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Best Boat Insurance of 2024
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.
Table of Contents
Best Boat Insurance
How to Find
How to Save
Geico Marine »
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:
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.
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.
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.
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.
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.
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.
How to Find the Best Boat Insurance
Here are some essential tips to keep in mind when looking for the best boat insurance policy:
Evaluate your coverage needs. Based on your boat's value, usage, and legal requirements, determine the type and level of coverage required.
Compare quotes. Obtain quotes from multiple insurers to compare premiums, coverage options, and discounts.
Review policy details. Carefully examine the policy's coverage limits, deductibles, exclusions, and additional benefits.
How to Save on Boat Insurance
When seeking to lower the cost of your boat insurance, consider:
Maintaining a clean driving record. Even though you will be driving a boat and not a car, your record on the road can still be taken into account since many insurers link good driving with good boating.
Improving your credit score. Maintaining a good credit score can also lower your premiums.
Searching for discounts. Inquire about discounts, such as those for taking a boating course, being an experienced boater, or having outboard propulsion.
Bundling policies. Save money by bundling your boat insurance with home or auto insurance policies.
Raising deductibles. Opting for a higher deductible can lower your premiums, but ensure you can cover the out-of-pocket costs if you need to file a claim.
Getting a marine survey. This will tell you how much your boat is worth, enabling you to get a more precise quote from your insurer.
Making as few small claims as possible. Just like with other kinds of insurance, the more claims you make, the higher your premiums will be.
Do You Need Boat Insurance?
Whether you need boat insurance depends on various factors, including legal requirements and your personal circumstances. You should consider:
State requirements. Some states require boat insurance, especially for larger or more powerful vessels. Check your state's regulations to determine if insurance is mandatory for your boat.
Marina requirements. Many marinas require proof of insurance to dock your boat. This ensures you have coverage for potential damage to the marina or other boats.
Protection. Boat insurance can cover a range of risks, including damage to your boat, liability for damages to a third party’s items, third party injuries, theft, and medical payments.
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.
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.
The amount of boat insurance you need depends on your boat's value and how you plan to use it. It should cover your boat's replacement cost, and you should also consider purchasing liability coverage for accidents, medical payment coverage for injuries, and coverage for theft of personal belongings.
Homeowners insurance might offer limited coverage for small boats under certain circumstances, like damage caused by fire or theft while on your property. However, larger or high-performance boats typically require separate boat insurance for comprehensive coverage.
About Our Team
Dock Treece
Contributor
Stephen Yao , Ph.D.
Insurance Reviewer
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.
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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Boating accidents may be more common (and costly) than you think. With almost 12 million boats registered in the United States, boat accidents caused an estimated $67.5 million in property damages in one recent year, with 658 lives lost and 2,641 injuries reported.
And just like more common major purchases like a car or home, your boat should also be insured as an additional property. Without adequate boat insurance, you could end up paying out of pocket for any damage or injuries that occur as a result of an accident involving your vessel.
In this article, we’ll share some of our top choices for boat insurance companies, an honest assessment of pros and cons, and why they may be a good fit for different boat owners.
The Seven Best Boat Insurance Companies for 2024
To help you get an idea of the available coverage options you may need, this article covers some of the best boat insurance companies and policies. They are:
Best Boat Insurance Overall: Progressive
Best boat insurance for value: progressive, best boat insurance for member benefits: ahoy insurance, best boat insurance for yachts & high dollar vessels: pure insurance, best boat insurance for personal watercraft: nationwide, best boat insurance for fishermen: nationwide, best boat insurance for charters & rentals: global marine insurance agency.
Progressive boasts an A+ rating from AM Best and serves all 50 states, offering both business and personal coverage options.
With over 35 years of boat insurance experience, they provide reliable coverage options for a wide range of boats and watercraft. The high number of boat insurance options and coverages they offer can make them an easy fit for virtually any boat owner looking to protect their investment.
Their diverse, balanced coverage options with reasonable rates earned them the spot as Best Boat Insurance Overall. Plus, they may offer discounts when you take safety courses, bundle policies, or transfer from another insurance company.
Pros & Cons
Generous standard boat insurance policy
Standard policy doesn’t include uninsured/underinsured watercraft coverage
Several optional coverages to ensure your policy is the right fit
The standard Progressive boat insurance policy includes physical and liability protections for covered events like sinking, fire, theft, storms, collisions, capsizing, explosions, and stranding. Wreckage removal, fuel spill liability, roadside assistance, and water sports are included in the standard policy.
Progressive will insure almost any type of vessel, including jet skis, sport and speed boats, pontoon boats, fishing boats, sailboats, and yachts. They also offer several optional coverages, including total loss replacement, comprehensive and collision, uninsured/underinsured boater, medical payments, on-water towing, fishing equipment, and mechanical breakdown coverage.
Progressive boasts an A+ rating from AM Best and serves all 50 states with 85 years of experience, offering both business and personal coverage options. When it comes to boat insurance, their multiple discount options and unique included coverages make them a standout in terms of value. Better yet, Progressive offers boat owners a simple base liability package that starts at just $100 per year.
Standard policy includes roadside assistance, fuel spill coverage, and watersports coverage
Standard policy doesn’t include total loss replacement
Multiple discount options and optional coverages make it easy to match your policy to your budget
Staple protections like collision, comprehensive, uninsured/underinsured boater, and medical payments aren’t standard
Progressive features a base policy that includes liability protection and several smaller supplemental coverages, which could make it more affordable and customizable. Collision and comprehensive coverage are optional, and a suite of add-ons like on-water towing, mechanical breakdown coverage, and trailer trip interruptions are available to sweeten the deal.
The real treat, however, is the multiple opportunities for discounts. Progressive offers a variety of discounts, including multi-policy, multi-boat, responsible driver, original owner, transfer from another company, advanced quote, association, pay in full, prompt payment, and safety course discounts. Their accident forgiveness and disappearing deductible options can also help you save.
