plenty more.

lockton.com

Admiral Marine

For over 25 years Admiral have been providing yacht insurance for sailors across the world. Launched by Robert Holbrook, a keen yachtsman, who  recognised the need for flexible yacht insurance for yacht owners, today it specialises in insurance for vessels based in the UK, Northern European waters, the Mediterranean, South East Asia and the Caribbean. The company prides itself on its personal touch and practical approach, with all claims handled in-house, making claim settlement fast, easy and stress-free. Along with the standard yacht cover, their insurance policy benefits include no excess for third party claims, no excess if you are struck by another vessel when moored, a contribution to accommodation costs if the yacht is rendered uninhabitable, and cover for piracy, acts of terrorism and associated risks.

admiralyacht.com

Coleman Marine

Coleman Marine Insurance is the company’s highly specialised marine division, providing bespoke solutions for all aspects of yacht insurance. Whether it be power or sail, monohull or multihull, yacht or custom tri-deck, the company provides tailored insurance solutions for you. Close relationships with leading yacht insurers have been nurtured to provide an extensive range of products for yacht and motorboat owners’ risks, with Coleman’s established specialists able to provide proven policy wordings and an exemplary claims service. A full 24-hour, 365-day-a-year claims management service is delivered by staff who work closely with leading marine surveyors in the UK, Europe and further afield.

colemanmarine.co.uk

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BoatUS and GEICO have teamed up to bring boaters a great boat insurance policy at a great price. Serviced by boating experts our coverage options for boaters of all kinds can’t be beat.

Check out our policies and add-on coverage options for a custom policy you can only find here.

The best marine insurance protection for your boat, engine and gear. Pays you the most in the event of a claim — the agreed value when you buy the policy for total losses and parts are replaced "new for old." Available for all boat types, excluding PWC.

This boat insurance coverage lowers your premium by paying you the current market price for your boat in the event of a total loss. Recommended for smaller boats, personal watercraft and boats without a lien holder.

Our lowest cost marine insurance policy providing essential liability coverage to protect your assets without the added cost of hull coverage. Includes salvage and wreck removal. Available for boats with no lien holder.

Custom Add-on Coverage Options

Provides liability coverage that may be required by a marina's dock contract.

Allows for paid passengers for the purposes of fishing, sight-seeing, or day cruises. Maximum of 6 passengers onboard plus the captain while being used for charter.

Usually excluded, this endorsement provides coverage for ice and freeze damage if you have your boat winterized by a marine professional.

Provides a guarantee for claims-related repairs made at an approved facility for as long as you own and insure the boat through BoatUS. (Available with Agreed Hull Value Coverage only.)

This endorsement lowers the deductible for claims relating to the dinghy and/or the dinghy's motor resulting from theft or damage to $100.

This endorsement lowers the deductible for claims relating to navigational electronics to $250.

Provides coverage to the lower unit of the insured outboard engine and outdrive due to mechanical breakdown which is usually excluded in the policy. Available with Agreed Hull Coverage only. Disappearing deductible does not apply. Click here for additional information.

Coverage for fishing and watersports equipment and personal items such as cell phones, tablets, stereos and clothing lost or damaged while on board or while being loaded or unloaded from the boat. For competitive anglers or water sport enthusiasts, Tournament Reimbursement fees are also covered under Personal Effects.

To ensure that you or your family do not incur large out-of-pocket expense if injured onboard, our policies also include an additional $25,000 for payments not covered by any major medical policy. This coverage is in addition to the medical payments limit you select with your policy.

Get Unlimited Towing from TowBoatUS at our lowest price - as little as $3 a month for the insured boat. Pricing varies with the length and location of your boat. Click here for additional information.

When you insure your trailer, roadside assistance while trailering your boat is included.

Unlimited Towing from TowBoatUS – the Nation’s Largest Fleet

Add Unlimited Towing to your boat policy for as little as $3 a month based on boat size and location.

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For a quote, visit our Online Application or call 800-283-2883 for personal service.

All coverage is subject to terms, conditions, limits and exclusions of the policy. Not all policy options are available in all states. Boat and PWC policies are underwritten by GEICO Marine Insurance Company with administrative offices at 5323 Port Royal Road, Springfield, VA 22151. GEICO Marine Insurance Company is domiciled in Omaha, NE, and coverage is offered in all 50 states and the District of Columbia to boat owners with a U.S. address. View the GEICO Marine Insurance Company Privacy Policy & Notice of Collection .

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Table of Contents

Do you need boat insurance?

What boat insurance will pay for, boat insurance costs and discounts, where to buy boat insurance.

Your prized boat probably didn’t come cheap. Whether you own a bass fishing boat or a yacht, it’s important to find the right boat insurance that will come to the rescue if you have damage or theft. Here’s how to understand boat insurance policies.

Your home insurance policy covers your boat in some cases, but it doesn’t go far. Homeowners policies typically cap boat coverage at $1,000 or 10% of your home’s insured value. And liability coverage — which pays for damage your boat does to others — typically isn’t included under home insurance. So a home insurance policy might help you only if your boat is small, slow and inexpensive.

At a glance: Do I need boat insurance?

You can typically buy liability insurance — which pays for damage your boat does to others — in amounts from $15,000 to $300,000, according to the Insurance Information Institute. Here's what else you can expect from a policy:

Check, too, about additional coverage for trailers and accessories, for towing and for damage caused by an uninsured boater.

You can buy two types of damage coverage for a boat:

Actual cash value. This pays the value of your boat at the time of the damage. If your boat is destroyed, your insurance company determines its market value.

Agreed amount value. If your boat is destroyed, your insurer pays you an amount that you and the company agreed on beforehand. If your boat can be repaired, your insurer replaces old items for new ones without deducting for depreciation.

It’s also important to understand what your boat insurance covers before heading out on the water, says Todd Shasha, boat and yacht personal insurance director at Travelers Insurance. He recommends checking whether your policy can cover these scenarios:

Mechanical breakdown coverage. Pays to repair or replace your outboard motor as long as it’s not due to wear and tear.