Available in 15 states with plans to continue expanding, Ahoy! Insurance is an up-and-comer in boat coverage. They’ve earned an excellent rating from AM Best, and their slogan “Built for boaters, by boaters” says it all. This upstart insurance provider was recently recognized by InsurTech Hartford as the Best Emerging InsurTech, because they specialize in boat insurance, and their coverage options are competitive and feature tech-based benefits that power a supremely customer-oriented experience.
Cutting-edge technology for a better overall customer experience
Few opportunities for discounts or savings
A robust suite of coverages that comes standard
Only insures vessels up to 40 feet long and no more than 40 years old
Only available in 15 states, although rapidly expanding
Ahoy!’s boat insurance package includes collision, comprehensive, uninsured/underinsured boater, liability, and medical coverages. Fishing equipment and personal effects (like your cell phone) are covered. Rental reimbursement, roadside assistance, on-water towing, and wreck removal are all included, and claims are processed 24/7.
As for member benefits, Ahoy!’s treasure lies in how they’ve embraced technology to improve the customer experience. Policies come with a mobile app, online interface, and boat recovery assistance tag, which shows your boat’s location when activated, aiding in retrieval if your boat is stolen.
With Ahoy!’s mobile app, you can get real-time safety alerts for over- and under-water hazards, update your information, and get help filing a claim. It also allows you to self-inspect your boat and earn a vanishing deductible. Online, you can view your policy details, change payment information, and complete mid-term adjustments with ease.
PURE Insurance is an exclusive member-owned insurer that caters to those with a high net worth and a low risk for filing claims. This allows the savings to be passed onto you! With an A+ rating from AM Best , a white-glove experience, and a specialization in yachts and luxury vessels, PURE has built an award-winning reputation that makes them the clear winner in this category.
Insures more high-end vessels than competitors, with agreed value protection for financial security
Strict requirements for membership may be difficult to meet
PURE Member Advocates deliver a luxury experience by offering advice, weather guidance, background check assistance, and more
A PURE policy offers agreed value protection and includes medical, uninsured, liability, and personal property coverages. Tenders, deductible-free emergency and towing services, damage while on land, temporary substitute watercraft, hurricane haul-out and storage, search and rescue, and the marina or yacht club where your vessel is stored are all covered.
Part of what sets PURE apart is their high coverage limits and protections that extend to international waters. Their elite service is another major benefit. PURE Member Advocates assist policyholders in numerous ways, and members may receive a payout if the claims for a year total less than the premiums collected.
A water scooter or jet ski can be a lot of fun. Although it’s not required to have insurance on these types of personal watercraft, it’s a good idea and can offer you added peace of mind when cruising around. With an A+ rating from AM Best, Nationwide offers flexible PWC policies that include bodily injury liability, property damage liability, protection from uninsured and underinsured motorists, collision and damage payments, medical payments, and on-water boat towing and labor.
Lots of bundling opportunities
Availability varies by state
Competitive rates
Vanishing deductibles
Nationwide offers a vanishing deductible program as well as multi-policy and water safety discounts to help you save.
With fishing-friendly boat insurance options, Nationwide also secured the spot as the best insurer for fishermen. They have almost a century of insurance experience and insure bass boats , sailboats, and many more types of smaller commercial fishing vessels.
A thorough collection of coverages included in the base policy
Roadside assistance, on-water towing, and personal effects insurance not included in base policy
An insurance package tailored to the needs of fishermen
Only insures vessels valued up to $350,000
Nationwide’s base policy includes liability, collision, comprehensive, medical, and underinsured/uninsured boater coverages, with personal effects, roadside assistance, and on-water towing and labor available as add-ons. They also offer an array of discounts, including multi-policy and boater safety course discounts, and claims-free renewal savings.
Fishermen, in particular, might appreciate Nationwide’s insurance packages, which include fishing equipment, towing and personal effects coverage. Limits for fishing equipment coverage range from $1,000 to $10,000, depending on the package, so it’s easy to find one that fits your needs. If you insure your boat trailer, Nationwide includes roadside assistance at no extra cost.
If you have a charter boat or rent your vessel out, look no farther than Global Marine Insurance Agency. Licensed in all 50 states and serving boaters since 1989, they specialize in boat and marine insurance. Their coverage includes property, general liability, protection and indemnity, and umbrella options.
Offers coverage tailored exclusively for charters and rentals
Little information available about pricing online
Multiple discounts available
Only four locations in the U.S., so finding a local agent may be difficult
Global Marine Insurance Agency policies cover your boat’s hull, engine, and navigation and other equipment, usually to the agreed value (which means you don’t have to worry about depreciation). They also include general liability and protection and indemnity coverage for loss stemming from services rendered, products sold, and events like fuel spills.
Not only does Global Marine protect your finances with reliable coverage, they may also help you save money with discounts for things like lay-up time, completing safety courses, or even safe driving habits.
How We Select the Best Boat Insurance Companies
To compile this list, we compared boat insurance options from 15 leading national insurers and Trusted Choice partners. We weighed such factors as insurers’ AM Best ratings, customer testimonials, standard policy inclusions, optional add-ons and endorsements, discount opportunities, unique features, and range of coverage types to meet the needs of consumers in specific categories.
For boat insurance you can rely on , choose Trusted Choice to connect you with the coverage options that best meet your needs and your budget, from reliable, highly rated insurers.
MarketWatch Guides is a reviews and recommendations team, independent of the MarketWatch newsroom. We might earn a commission from links in this content. Learn More
Best Boat Insurance
Daniel Robinson is a writer based in Greenville, N.C. with expertise in auto insurance, loans, warranty options and more. Away from the keyboard, Daniel spends time with his wife and son, plays guitar and obsesses over the Beatles and Baltimore Orioles.
RaShawn Mitchner is a MarketWatch Guides team senior editor covering personal finance topics and insurance. She’s spent over a decade writing and editing articles about how to save money on travel, entertainment, household services and more.
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:
Top Boat Insurance Company
Overall Rating
Boat Insurance Award
Progressive
9.1
Best Boat Insurance Company
Boat Owners Association of the United States (BoatUS)
9
Best Boat Insurance Member Organization
Markel
9
Best Boat Insurance Coverage
National Boat Owners Association (NBOA)
8.9
Best Boat Insurance Marketplace
State Farm
8.8
Best Commercial Boat Insurance
Foremost
8.8
Best Included Boat Insurance Benefits
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.
If you have feedback or questions about this article, please email the MarketWatch Guides team at editors@marketwatchguides. com .
MarketWatch Guides may receive compensation from companies that appear on this page. The compensation may impact how, where and in what order products appear, but it does not influence the recommendations the editorial team provides. Not all companies, products, or offers were reviewed.
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.
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Car Insurance
Best Boat Insurance for 2024
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 3,844 boating accidents in 2023 alone, which resulted in approximately $63 million of property damage and 564 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 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
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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 up to 10 years old and worth more than $500,000
Boats that are 11 to 20 years old and worth more than $350,000
Boats over 20 years old and worth more than $75,000
Boats used as a primary residence
All houseboats
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 or Farmers Bristol West)
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
Provider
Best For
Allstate
Best Overall Boat Insurance
Progressive
Best for Cheap Boat Insurance
Nationwide
Best for Bundling Policies
Foremost
Best Variety of Coverage
Markel
Best for Fishermen
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. “ Coast Guard Releases 2023 Recreational Boating Statistics .”
Insurance Information Institute. “ Boat Insurance and Safety .“
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7 Best Boat Insurance Companies | Money
Boat insurance helps cover repairs due to accidents, theft, fire, storms and other perils. It also offers liability protection in the event your watercraft injures someone or damages their property.
Even if you don’t use your boat regularly, insurance can provide peace of mind in case of unexpected events. To help you find the policy that best fits your lifestyle, check out Money’s guide to the best boat insurance companies of 2023.
Our Top Picks for Boat Insurance
Progressive – Best for Policy Discounts
BoatUs – Best for Membership Benefits
Foremost – Best insurance packages
Chubb – Best for Yachts
State Farm – Best for Covering Boat Rentals
Markel Insurance – Best Insurance for Businesses
National Boat Owners Association – Best Insurance Agency
Best Boat Insurance Reviews
Wreckage removal and fuel spill cleanup included
Offers accident forgiveness and disappearing deductibles
Coverage limitations for expensive watercraft, and for big boats in hurricane-prone states
Why we chose this company: Progressive offers an extensive list of discounts. You could lower your monthly premiums by paying your policy upfront, completing boat-safety courses and more.
Insurance companies generally offer discounts if you insure multiple boats or combine your boat insurance policy with homeowners or auto insurance. Progressive provides those and more for a total of more than 10 discount options that may help you lower your boat insurance cost. You can get discounts for being the boat’s original owner, not having motor vehicle violations or accidents on your record for the last three years, making timely payments and more.
Progressive’s policies include accident forgiveness, which keeps rates from increasing if your claims are for $500 or less. Moreover, boaters who’ve been Progressive customers for at least four years and remained accident-free for three are exempt from rate increases for any accident, regardless of the claim amount. For an additional cost, you may also include a “disappearing deductible” feature that reduces your deductible by 25% for every claim-free period — until it reaches zero.
Note that Progressive has more limitations than other companies with regard to the vessels it insures. Personal watercrafts, such as jet skis, worth over $27,000 are not covered. And in hurricane-prone states, insurance is not available for boats over 35 feet in length or valued at over $175,000.
Additional coverage options:
Total-loss replacement
On-water towing
Fishing equipment
Personal effects
Mechanical breakdown
Medical payments
Trip interruption
Uninsured/underinsured boater
Comprehensive coverage
Progressive policy discounts:
Multi-policy
Responsible driver
Original owner
Transfer from another company
Association member
Advanced quote
Pay in full
Prompt payment
Safety course
Small accident forgiveness
Large accident forgiveness
Disappearing deductibles
Free boater safety and education programs to earn discounts
Extra-cost towing and emergency assistance plans available
Geico auto insurance policyholders may get a discount
Option to extend your coverage to Alaska, the Bahamas, Mexico and the Caribbean
Some policy options aren't available in every state or to every type of vessel
Does not offer replacement-cost insurance
BoatUS membership required to sign up for unlimited towing benefits
Why we chose this company: BoatUS has several policy options and coverage add-ons, but it also has a membership program that features valuable discounts on boating stores, towing services and more.
BoatUS is one of the largest membership-based organizations for recreational boat owners. While a membership isn’t required to get a BoatUS insurance quote, buying one entitles you to benefits much like those offered by AAA or other auto clubs for your car. These include BoatUS safety courses (free to all, regardless of whether they have BoatUS insurance), the completion of which can earn you discounts on your boat insurance policy.
The Membership program offers discounts on charter cruises, towing, fuel, boat supplies and fishing stores, watercraft storage, repairs and other services. It also includes a towing assistance benefit, the details of which vary by membership plan.
The four membership plans cost between $25 and $179 per year. Each one includes 24/7 towing assistance, jump-starts, fuel delivery and soft grounding. The highest plan tier may cover the full cost of emergency tows and reimburse policyholders up to $3,000 for towing services provided by companies outside BoatUS’ towing network.
BoatUS is owned by Geico and offers agreed value, actual cash value and liability coverage policies for most types of boats — though not replacement cost coverage, which many insurers offer. Also, note that since the company is a subsidiary of Geico, both offer the same policy. In fact, the Geico boat insurance quote process redirects you to the BoatUS website.