Salvage. If your boat becomes disabled and a basic tow won’t help, you might need to call a salvage company to recover it. Typically a salvage company will ask for a percentage of the boat’s value as payment, which can be quite expensive. Not all insurance companies offer this coverage.

Gadgets. Not all boat insurers cover expensive accessories like fishing equipment or fancy coolers unless they’re permanently attached to the boat. For example, Travelers offers personal property coverage that pays you if they’re stolen or lost while out on the water. Endorsements, which are additions to your policy, are available if you want to increase the value of your personal property limits.

Some important things to know about boating and your policy:

Navigational limits: If you own a yacht or a larger boat, your policy will have limits outlining where you can navigate your vessel. If you venture outside of the territory you agreed to in the policy, your insurance may not cover you. Typically, the broader your navigation area is, the higher your insurance costs will be.

Layup periods: Taking your boat out of the water is typical during cold weather, and most insurance companies will give you a credit because it’s not being used. But take the boat out for a spin before the layup period ends and you won’t be covered by your insurance policy.

Marine inspections: If your boat is an older model, most insurance companies will want you to have it inspected by a marine surveyor in order to assess the vessel’s condition and market value. For safety’s sake, consider a marine survey even if it’s not required.

Underage operators: You might be tempted to let your 12-year-old drive the boat every now and then. But if your child doesn't meet age and license requirements in your state, your boat insurance policy might not cover you. Age and license requirements for operating personal watercraft vary from state to state. In Virginia and Florida, for example, no one under 14 may operate a personal watercraft. In Texas, children under 13 are barred from driving one unless a licensed operator who's at least 18 is on board. For requirements where you live, check with the boating regulatory agency in your state.

How much you’ll pay for boat insurance depends on the level of insurance coverage you want, as well as the size, horsepower, type and value of your boat.

You can choose your deductible, which is the amount deducted from your insurance check if you make a claim. A typical policy has deductibles of $250 for property damage, $500 for theft and $1,000 for medical payments, according to the Insurance Information Institute. Liability claims against you do not have a deductible.

Insurance companies offer a variety of ways to save money, including discounts for:

Having a diesel-powered boat.

Not having made a previous boat insurance claim.

Carrying other policies, such as car or homeowners, with the same insurer.

Taking safety courses.

Boat insurance is widely available. NerdWallet looked at the top 25 auto insurance sellers in the country and found these that also offer boat insurance:

Offers coverage for boats up to $250,000 in value.

AAA lowers your deductible by 25% each time you renew your policy and haven’t had a claim.

Average cost of boat insurance from Allstate is about $20 a month, according to Allstate.

Bundle boat insurance with an Allstate homeowners policy and you qualify for up to a 20% discount.

American Family Insurance

Additional coverage options cover personal items and pay for repairs to your boat and equipment, without a deduction for depreciation.

If your boat is disabled, an Amica policy covers towing to nearest port.

If your yacht can’t be repaired, Amica pays to replace it with a new one, without subtracting depreciation.

Auto-Owners

Optional boat insurance coverage is available through homeowners policies.

Country Financial

Country Financial homeowners insurance covers your boat for up to $1,500.

You can buy more coverage under your homeowners policy.

Erie’s standard Boat Protector Policy comes with extras, including payments up to $500 to fix or replace boating equipment and accessories, and payments up to $250 for emergency towing. (Not available in Kentucky.)

Farmers offers seven packages to fit your vessel type and coverage needs.

Geico’s optional premium boat towing service offers unlimited on-water towing (within 25 miles of an approved tower) and pays the service provider directly.

Geico offers several discounts, including one for passing a boat-safety course and for maintaining a good driving record.

You can cover your boat, sailboat or personal watercraft with an endorsement to your Hanover Platinum or Connections homeowners insurance policy.

The Hartford

Additional coverage, which costs extra, is available for your accessories, trailer and boat hull.

Liberty Mutual

You must have a homeowners insurance policy with Liberty Mutual to get boat and watercraft insurance.

Optional coverage includes hurricane protection, which pays up to $250 to move your boat out of danger during a hurricane advisory.

Unforeseen emergency services coverage pays $250 for towing and other services on land or in the water.

Personal watercraft coverage includes liability, collision, comprehensive, uninsured or underinsured operator, and medical payments.

Optional towing and labor also available.

Progressive

Total loss replacement coverage pays for a new boat if your new boat is a total loss within five years of adding the coverage.

Progressive offers several specialized coverage options, including 24-hour roadside assistance if your car breaks down while towing your boat.

Unlike some insurers, Progressive doesn’t require you to submit a navigation plan. Nor does it require an inspection of your boat.

State Farm’s optional emergency service pays up to $500 to service your boat, motor or boat trailer.

Optional wreck-removal coverage pays “reasonable expenses” to raise or remove your boat when it’s required by law.

Travelers splits the cost to move the vessel to safety when you carry “hurricane-escape reimbursement” coverage, which costs extra.

Antique boats get the same comprehensive coverage available in Travelers' basic policy.

USAA members get a 5% discount on boat insurance, but the discount is not available in all states.

USAA is open only to active and retired military and their families.

Juan Castillo is a former staff writer at NerdWallet.

On a similar note...

• The Best Boat Insurance

Best for Customer Service

Best for Fishing Boats

• American Family

Best for Package Deals

Best for Small Boats

• Progressive

Best for Older Boaters

Markel American

Best for Bundling

How We Found the Best Boat Insurance

28 Providers

7 Insurance Experts

3 Top Picks

There are few activities as enjoyable as spending a sunny afternoon out on the water. Suppose you’re one of roughly 13 million registered boat owners in the U.S. In that case, you know that enjoyment is predicated on safety and understanding the boating risks — which is where boat insurance comes in.

In this article, we’ll look at the best boat insurance companies in the U.S., assessing what each provider does best and what type of boat owners will be happiest with their coverage. We also looked at customer service and financial stability since you want a company that can payout on claims even after a sizable regional disaster.