Coverage options:
Dock contract liability
Fishing guide
Ice and freezing
Lifetime repair guarantee
Lower deductible for dinghies
Lower deductible for electronic issues
Personal effects coverage
Unlimited towing
Trailer coverage with roadside assistance
Policy discounts:
Safety courses
Eight coverage packages by boat type
Multiple discounts, such as those for boaters 55 years or older
Elite package includes Bahamas and Mexico navigation
Specialized insurance options for USAA members
May not cover boats over 50 feet in length or $500,000 in value
Some coverage options only available with the Elite package
Why we chose this company: Insurance companies usually offer a base policy that boaters can customize by adding optional coverage riders. While Foremost also offers optional riders, it stands out by selling over five insurance packages tailored to different boat types, ages and coverage levels. This can simplify the process of choosing the right policy features for your needs.
Foremost has three main packages: Saver, Plus and Elite. Saver is an inexpensive insurance option that provides actual cash value settlements, which is the amount it would take to repair or replace your boat minus depreciation.
Plus provides total loss replacement settlement, which pays to repair your boat to its previous condition and with the same materials as before an accident, rather than a depreciated amount. The Elite is the most comprehensive choice, adding pollution (spill) liability, wreck removal, pet coverage, towing services and more.
There are also packages for pontoon boats, boats that are more than 25 years old, speedboats that reach speeds of 77 mph or greater, and personal watercraft such as jet skis. Every plan can be customized with additional coverage options, including medical payments, personal property, boat transport trailer coverage and more.
Personal Liability
Uninsured Watercraft
Medical Payments
Towing and Roadside Assistance
Trailer coverage
Personal property
Policy paid in full
Boat features protective devices (fire extinguishers, monitoring systems, etc.)
Loss free renewal
Prior insurance
55 years or older
Affinity and alliance
Covers an unusually wide variety of watercrafts, including yachts, kayaks and canoes
Optional coverage for rented boats
Lay-up discount available if you don't use the boat year-round
No actual cash value coverage available
Why we chose this company: Like many other insurers, State Farm covers expenses for damage your boat may cause to other people’s property, such as another boat or a dock, as well as injuries sustained by others in accidents. It also offers an optional add-on liability protection for rented boats, a rarer feature of boat policies.
State Farm provides liability protection when you rent a boat during a vacation or while yours is being repaired. The company may also reimburse part of your rental costs if you rent a boat while yours is in the shop. And if you rent your boat, State Farm may also help pay for damages to your boat caused by the person who rented it.
Your base policy will include emergency service insurance, which pays for expenses you might incur if you need assistance with your boat, motor or trailer. This coverage is usually an optional rider and covers only vessel towing. State Farm policies also cover wreck removal, which reimburses you for the expense of raising, removing or destroying your boat’s wreck when it’s damaged due to a covered incident and you’re legally required to remove it.
Fishing tournament fee reimbursement
Incidental commercial fishing
Uninsured/underinsured watercraft
Bodily injury liability
Property damage liability
Comprehensive
Emergency services,
Wreck removal
Lay-up discount if you don’t use the boat year-round
Boating in fresh water instead of salt water
Covers especially large and/or expensive yachts
Complimentary background screenings, travel briefings and discounted rates on security services
Consultations on local laws and customs
No deductions for depreciation on most partial loss claims
No information on website about policy discounts
Why we chose this company: Insurance companies typically cover boats up to 50 feet in length and up to $500,000 in value. Chubb , on the other hand, has two yacht insurance plans tailored to vessels that are between 36 and 70 feet in length and valued at up to $3 million. Coverage is also available for captained vessels that are 70 feet or longer and valued at $3 million and up.
Chubb’s two yacht insurance policies include standard coverage options such as agreed value coverage, emergency towing and assistance and liability protection. However, its Masterpiece® Watercraft Insurance goes further, covering the cost of hauling or docking the vessel due to an incoming storm, the marina where the yacht is stored and liability protection for the boat’s crew. It may also pay up to $25,000 to cover the cost of fines and penalties as a result of marine environmental damage and more.
Coverage is also available for captained vessels of 70 feet or longer and valued at $3 million and up. Yacht owners receive coverage of up to $10,000 to charter a boat if your own vessel can’t be repaired within 72 hours. There is similar coverage for renting a watercraft in the event your own is unavailable.
Agreed value coverage
Liability protection
Medial payments
Uninsured boater
Pollution/Fuel spills
Hurricane haul-out
Pet injury coverage
Replacement-cost coverage for dinghy and tender
Optional higher limits for emergency towing and assistance
Marine Environmental Damage coverage
Salvage costs and loss protection
Temporary Substitute Watercraft coverage
Optional higher limits for trailer coverage
Insurance coverage for watercraft used for commercial purposes
Covers liability for damage to the vessel's storage facilities
Diminishing deductible program
Few physical branches nationwide
Why we chose this company: Where most boat insurance companies cover boats and watercraft used recreationally, Markel ‘s insurance policy covers vessels used for business purposes, including commercial fishing, boating classes, renting and chartering. Its marine insurance policy also covers liability for any damage the vessel causes to the rental facility where it’s stored.
Markel covers several types of boats, whether they be yachts you charter for sightseeing or boats you own and operate. It also offers various boat insurance options, including coverage for damaged equipment and liability coverage for property damages, bodily injury, pollution (including fuel spills) and the crew.
Markel’s policies for boats meant for personal use start at as little as $100 per year.
The company is also among the few boat insurers that reduce your deductible for each year you’re claim free. The deductible drops by 25% each claim-free year until it reaches zero.
Business interruption
Boat towing
Tournament fee reimbursement
Premises liability
Slip and mooring liability
Emergency expense reimbursement
Diesel engine
Primary operator age 40 and over
Insuring more than one boat
Boating experience of five years or more
Pairs you up with the best providers for your needs
No membership needed, but members get benefits such as emergency towing and discounts at marine retailers
Provides financing to buy new or used vessels
Must go through quote process to get more information on coverage options
Why we chose this company: If you’re unsure as to the boat insurer that’s best for you, you may want to go for a boat insurance agency. The National Boat Owners Association (NBOA) connects you with insurers offering coverage for all types of boats and watercraft, including speed boats, sailboats, fishing boats, catamarans, yachts and jet skis.