The 6 Best Boat Insurance Companies

• State Farm: Best customer service
• American Family: Best for fishing boats
• Farmers: Best package deals
• Progressive: Best for small boats
• Markel: Cheapest boat insurance
• Nationwide: Best for bundling

State Farm is one of the largest insurers in the U.S. It’s built a positive reputation on multiple coverage options, timely claims payments, and a focus on customer service. State Farms gets an A rating from the Better Business Bureau , and although J.D. Power does not specifically rate boat insurers, its overall customer satisfaction ranking index for homeowner claims is above average. 

State Farm offers an extensive range of coverages , insuring against sinking, fire, theft, storms, collision, and more. Its property coverage insurance extends to tools, skis and tow ropes, dinghies, and anchors, as well as the boat, motor, and trailer themselves. There are also optional coverages for boat rental liability, fishing tournament fees, uninsured/underinsured watercraft coverage, and more.

✓ Best For: those who value excellent customer service

✗ Not For: those on a budget

• AM Best: A++
• J.D. Power: Score 3/5 Power Circles
• Standard & Poor: AA
• Moody’s: Aa1
• BBB Rating: A

Further Reading:

• State Farm Auto insurance review
• Geico vs. State Farm  
• Boating laws and regulations by state

AmFam insures bass and fishing boats up to 54 feet long and with a value of up to $250K. It offers standard coverage such as physical damage, bodily injury, property damage, and medical expense coverage, along with extensive additional options. A high liability limit of $1 million means you’ll be well-covered in the event of an accident or other mishap. 

Personal effects coverage will pay to replace or repair fishing gear, fighting chairs, electronics, and SCUBA gear. Basic policies cover up to $3,000 for watercraft equipment, but it’s possible to increase that coverage as needed. The company also features emergency roadside coverage for when you’re trailering your boat, as well as on-water recovery assistance if you’re stranded on the water, which not all insurers offer.

✓ Best For: small and mid-sized fishing boats

✗ Not For: large commercial watercraft

• J.D. Power: 4/5 Power Circles
• Standard & Poor: A
• Moody’s: A1
• American Family auto insurance

Unlike other insurers, who write policies based on the type of boat you have, Farmers has three package options designed for the sort of boating you do and how much you want to pay. The minimalist Saver package features simple and inexpensive actual cash value coverage; the slightly more expensive Plus package includes a diminishing deductible and hurricane haul out; while the top-of-the-line Elite package offers all the bells and whistles, including coverage for boating to the Bahamas or Mexico.

Farmers also offers packages that are specifically tailored to pontoon boats, classic boats, and performance boats, and an excellent range of discounts, including one if you take your boat out of the water for the winter.

✓ Best For: tailored package deals

✗ Not For: larger boats (over $300K in value)

• J.D. Power: 3/5 Power Circles
• Moody’s: A2
• BBB Rating: A+
• Farmer’s homeowner insurance

Progressive offers coverage for bass and fishing boats, pontoon boats, powerboats, personal watercraft, and sailboats up to 50 feet long. Unlike some other insurers, it does not require a navigation plan or marine survey, making it easier and cheaper for you to cover your watercraft. 

The company features more than the usual numbers of discounts. Also, it offers accident forgiveness and a disappearing deductible that subtracts 25% from your deductible for every claim-free period—all the way down to $0. The company scores high on lists for good customer service and financial stability.

✓ Best For: small boat owners

✗ Not For: those looking for customized policies

• AM Best: A+
• Moody’s: Aa
• Progressive homeowners insurance review
• Geico vs. Progressive review

Fewer discounts Limited customer tools

Markel has been in the business of providing comprehensive boat insurance and other policies since 1930. Their coverage includes personal watercrafts, rental boats, and commercial boats. They have a professional fisherman policy that even provides replacement cost coverage then value of fishing equipment, and up to $1,000 for personal items should something happen that falls under your policy coverage. This is great news for boaters everywhere! 

✓ Best For : boaters over 40

✗ Not For : casual boaters (who go out only a few times in a 6-month period)

Nationwide is an insurance bundler’s dream! If you already have a policy with them or are looking to get more than your boat covered, this is a great option for you. Nationwide covers fishing boat, sailboat, pontoon boat, ski surf boat or other recreational boat valued up to $350,000. While not every state comes with all the bells and whistles on the policy, the value and bundling coverage is unbeatable. 

✓ Best For : customers looking to bundle

✗ Not For : boaters who don’t want a lot of limits on their policy

• Standard & Poor: A+

How to Choose a Boat Insurance Provider  

• Get a better rate with membership: boating organizations such as Boat U.S. or NBOA will help you find the best policy for your own circumstances, and you’ll also be able to take advantage of their extra perks and publications.
• Get quotes from several providers. Every insurer has its own formula for determining premiums, so it pays to get quotes from a variety of sources. We suggest starting with our four recommended companies and then looking at a few regional insurers as well.
• Choose between actual and an agreed-value policy. Actual cash value insurance will take the depreciation of your boat into account — meaning you may net considerably less on a claim than you need to purchase a new watercraft. Agreed value is when you and your insurer agree on a permanent value for your boat, and depreciation is not taken into account when you make a claim.
• Know what boat insurance doesn’t cover. You may be surprised at what your policy doesn’t cover. For example, most policies won’t payout for damage caused by wildlife, from sharks to zebra mussels. Hull corrosion is also rarely covered — unless you have an additional rider that will cover salvage and replacement of your boat.

How We Chose the Best Boat Insurance Companies

• Strong financial outlook. We looked at organizations that rate financial security, such as AM Best, Moody’s and Standard & Poors, to ensure that our picks would be able to pay out on claims at all times — even in a large regional disaster.
• No third-party underwriting. We also wanted insurers who service their own policies. There’s too much room for error when another underwriter gets added to the mix, and less accountability as well.
• Available to all. Our top choices are available in all 50 states, and don’t require any sort of membership to purchase a policy. Larger, open-to-all companies frequently offer lower rates, better discounts, and a greater range of coverage options.
• Agreed-value policies. Although actual cash value policies are often cheaper, agreed-value policies provide better coverage that’s going to result in a larger, more useful payout after a claim. All our chosen picks offer it.