The insurance companies NBOA partners with offer a wide range of coverage options such as liability protection with limits ranging from $100,000 to over $1,000,000, towing services and personal property reimbursement. Some insurers also offer total loss replacement coverage which replaces your boat with a new one of the same or similar make and model in the event of a total loss.
While you don’t need a membership to purchase insurance, you’ll need one to receive benefits such as emergency dispatch services, towing coverage, marine financing and industry discounts. NBOA offers two membership plans, costing $35 or $75 per year.
Other companies we considered
Offers premiums as low as $25 per month
Discount if you own a home, even if it's not insured under Allstate homeowners insurance
High ratio of complaints filed with the National Association of Insurance Commissioners (NAIC)
Allstate offers policies starting at $25 per month and several discounts, including one for being a homeowner, even if the house is insured with a different company.
Why it didn’t make the cut: Allstate has a higher ratio of complaints with the National Association of Insurance Commissioners (NAIC) than our other picks.
Insurance packages ideal for fishing trips
Pollution liability coverage and wreckage removal are included
Roadside assistance included if you insure your boat trailer with Nationwide
Limited coverage add-ons available
Scored below average on several J.D. Power customer satisfaction studies
Nationwide offers six insurance packages that are ideal for fishing trips. The company also includes roadside assistance at no additional cost if you purchase boat trailer insurance as well.
Why it didn’t make the cut: The company scored below average on several J.D. Power customer satisfaction studies compared to our main picks.
United Services Automobile Association (USAA)
Members get a 5% discount on coverage for most watercraft valued under $150,000
Discount for being claim-free
Insures most types of boats
USAA boat insurance only available to military families.
USAA consistently scores high on J.D. Power’s customer satisfaction studies. The company also covers many types of watercraft, including yachts and boats valued at over $150,000.
Why it didn’t make the cut: Its plans are only available to military families.
American Family
Add-ons include personal property, total loss and equipment damage coverage
Offers a multi-policy discount
Policies available only in 19 states
American Family offers physical damage, liability, medical payments, fuel cleanup, emergency service and equipment coverage for a wide variety of vessels, including personal watercraft, houseboats, sailboats, bass and fishing boats, yachts and speed and power boats. It also sells policies for kayaks, canoes, dinghies, row boats and stand-up paddleboards.
Why it didn’t make the cut: The company only operates in 19 states.
United States Power Squadrons (USPS)
Membership includes discounts on BoatUS insurance policies
USPS safety course graduates get a one-year complimentary BoatUS membership
Insurance program only available to members
Membership entails an additional cost
The United States Power Squadron (USPS) is a non-profit boating organization that provides maritime safety classes. Members get discounts on BoatUS insurance policies, but membership requires an additional cost of $109 for individuals and $150 for families.
Why it didn’t make the cut: USPS is not an insurance provider.
Boat Insurance Guide
Boat insurance works similarly to car insurance in that it provides financial protection against damages to your property (in this case, a vessel) and that of others. It also covers medical expenses you or your passengers incur and other liability claims.
Unlike with cars, most states don’t require that boats be insured — although some marinas may ask for insurance to rent a dock. If you’re financing a vessel, lenders may also demand you carry insurance. However, even if these requirements don’t apply to you, insuring your boat may be a good idea.
What does boat insurance covers?
Policies vary between insurers but coverage typically includes property damage and liability coverage. Let’s go over them in detail.
Property damage coverage
Property damage coverage insures your vessel against damages or loss caused by collisions with other boats or objects (such as a dock or buoy), theft, sinking, fire, storms and other risks. The property covered may include the hull, motor, fittings, furnishings and other equipment. This coverage is also known as comprehensive and collision coverage.
Liability coverage
Bodily injury liability helps pay legal expenses and settlements if you’re found at fault for someone’s injuries during a crash, for example. Property damage liability, on the other hand, covers damages to others’ property, such as a boat or dock you collide with.
What boat insurance doesn’t cover
Unless your policy states otherwise, boat insurance generally won’t cover:
Wear and tear
Deterioration
Damage from animals
Manufacturing defects
Servicing and maintenance
Renovations
Other exclusions may include accidents that take place while boating outside your policy’s navigation limits or during a lay-up period.
Optional boat insurance coverage
Boat insurance companies may offer add-ons to augment their base policy’s coverage. Here are some of the most common.
Medical payments coverage pays for the treatment of injuries, like medications or X-rays, you or passengers sustain in a covered accident.
Roadside assistance
Roadside assistance covers part or the total cost of towing your boat trailer if it breaks down. Some plans also cover labor for on-site vehicle repair.
Wreckage removal
Wreck or wreckage removal helps cover the cost of removing your boat or any debris from the water after an accident or if your boat sinks.
Mechanical breakdowns
Mechanical breakdown coverage pays to repair or replace an outboard motor, unless the issue is due to general wear and tear.
Watersport injuries or damages
Watersport coverage pays for injuries directly related to water sports, like tubing, wake surfing, or water skiing.
Fuel spill cleanups
If your boat spills fuel or oil due to an accident or leaking tank, this coverage can help pay cleanup or legal costs.
Also known as personal effects insurance, this coverage pays for the replacement cost of fishing equipment, scuba gear, clothing, electronics and more.
Uninsured/Underinsured boater
As the name suggests, this option covers injuries caused by a collision with a boater that doesn’t have insurance or has insufficient coverage.
This add-on pays for towing if your boat leaves you stranded. It may also cover jump starts, soft un-groundings and fuel delivery. Depending on your plan, you may have to pay a deductible per towing service.
Ice and freezing damage
Ice and freezing damage coverage pays for damages to your boat’s engine or body caused by improper winterization. It may cover your boat while docked outside or if the storing facility’s heating system fails.