Boat Insurance FAQ

How much does boat insurance cost.

Your boat insurance costs will vary depending on a number of factors. Some, such as your boat’s condition and age, you can’t control. Others, such as whether you’ve had any boating safety instruction and how sea-worthy your watercraft is, are things you can work on to lower your costs.

Do I really need boat insurance?

Boat insurance is only mandated by law in two states: Utah and Arkansas. But it’s not a good idea for anyone to go without boat insurance. In the event of an accident or mishap of any kind, you’d be on the hook for repairs or replacement unless you’ve got a solid policy.

Does boat insurance cover sinking?

Possibly — but you’ll have to read your policy or ask your agent to know for sure. Surprisingly, many boat insurance policies don’t cover sinking; you’ll need to check and see if it is specifically listed under the coverages for physical damage.

Will homeowners insurance policy cover my boat?

This depends on the size. For smaller, slower boats — a single or double kayak, for example, or simple rowboat or small outboard engine craft — your homeowners’ policy should cover it. But larger sailboats, speed boats, personal watercraft such as jet skis, and any boat that runs faster than 25 mph will need its own policy.

Will boat insurance still cover me if an accident takes place in international waters?

Probably not, though you may be able to purchase an international extension, and one of our top choices — Farmers — includes travel to the Bahamas and Mexico as a benefit of its Elite package.

What does boat insurance cover?

In many ways, boat insurance is similar to auto insurance. An average policy will cover property damage, medical expenses, and liability, with the option for collision and comprehensive coverage. It may also have special coverage for the hull, and fuel spill liability.

About the Authors

Mary Van Keuren Contributor

Mary Van Keuren has been covering auto and home insurance for Reviews.com for nearly five years, and has published numerous reviews of state-specific insurance trends and how to find the best insurance deals for your money. She earned B.S. and M.A. degrees from Nazareth College in Rochester, N.Y. and has been writing professionally, both in print and online, for 30+ years.

Recently Added

Boating Laws and Regulations by State

Table of Contents

• Our Top Picks
• How to Choose a Boat Insurance Provider
• How We Chose the Best Boat Insurance

Sailboat Insurance: The Best Options By Far

Last Updated by

Daniel Wade

January 26, 2024

Whether you own a yacht, speedboat, or fishing boat, it certainly didn't come cheap. So it's crucial to find the best sailboat insurance that will come to your rescue if something does happen.

Just like your home or car, your boat is probably one of your most prized assets and needs the right insurance as well. Even though boats are widely known for providing their owners with great recreation and adventure, they come with various types of risks. Whether it's an accident, fire, theft, or damage, these are just some of the disasters that can come your way and that can come your way. And even if boat insurance is not a must in your state or area, having your boat properly insured will keep your head above the water and prevent you from sinking. You, therefore, should understand how to protect your sailboat, yourself, and your passengers.

Boat insurance is essential in covering you in case of a loss of damage to your sailboat. It generally covers most types of watercraft including yachts, speedboats, pontoon boats, fishing boats, leisure crafts, paddle boats, and many more. Boat insurance will cover you from various things including collision damage, bodily injury liability, property damage liability, comprehensive coverage, and other additional coverage options.

The fact that sailboat insurance is widely available can make it quite overwhelming when looking for the right boat insurance for you. But to make it a lot easier for you, we've dug deep into the boat insurance industry and highlight the best sailboat insurance options to go for.

Table of contents

How to Find the Best Sailboat Insurance Coverage for You

There are a few things to consider when looking for the best boat insurance coverage for you.

What Does the Boat Insurance Cover?

It's of great importance to know what will be covered by your preferred boat insurance company before taking your boat out on the water. Needless to say, insurance policies and contracts are always very complex, so taking your time and understanding everything is essential. To give you a head start, here are a few things that your boat insurance should cover.

• ‍ Damage to the boat or permanently attached equipment such as anchors
• Damage arising from fire, theft, vandalism, collision, and lightning
• Property damage liability, which is essentially the damage that your boat causes to someone else's property
• Bodily injury liability, which revolves around the expenses incurred when someone gets injured on your boat or by your boat
• Medical payments for expenses incurred by you and your passengers in the event of an accident
• Guest passenger liability, which revolves around the legal expenses incurred when something happens if another person was using the boat with your permission
• Mechanical Breakdown coverage, which pays for the repair of any part of the boat as long as it's not caused by wear and tear

Some of the things that are not included in the insurance include:

• ‍ Normal wear and tear
• Damage caused by sharks or other creatures
• Defective machinery
• Damage caused by mold and insects

Types of Boat Insurance Policy

It's essential to know the type of boat insurance policy that you want. The two common options include:

Agreed Value - This is the amount that is agreed between you as the boat owner and the insurance company. This boat insurance tends to be more expensive since your boat's depreciation isn't taken into consideration. So in case of an accident, the insurer can even end up paying more than the current value of the boat.

Actual Cash Value - This revolves around the insurer paying up to the current actual value of the boat if anything happens. These premiums tend to be lower since the insurer will calculate the depreciation value and pay depending on the actual value of the boat.

Important Things to Know

Here are some important things to know as far as boat insurance is concerned.

• ‍ Navigational Limits  - These are limits that outline where you can navigate your boat and you may not be covered if you venture beyond the agreed territory. Needless to say, your premiums will be higher if your navigation limits are extensive.
• Marine Inspection  - Most insurers will require your boat to be inspected by a certified marine surveyor to assess the condition for the boat and its market value.
• Layup Periods  - These refer to periods when you take your boat out of the water such as during winter when you're not boating. Most insurers will give you credit but you may not be covered if you take the boat out for a ride during the layup periods and something happens.
• Underage Operators  - Do not be tempted to offer your boat to an underage if he/she doesn't meet the age and license requirements in your area.

Best Sailboat Insurance Companies

Progressive.

As one of the leaders in the insurance industry, Progressive has been providing boat insurance for over 35 years. This company has insured over 1 million boats and has a network of independent agents across the country who are always willing to guide you through their policies.

Although Progressive is widely known for providing auto insurance, its boat insurance offerings revolve around covering small to medium-sized boats measuring not more than 50 feet in length with value not exceeding $500,000. Some of the coverage options to expect from this company include collision coverage, comprehensive coverage, bodily injury and property damage liability, medical payments, mechanical breakdown coverage, and many more.

Unlike most boat insurance companies, Progressive doesn't require boaters to provide a navigation plan. As long as your seafaring adventures are within 75 miles of the U.S. or Canadian coastlines, Progressive will offer a solid and reliable plan for your boat insurance. The company's customizable boat insurance is a cherry on the cake as it makes it a lot easier for boaters to bundle their policies and work within their budgets.

Allstate - Best for Budget

Consistently ranked among the best by various rating institutions in terms of financial strength and customer service, Allstate is one of the biggest providers of boat insurance in the country. With boat coverage options as low as $21 monthly, Allstate offers some of the most affordable coverage options in the boat insurance industry.

The company offers many types of boat insurance and pledge to keep their customers in good and safe hands. From your repair costs, trailer coverage, watercraft liability coverage to uninsured watercraft coverage, and many more, the average cost of boat insurance from Allstate is just about $20 a month.

Nationwide - Best Option for Bundling

Offering unique options for each boater's unique boating lifestyle, Nationwide is widely known for offering the best multi-policy options in the boat insurance industry. In other words, it can give you some of the best coverage options for your boat if you decide to combine your home, car, and boat insurance. With this, you'll get amazing extra perks such as rental reimbursement coverage, optional towing, and road assistance if your boat trailer is included in the coverage.

This is a company that will offer you amazing deals and discounts of up to 25% if you choose to bundle your boat insurance with at least one other policy provided by the company. What's more; they offer affordable packages for fishing equipment ($1,000), personal effects ($3,000), and towing ($500). 

United States Power Squadron (USPS) Boat Insurance Program - Best for USPS Members

USPS is one of the few boat insurance companies that strictly offer insurance for boats. This may be quite disadvantageous for those looking for bundling options but it's great if you're looking for a company that puts its total focus on ensuring your safety and that of your vessel while out there on the water.

As such, this company offers automatic coverage for water skiing, hurricane safe harbor reimbursements, and personal effects coverage of up to $1,500. It also offers automatic fuel spill liability not exceeding $854,000. This is a company that offers among the most competitive packages for serious boaters out there. They offer online quotes, same-day coverage, and policy discounts if you pay premiums in bulk as well as round the clock claims processing.

Markel - Best for Anglers

If you're an angler looking for the best boat insurance for your vessel and fishing equipment, as well as other personal effects, look no further than Markel. With its professional fisherman policy, this company offers replacement cost coverage of up to $5,000 for fishing equipment and cost coverage of up to $10,000 for personal effects.

The company also offers discounts for operators aged 40 and above, accident-free discounts, and discounts for anglers or boaters with more than five years of experience. The best part is that you can save up to 35% on your boat insurance premium if you qualify for these discounts.

So whether you're a professional angler or just fishing for fun, Markel offers some of the best boat insurance coverage options for anglers. You'll be in safe hands with just $100 per year but this may depend on the coverage options that you need.

BoatUS - Best for Additional Benefits

Acquired by Geico in 2015, BoatUS has been offering boat insurance through its affiliation with the Boat Owners Association of the United States. It offers all types of coverage options including actual cash value coverage, liability-only coverage, and full coverage at an agreed value.

The best part for considering BoatUS for your boat insurance is that the company has some of the best additional benefits in the boat insurance industry. For example, all policies must include fuel spill liability coverage and supplemental medical coverage. This, therefore, means that the total costs of your insurance premiums will be reduced significantly thanks to these deductibles and additional benefits. You can also get discounts for good driving records and the completion of approved safety courses. For members, there are even more additional benefits.

State Farm - Best for Emergency Services Coverage

As one of the best-known names in the insurance industry in the country, State Farm might be your go-to-guys if you're looking for the best emergency services coverage. The company offers optional emergency services for up to $500 to service your boat, boat trailer, or motor in case of any damage as stipulated in your coverage contract. The company's optional wreck-removal coverage can also be ideal for you if you're looking for reasonable expenses if you're required by law to raise or remove your boat or wreckage.

The company also provides multi-policy discounts, which can be ideal for you if you want to cut down paperwork and combine your home, auto, and boat insurance. So whether you're a proud owner of a yacht or a modest kayak, State Farm can provide coverage options for your unique needs, especially in times of emergency.

Foremost - Best for Flexible Coverage Options

Known for offering affordable boat insurance coverage options across the country, Foremost can be a great option for you if you're looking for a boat insurance company that can offer coverage options that are suited for your unique insurance needs. Some of its unique coverage options include enhanced towing services, hurricane haul-out, additional pollution liability coverage, fishing tournament fee reimbursement, trip interruption service, pet coverage, and many more.

Most of these coverage options are flexibly tailored to lower your premiums and make boat insurance quite affordable. This company is widely known for insuring specialty risks and can easily offer good, better, and best coverage packages depending on how much you're willing to pay and the types of coverage options that you want.

Hagerty - Best for Classic Boats

Just like classic cars, we all know that classic boats are a rarity and you certainly want the best insurer for your unique an exotic classic boat. Of course, owners of classic boats have special needs that might not be the same as other boats, and this requires a company that offers these specialties. Well, Hagerty takes immense pride as one of the best boat insurers for classic boats.

The company not only offers personalized insurance services but also utilizes actual cash value to determine the right coverage limits for your boats. Its agents are also affiliated with well-known boating clubs whose members are generally proud owners of classic boats. So you can consider joining one of these boating clubs and you might be in for significant discounts on your insurance premiums for your classic boat. 