This endorsement reimburses the cost of moving your boat out of the water before a hurricane or other named storm is headed for your area.
Extending your navigation
Boat insurance typically only pays for losses and injuries that happen within designated geographical limits. You’ll have to purchase additional coverage to extend these navigational limits to other areas — like Alaska, the Bahamas, Mexico or the Caribbean.
Types of boats covered
The types of watercraft covered vary across insurance companies but may include:
Bass/fishing boats
Pontoon boats
Power/speed boats
Personal watercraft (PWC) such as jet-skis
Some insurers may also cover non-motorized watercraft such as kayaks, canoes or stand-up paddleboards.
Agreed value vs. actual cash value policies
Companies offer one of two types of reimbursement: agreed value or actual cash value. The type of policy you opt for will determine your coverage limits and premium.
This pays the amount you and the insurer agree on when you purchased the policy. It doesn’t take into account the value of your boat at the time a claim is submitted. It provides the most protection since it pays to replace or repair your watercraft without deductions for depreciation.
Actual cash value coverage
This option takes into account the market value, age and condition of the watercraft at the time of the accident. The insurer pays for repair or replacement costs after accounting for depreciation. Premiums on actual cash value policies are more affordable, but these provide less coverage in the event of total loss.
Some companies also offer replacement cost coverage. This type of coverage reimburses the full amount needed to repair your boat after an accident. In the event of total loss, the insurer pays to replace your watercraft with the same or a similar model.
Is my watercraft covered by my homeowners or umbrella insurance?
Homeowners insurance may cover your boat — as long as the watercraft meets the insurer’s size and speed restrictions.
Most policies cover small boats under 26 feet in length that have engines of 25 horsepower or less. However, note that coverage limits for physical damage are usually low — typically no more than $1,000 or $1,500 per item — so you may need to purchase an add-on or “endorsement” to insure your watercraft to its full value. Also, coverage for medical payments, other personal property or liability may be excluded.
Umbrella insurance may also cover your watercraft. However, the underlying policy covering your boat must first meet the liability requirements of your umbrella policy. For instance, an umbrella policy won’t cover legal fees and damages if it requires a minimum liability coverage of $500,000 and your boat or homeowners insurance caps at $300,000.
How much does boat insurance cost?
Your premium will depend on factors such as:
Navigation area: boating inland (lakes or rivers), coastal regions or traveling to the Bahamas, Mexico and the Caribbean (sometimes also Alaska).
Boat type: the model, year, size and speed of your watercraft.
Your boating record: prior boating violations, accidents, claims or boating safety courses.
To insure a used boat, underwriters may require a marine survey to determine the vessel’s overall value and condition. The surveyor inspects the boat for any underlying issues with its structure, machinery and onboard equipment.
Some insurers offer policies for as low as $25 per month or less but these usually only offer basic liability protection. Advertised prices go up as you add more coverage options to your plan.
How much boat insurance do I need?
The amount of insurance you need depends on the value of your vessel. For example, if you have a $40,000 boat, you’ll want at least $40,000 worth of coverage. It also depends on where you dock, moor or store your boat. Some marinas require at least $300,000 in liability protection but it can be as much as $1,000,000.
How to save on boat insurance
A policy that offers cash value coverage will be the cheapest option, since your insurance company can factor in depreciation when paying for damages. Choosing a lower liability limit and a higher deductible are other ways to lower your monthly premium. Just keep in mind that these choices could lead you to pay more out of pocket for damages, injuries or legal fees after an accident.
Insurers also offer policy discounts that can help you save money on your premium. These commonly include:
Insuring more than one boat under the same policy
Bundling your boat, homeowners and car insurance policies
Paying your insurance in full
Taking safety courses
Having claim-free periods
Having no boating accidents on record
Owning a diesel-powered boat
Not using your boat during during certain months (lay-up)
Installing safety devices such as fire extinguishers or a fume detector
Common reasons for boat insurance claims to be denied
Boat insurance only covers events that are explicitly stated on the policy declaration. However, a claim may be denied even if your policy covers the event. That can happen if:
You were operating a boat under the influence of alcohol or drugs
You didn’t give the watercraft proper maintenance
The damages or injuries exceed your policy limits
You made mistakes when filing the claim
You failed to safeguard your boat before a storm
You use your boat for commercial purposes (this usually requires marine insurance tailored for businesses)
Best Boat Insurance FAQ
How much is boat insurance, what does boat insurance cover, do i need boat insurance, is boat insurance worth it, how we chose the best boat insurance.
Here’s what we looked for when choosing the best boat insurance companies:
Coverage options and discounts
We looked for companies that offered a comprehensive selection of insurance packages, coverage add-ons and policy discounts.
Customer satisfaction
As we researched companies, we focused on those that receive mostly positive feedback on online review sites such as the Better Business Bureau (BBB) and customer satisfaction studies by J.D. Power.
Financial strength
We considered the financial strength of each company by looking up their rating from A.M. Best, a credit rating agency that focuses on assessing the creditworthiness of insurance companies. All our picks scored between A and A++.
Complaint index
We evaluated every insurer’s complaint trend report from the National Association of Insurance Commissioners (NAIC).
This article originally appeared on Money.com and may contain affiliate links for which Money receives compensation. Opinions expressed in this article are the author's alone, not those of a third-party entity, and have not been reviewed, approved, or otherwise endorsed. Offers may be subject to change without notice. For more information, read Money’s full disclaimer .
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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.
Our Boat Insurance Review Summed Up
Company Name
Best for
Most Comprehensive
Best for Broad Navigational Limits
Best for Operator's Age Discount
Best for Ease of Use
Best for Boat Collectors
Best for Yachts
Best for Memberships
Most Customizable
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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.
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Best 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.