United Marine Underwriters - Best for Personalized Customer Service

Having provided boat insurance across the United States except in New Mexico for nearly three decades, United Marine Underwriters takes immense pride in presenting itself as a specialty boat insurance company that puts a lot of emphasis on customer service, happiness, and safety.

This company offers liability limits of up to $1 million and you get various discounts if you meet certain thresholds. For example, you'll get substantial discounts if you complete one of the recognized boat safety courses that are approved by the National Association of State Boating Law Administrators and the Coast Guard Auxiliary and Power Squadron. The company also assigns you a primary service person to take care of all your servicing needs, which is why it's widely known for its excellent customer service.

Legally speaking boat insurance is not a must in many states unless you come you're planning to boat in Utah, Hawaii, and Arkansas. However, the peace of mind that boat insurance gives you when out on the water can never be underestimated. And because your boat is probably one of your most prized possessions, it's essential to choose the best sailboat insurance option; something that covers all your needs.

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I've personally had thousands of questions about sailing and sailboats over the years. As I learn and experience sailing, and the community, I share the answers that work and make sense to me, here on Life of Sailing.

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Best Boat Insurance

• Specialized Auto Insurance
• Recreational Vehicle Insurance
• Travel Trailer Insurance
• Motorcycle Insurance
• ATV Insurance
• Boat Insurance

Get the right amount of coverage you need to protect your valuables with Lemonade Home .

If you know the difference between inboard and outboard motors, it’s likely you’re a boater or may be considering a purchase. Just like your home or car, your boat will also need insurance. Your home insurance may provide limited coverage, but if you’re like most boaters, you’ll want the best boat insurance for your pride and joy.

You should be aware of special considerations and potential coverage gaps, and the company that insures your home or car may not be the best choice for your boat insurance.

Quick Look: The Best Boat Insurance

Best boat insurance providers, 1. best overall boat insurance: boatus, 2. best boat insurance for classic boats: hagerty, 3. best boat insurance for value: progressive, 4. best boat insurance for convenience: state farm, 6. best boat insurance for agent expertise: markel, 7. best boat insurance for flexible coverage: foremost, what is boat insurance, what does boat insurance cover, collision coverage, comprehensive coverage, property damage liability, bodily injury liability, additional coverage, can i use my homeowners insurance policy, how to chose and what to look for in a policy, find boat insurance today, frequently asked questions.

• Best Overall Boat Insurance: BoatUS
• Best Boat Insurance for Classic Boats: Hagerty
• Best Boat Insurance for Value: Progressive
• Best Boat Insurance for Convenience: State Farm
• Best Boat Insurance for Agent Expertise: Markel
• Best Boat Insurance for Flexible Coverage: Foremost

Because boat insurance is a specialty type of insurance, you’ll find a few insurers in Benzinga’s roundup that may not be household names, but in the boating industry, some have become nearly legendary.

BoatUS and GEICO have teamed up to bring you boat insurance policies that are serviced by boating experts and backed by the nation’s second-largest auto insurance company. Choose from agreed hull value, actual cash value (ACV) or liability-only coverage with add-ons like dock contract liability, fishing guide coverage and ice and freezing repair.

Become a member to find support to fit your needs. You can choose from membership options that range from Basic at $24 per year to Unlimited Gold Towing for $175 per year.

It also provides coverage for unlimited freshwater and unlimited saltwater towing. Both offer 50% cost coverage for dock-to-dock tows for repairs. Freshwater coverage starts at $85 per year, while saltwater begins at $159 each year.

• Wide range of coverage options
• Includes unlimited towing
• Trailer coverage with roadside assistance included
• Policy options vary by state and vessel type
• You must be a BoatUS member to seek coverage
• Replacement cost insurance is excluded

Owners of classic cars are probably familiar with Hagerty or may even have a car insured with the specialty insurer. Owners of classic boats have special needs that won’t be well-addressed by some boat insurance policies, particularly those that use actual cash value to determine coverage limits.

Hagerty prides itself on personalized service and works through a network of independent agents who can advise you on your coverage. Members of many well-known boating clubs can expect substantial discounts with Hagerty.

• Insure your boat for an agreed-upon value to avoid depreciation in case of a total loss
• Many discount options can help reduce insurance premiums
• Specialty insurer committed to doing a few niche products well
• Only available in select states
• No commercial coverage available
• Quoting process done via phone and email

If your seafaring adventures keep you within 75 miles of the U.S. or Canadian coastline, Progressive can be a solid choice for boat insurance. Although best known as an auto insurance provider, Progressive has been providing boat insurance for over 35 years, insuring more than 1 million boats through its network of independent agents.

Progressive’s boat insurance offerings center on small to mid-size boats with a limit of 50 feet in length or $350,000 in value. Extra coverage built into your policy includes accident forgiveness, roadside assistance, fuel spill coverage and water sports coverage.

• Accident forgiveness and disappearing deductibles can make coverage more affordable
• Rates are extremely affordable
• You’ll face few restrictions on cruising areas
• Many coverage options put you in control of how much to insure your boat for

Coverage is limited in hurricane-prone areas or for more expensive watercraft

With over 19,000 contracted agents throughout the U.S., there’s likely a State Farm agent located near your home. State Farm agents work exclusively with State Farm insurance products and the company invests heavily in product training to ensure that agents and representatives know their way around the details of your boat insurance coverage.

If you already have insurance with State Farm, you know that the company provides multipolicy discounts or the opportunity to combine insurance payments and cut down on paperwork. Whether your boat is a kayak, a yacht or something in between, State Farm can help you customize a coverage solution to meet your boat insurance needs.

• Excellent option for those who fish
• Even basic policies include emergency assistance
• Commercial coverage options
• Layup coverage option for those who store the boat for part of the year
• Discounts are limited
• Coverage does not include actual cash value

It’s comforting to work with insurance agents who don’t just sell boat insurance policies but who are active boaters themselves. As agents and boaters, Markel’s insurance agents understand both the risks and the coverage solutions that can help you protect your assets.

Markel provides several policy extras at no additional cost, including personal effects coverage for up to $1,000, emergency towing for up to $500 and diminishing deductibles that reduce your out-of-pocket costs for a claim by 25% after each loss-free year.

• Excellent commercial watercraft coverage options
• Coverage available for vessel’s storage facilities
• Diminishing deductible program makes coverage more affordable
• Options for fishermen to cover rods, reels and other equipment
• Must be comfortable with handling insurance remotely as there are few branches for this carrier
• Not many other policy types, which limits bundling discounts

While many other insurers focus on home and auto insurance, Foremost has built its business by insuring specialty risks that may not be well understood by broad market insurers. Foremost breaks out its boat insurance offering into a good/better/best selection, providing coverage packages to meet the needs of most boaters.

Safety course discounts of up to 20% are available and extras like pet coverage, trip interruption coverage and hurricane haul-out coverage are included at no extra charge with premium packages.

• Many discounts available can help reduce the financial burden of insurance
• Select from one of eight coverage packages based on your boat type
• Coverage options for a variety of boat types
• Larger, more expensive boats are excluded
• Certain coverage types only available on the most expensive packages and not a la carte
• Quoting process can be lengthy

Insurance is the transfer of risk from an individual to a pool. In effect, everyone who is insured pays for losses whether that loss is their own or someone else’s. The idea is that only a certain percentage of insured parties will have a loss within a given time frame. This is called frequency.

Over time, insurers also learn the average cost of losses, referred to as severity. Combined with individual rating factors like claims history or accident history, insurers determine a premium to charge for insurance for boat types and uses.

The insured value also plays a role. A 16-foot pontoon boat will have a lower insured value than a 75-foot cabin cruiser, which affects premiums.

If you have a covered claim, your boat insurance comes to the rescue and can cover damage to your boat, damage to the property of others and personal liability for accidents resulting from boating activities.

A boat insurance policy is similar to a car insurance policy in many ways but offers some extras that cover risks specific to boating. Much like a car insurance policy, your boat insurance won’t cover maintenance or wear and tear. Think sudden and accidental when you think about most types of insurance coverage.

These words, or words to the same effect, are likely to be in your boat insurance policy and make it clear that boat insurance is primarily intended to cover accidents or sudden losses.

Sometimes boats bump into things. Collision coverage protects your boat and can pay toward the cost of repair or replacement. Be aware that not all policies provide coverage to clean up wreckage or sunken boats. Often, this is an add-on coverage for your policy, called a rider.

Boats can be damaged in other ways, and sometimes, boats disappear altogether. Your comprehensive coverage provides protection against theft, vandalism and other risks that can damage your boat.

Because boats sometimes bump into things like other boats or docks, it’s important to have coverage for property damage liability. This coverage covers other people, or more specifically, their things, which can be expensive to repair or replace.

Your boat insurance policy provides coverage for injuries you may cause to others and can cover medical bills, lost income, pain and suffering and the cost of your legal defense. Bodily injury liability coverage does not cover your own boating-related injuries. Most marinas require $300,000 up to $1 million in liability coverage.

Several additional types of coverage may be available depending on the insurer you choose. Some insurers may offer some of this coverage as part of a standard policy or package, and in other cases, the coverage may be add-ons — or not available at all.

• Medical coverage
• Roadside assistance
• Wreckage removal
• Watersports coverage
• Fuel spill coverage
• Coverage for carry-on items
• Coverage for fittings
• Coverage for fishing equipment
• Trip interruption coverage
• Uninsured boater coverage
• Boat trailer coverage
• Towing coverage

Deductibles

Like your home or auto insurance policy, your boat insurance policy is subject to a deductible. The deductible is the part of a claim that you pay. Your insurer will only cover claims that exceed the deductible and the deductible will be subtracted from the claim payment. A $5,000 covered loss with a $1,000 deductible will pay $4,000. Be sure the deductible you choose is an amount you can cover out of pocket.

Coverage Limits

Your boat insurance policy is subject to coverage limits. The area of your policy where this is most important is liability. Damage to the property of others or bodily injuries caused to others are only covered up to the limits of your policy. Liability above the limits your policy provides can jeopardize your savings, your home or your future earnings. Review this coverage carefully.

Like all insurance policies, your boat insurance policy doesn’t cover some risks. Expect to find wear and tear among the exclusions as well as damage from insects, mold, animals and marine life. Also, expect damage related to maintenance to be excluded from coverage.

Actual Cash Value vs. Agreed Value

Boat policies can provide coverage for physical damage in two primary ways: actual cash value (ACV) or agreed value, the latter of which means that you and the insurer agree to a coverage amount value for your boat.

When you see “actual cash value” on an insurance policy, think of “depreciated value.” The policy adjusts the insured value of your boat based on age or wear and tear. Most auto policies are written this way as well. If you have a total loss, your policy may not provide enough coverage to replace your boat.

Agreed value coverage does what its name suggests: provides enough coverage to repair or replace your boat with the same type and quality up to the agreed value. While this may be preferable to actual cash value coverage, it’s typically more expensive.

There is value in both policies. When you have an ACV policy, you’re saving money on the insurance plan because you may not feel you need the full price of the boat if it is totaled. At the same time, paying a little more for an agreed-upon value policy helps you replace the boat completely in the event of a total loss.

Your homeowners insurance policy can provide limited protection for your boat — but often only in certain circumstances, like when your boat is home. Home insurance policies often treat your boat like a television, furniture or any other kind of personal property.

Liability coverage may also be limited and may not provide protection when your boat is on the water or if your boat is over a certain size or above a certain horsepower. Expect similar gaps in coverage on many policies for things like fuel spills or wreckage. If you own anything bigger than a rowboat, consider buying a specialized boat insurance policy to provide dedicated coverage.