See All 19 Items
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
2. Best Boat Insurance for Classic Boats: Hagerty
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
3. Best Boat Insurance for Value: Progressive
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
4. Best Boat Insurance for Convenience: State Farm
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
6. Best Boat Insurance for Agent Expertise: Markel
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
7. Best Boat Insurance for Flexible Coverage: Foremost
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
What is Boat Insurance?
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.
What Does Boat Insurance Cover?
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.
Collision Coverage
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.
Comprehensive Coverage
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.
Property Damage Liability
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.
Bodily Injury Liability
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.
Additional 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.
Can I Use My Homeowners Insurance Policy?
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.
How to Chose and What to Look for in a Policy
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.
Find Boat Insurance Today
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.
Frequently Asked Questions
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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Boat Insurance
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Boat Insurance From Experts – BoatUS and GEICO have teamed up!
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Policies are underwritten by GEICO Marine Insurance Company. Privacy Policy & Notice of Collection
If GEICO Marine is unable to offer a quote, your information may be shared with non-affiliated insurance companies, CHUBB and American Modern, so that they may provide a quote. Both of these non-affiliated insurers have sole financial responsibility for its own insurance products. By clicking “Get a Quote,” you agree that the information you provide can be shared with our business partners.
Login to My Account, the place to conduct all your BoatUS business online on one secure site, anytime, anywhere. Make a payment and manage autopay options, view your policy summary, retrieve policy documents, upload claim photos and documents, update your credit card, contact and boat information, and more!
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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6 Best Boat Insurance Companies of 2024 Compared
Do you have a valuable boat that you worry about keeping repaired and properly maintained or worry about what could happen if you get into a boating accident boat insurance can provide coverage for everything from damage to your boat to liability coverage for accidents you’re involved in..
Many or all of the products featured here are from our partners who compensate us. This may affect which companies we write about and where the company appears on a page. However, any analyses, or reviews expressed in this article are those of the author’s alone, and have not been approved or endorsed by any partner.
In many cases, boat insurance coverage isn’t legally required like auto or other types of insurance. But that doesn’t mean skipping out is a good idea. If you cause an accident or a problem with your boat causes it to leak oil or fuel, you could face huge bills that you struggle to pay.
Our team of financial experts reviewed and ranked the top boat insurance companies to help you find the one that’s right for you.
Top Picks for Best Boat Insurance 2024
Foremost – best for variety of discounts, progressive – best for bundling, state farm – best for personalized service, boatus – best for wide sailing areas, markel – best for commercial coverage, national boat owners association – best for comparing policies, best boat insurance companies - full overview .
We examined some of the best boat insurance providers, looking at their key features and unique offerings to help find the one that’s best for you.
Available in all 50 states
Variety of coverage options
Multiple discounts available
Add-on can cover watercraft in the Bahamas and Mexico
Customize your coverage with multiple package options
A rating from A.M. Best
Quick online quote
Customizable packages
Lots of discounts
May not cover very large craft
Some coverage requires expensive package
Foremost is one of the best boat insurance providers when it comes to the variety of discounts available. You can save money on your policy by paying in full, taking a safety course, having protective features in your boat, or simply being 55 or older. You can also select a package based on your needs. The low-end package offers basic, inexpensive coverage while the deluxe Elite package includes lots of add-ons, such as hurricane haul-out and even pet coverage.
Main Features
Whether you want a low-cost insurance policy to cover the bases or one that will protect you from every feasible situation, Foremost has a policy package that will fit that need. It also has specialized packages for older boats and high-speed boats. You can work with an insurance agent or get an online quote in as little as two days.
Extensive discount options
Get multiple types of insurance in one place
A+ rating from A.M Best
Disappearing deductible available
On-water towing add-on available
Customizable policies let you select your coverages
Price as low as $100 per year
More than ten discounts available
Choose your coverages
Bundle with other policies
Long list of limitations based on boat age, value, and use
Progressive is a well-known insurance company that helps match customers to the right type of insurance policies. If you need many different types of insurance, such as homeowners and auto coverage, in addition to boat insurance, that makes Progressive appealing. You can get a discount for bundling those policies.
Main Features: If you qualify for some of its discounts, Progressive can cover your boat for as little as $100 per year. It also offers a unique disappearing deductible option. For each year where you don’t make a claim, the deductible on your policy will decrease. Eventually, the deductible will reach $0, meaning you won’t have to pay a deductible for your next claim. You can also get accident forgiveness and other benefits that help keep the cost of coverage low.
Personalized service from an agent
A++ rating from A.M. Best
24/7 roadside assistance coverage
Rental boat coverage
Coverage for your boat if you rent it out
Discount for years where the boat is unused
Covers a wide variety of watercrafts
Wreck removal coverage
Unusual coverages, such as rental coverage, available
Underinsured watercraft coverage available
Large insurer that you can trust
Can’t purchase cash value coverage
Few discounts advertised and available
State Farm is one of the nation’s largest insurers, which makes it a strong choice if you want to make sure the insurer you choose can make good on the policies it sells.
When you’re shopping for a policy, you’ll work with one of State Farm’s 19,000+ agents nationwide, getting personalized service that can help you choose the right types and levels of coverage for you. You can also bundle other types of insurance through State Farm, including home and auto coverage, which makes it a one-stop option for all your insurance needs.
Main Features: One of the top things that sets State Farm apart from the competition is the option to purchase some unique and unusual insurance coverages. Few insurers offer rental boat insurance or offer to cover your boat if you rent it out to someone else. If you do either of these things, State Farm may be the best choice out there.
You can also get some other nice perks, such as 24/7 roadside assistance, which is an atypical feature for boat insurance.
Free boater safety programs that provide discounts
Extend coverage to Alaska, Mexico, the Bahamas, and the Caribbean
Bundle with Geico policies for a discount
Commercial liability if you use your boat for tours or fishing
Unlimited towing package
Trailer coverage
Bundling discounts
Save money over time by taking safety courses
Available in every state
Many policy add-ons
Limited discounts listed
Some exclusions based on type of craft
No replacement-cost insurance
BoatUS offers its insurance policies through a partnership with Geico, one of the nation’s top insurance companies. If you want to work with a major insurer that has a strong credit rating, BoatUS is a strong option. You also get the benefit of being able to bundle your policies with Geico’s other coverages, such as auto and home insurance, which can make shopping for coverage easier and help you save money.