Ideally, you’ll want to choose an insurer that makes boat insurance a priority. Car and home insurance are much more common and some nationally known insurers treat boat insurance as an afterthought. That doesn’t make the policy useless, but it can mean that it may be difficult to get a straight answer on what the policy covers.

Insurance representative and agents might not know because it isn’t their core business. Specialty insurers who focus on boat insurance or similar products are often a solid option.

You’ll want to choose a well-established company. In most cases, the state will assume the obligations of an insurer that goes under but it’s always preferable to work with the insurer directly if you have a claim.

Some insurers offer standard policy features that would come at an extra cost with other insurers. The extra features can provide greater value. Even seemingly small differences in language, like “actual cash value” compared to “agreed value” can make a huge difference in how your claim is covered and your out-of-pocket expense. Often, the best boat insurance companies offer several extra types of coverage as part of a standard policy.

Choosing the best boat insurance coverage to meet your needs can be more complicated than choosing auto insurance or other types of coverage that are more standardized. Many insurers that provide boat insurance coverage don’t specialize in boat insurance, which can lead to coverage gaps or policies that are not well understood by either the agent or the consumer.

As with many things, price is only one consideration when choosing the best boat insurance. More complete coverage is a priority for many boat owners and may not be available at any price with discount insurers or insurers who do not specialize in boat insurance.

Speak with your agent and don’t be afraid to ask questions. An overlooked coverage detail can potentially cost you thousands.

Does boat insurance cover accidents?

Yes, boat insurance works much like car insurance, providing protection against accidents, damage and total losses.

Does boat insurance cover my passengers?

Boat insurance only covers your passengers if you have selected medical payment coverage for an extended health benefit plan.

How much is boat insurance?

On average, you can expect to pay $200 to $500 annually for boat insurance.

Do you need to have boat insurance?

Most states do not require boat insurance. However, if you have a loan on your boat, your lender might require some form of coverage.

Is it possible to insure multiple boats under a single policy?

So long as the boats are stored in the same state, you can often cover them under one policy.

About Rebekah Brately

Rebekah Brately is an investment writer passionate about helping people learn more about how to grow their wealth. She has more than 12 years of writing experience, focused on technology, travel, family and finance. Her work has been published in Benzinga, Hearst Bay Area, FreightWaves and Dallas Observer publications.

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How to Sell Yacht Insurance Amidst a Rising Tide

The market for yacht insurance has hardened in recent years, due to the frequency and severity of catastrophic (CAT) claims. Widespread losses incurred along the West Coast of Florida and the Atlantic Coast from Hurricane Ian in 2022, for example, resulted in more than $112 billion in damages. Because of catastrophes such as Ian, many watercraft insurance carriers – both admitted and non-admitted – have pulled out of the market in coastal areas.

For carriers that continue to provide coverage in hurricane-prone states, premium costs have doubled or tripled. The increased coverage costs and the difficulty in securing boat coverage has deterred some from purchasing them – but not all. Brokers today are challenged with securing coverage for their high-net-worth clients even in high-risk areas.

In this market segment, there are three tiers of coverage for high-end boats, based on cost and size of the boat:

• Top tier boats have values of $2 million or greater, are at least 65-feet long or larger and must have a full-time captain.
• Middle tier boats are valued between $350,000 and $2 million and are between 35-feet and 65-feet long and the owner-operator is typically the full-time captain.
• First tier boats cost up to $350,000 and are 15-feet to 35-feet long.

Incidentally, middle tier boats are the most difficult to secure coverage for, due to the number of high claims filed and the types of boats covered within this tier. Premiums can run comparatively higher than other tiers as a result.

What can brokers do to help their insureds?

Much of your focus when searching for yacht coverage for clients should begin with a discussion on the age of the craft. Advise your clients that older boats – especially those 10 years and older – are more costly to cover and are harder to insure.

Here are six tips to help guide brokers as they advise boat-owning clients on how to mitigate risk and secure coverage.

• Don’t jump ship.

Sometimes the purchase of a larger or more expensive boat can make obtaining coverage difficult. If a client considers upgrading from a 25-foot craft to a 40-foot one, for example, it’s prudent for you to let them know that they will need a captain’s sign off and premium costs will increase. That is, if the carrier accepts the risk in the first place.

• Be proactive about obtaining insurance.

Advise clients to start looking for insurance the day they begin shopping for a boat. Other than first-tier purchases, same day quote-and-bind processes are a thing of the past. Securing coverage for middle- and top-tier crafts can now take up to a week.

In addition, inform boat owners that many insurers require them to hire a captain for 50 hours of training if piloting a craft larger than 10 feet to 12 feet in size, or depending on the size of the boat, they may have to hire a full-time captain to place coverage.

• Have a hurricane plan in place.

Most carriers require boat owners have a plan should a hurricane occur. Advise owners they may have to move their boats inland or to a facility that’s rated to withstand hurricanes. If domiciled in a hurricane-prone state, owners may have to store their boats in a CAT-4 or CAT-5 rated facility when not in use.

• Don’t be an absentee owner.

Advise clients about the perils associated with absentee ownership. Clients who live in a state other than where the boat is stored are considered absentee owners. In the current market, this significantly limits the number of carriers that will actually extend coverage to out-of-state boat owners.

• Stay mindful of wind coverages and exclusions.

In the past year or so, carriers have begun to exclude some wind coverage; an exclusion that applies to named hurricanes or tropical storms. In the case of routine storms, wind coverage does apply. Marine coverage is not needed for those without bank loans. However, financing boat purchases will require owners to carry wind coverage and proof of such protection before closing.

• Maintenance matters more than ever.

Inform clients that regular maintenance is imperative for reducing risk and should be considered a part of their insurance strategy. Scheduled oil changes are vital but inboard motors require a closer inspection of parts such as impellers. A worn impeller can cause overheating and a failure to follow scheduled maintenance requirements can result in a denied claim. Along similar lines, fire and safety equipment should be evaluated to ensure those systems are in proper working order.

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Written By Josh Giordano

Giordano is a yacht insurance specialist and advisor for HUB Private Client.

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