The insurer also offers a host of custom add-ons that you can apply to your policy, making it easy to customize your coverage.
Main Features: BoatUS is appealing for many reasons, but one of the top features of the insurer’s policies is that you can get coverage that applies across the United States, including Alaska, and add coverage across other countries, such as Mexico and the Bahamas. You can even use the insurer if you use the boat for business.
Policies focus on commercial use
Covers liability for damage to storage facilities
Premiums as low as $100 per year
Replacement cost coverage available
Uninsured boater coverage
Boat towing coverage
Covers a wide variety of watercraft types
Offers both personal and commercial policies
Discounts for experienced boaters
Highly customizable policies appeal to advanced boaters
Few physical locations
Limited discounts for younger boaters
May not appeal to non-commercial boaters
Markel is an insurance company that focuses more on professional boaters, including those who run boat tours or fishing excursions, or who participate in fishing tournaments using their watercraft. For these serious boaters, Markel can be a very appealing choice, offering a massive list of optional policy add-ons that you can use to customize your coverage and get exactly the type of policy that is right for you. However, non-commercial boaters who only use their craft for a couple of months each year may not find this insurer to be as appealing.
Main Features: Markel’s top feature is its variety of specialty coverages that appeal to commercial boaters. It offers add-ons like professional angler liability, tournament fee reimbursement, theft away from home, and wreck removal coverage.
Compare policies from multiple insurers
Wide variety of policies available
Getting a membership offers perks, such as discounts and towing service
Help with financing the purchase of a new or used boat
Coverage for many types of crafts
Get quotes online
Work with an agent to get personalized advice
Compare multiple quotes easily
Membership perks
Customizable policies
Does not offer policies directly
Limited information about discounts
Membership requires an additional fee
The National Boat Owners Association (NBOA) isn’t an insurer itself. Instead, it’s a membership organization that boaters can join to interact with other boaters and get some benefits, such as help with financing boat purchases, warranty services, and other perks. Whether you’re a member or not, the NBOA has an insurance marketplace that you can use to find coverage for your boat. You can request a quote and get offers from multiple different insurers. The NBOA has insurance agents that can then help you compare those quotes and choose the best one.
Main Features: The main thing that sets NBOA apart isn’t in the insurance policies you can buy. The membership perks include discounts on a number of boat services, access to an online community, emergency towing services, travel perks, and on-road towing assistance.
Types of Boat Insurance Coverage and Discounts
Types of Coverage
Physical damage
Personal liability coverage
Personal property
Towing and roadside assistance
Discount Offers
Paid-in-full
Multi-policy
Boat safety course
55 and older
Protective features
How to Choose the Best Boat Insurance Companies?
Shopping for any type of insurance can be tricky. There are a lot of things to consider and you need to read the fine print carefully.
The top things to consider when selecting a boat insurance company include:
Coverage Options : Look at the different types of coverage available. Some insurers offer more or different types of coverage. For example, one might only cover your boat while another covers the boat and property on the boat. Don’t forget to check for coverage for towing, wreckage removal, and liability.
Policy Limits and Deductibles : Some insurers place limits on how much they’ll pay out if you file a claim. If your liability is larger than the limit, you could face out-of-pocket expenses, so make sure the limits aren’t very low. Also consider the deductible, which is how much you have to pay before the insurance kicks in. Low deductibles mean you pay less when filing a claim, but usually lead to higher premiums. A higher deductible will save you money on premiums, but you’ll have to pay more if something happens.
Premium Costs : Of course, price is a key concern when buying insurance. Don’t just choose the cheapest policy available, but don’t overpay for no reason. Make sure to check with multiple insurers and see how things like the boat’s age, size, and type impact price.
Financial Stability : Before buying a policy, make sure to check the insurer’s financial situation using an independent rating agency like A.M. Best Standard & Poor’s. The last thing you want is to file a claim only for the insurer to say they don’t have the cash to cover your costs.
Customer Service and Claims Processing : Good customer service is key for any insurance company. Make sure the company has good ratings from other customers and has a reputation for responsiveness and quick claims processing.
Discounts and Bundling Options : Many insurers offer multiple types of insurance, such as boat, auto, and home coverage. Bundling often leads to discounts and it’s just easier to get multiple policies in one place rather than working with different insurers. Also, look into the other discounts the insurers offer. You might save money by taking boating classes or having boat safety equipment on board.
Geographical Coverage : Think about the places you tend to use your boat or plan to bring it in the future. Confirm that any insurer you’re considering offers coverage in those areas. For example, some insurers will cover the use of your boat in the Bahamas or the Caribbean, but not all insurers will.
What is Boat Insurance?
Boat insurance is a type of insurance policy that protects your boats and offers liability protection for you while you’re operating it. The precise coverage will depend on the details of your policy.
For example, if your boat is parked in your driveway and gets damaged by a storm or stolen, your insurance will help pay for repairs or replacement. If you’re driving the boat and get into an accident or sink the boat, the insurance can help pay for any damages you’re liable for and the removal of the debris.
Is Boat Insurance a Good Idea?
Boat insurance typically isn’t legally required in the same way that auto insurance is, however, it’s still a good idea to buy a policy.
Protect your investment . Boats are expensive. If yours is damaged, stolen, or otherwise unusable, buying a new one could be hard. Insurance helps protect your investment and keep it operating.
Limit liability . Driving a boat is fun but can be dangerous. An accident can mean serious injuries or even death. If you’re in an accident and get sued, insurance could save you from bankruptcy.
Other benefits . Many policies offer additional perks, such as roadside assistance when you’re towing your boat or discounts on other boat-related services.
When to Get Boat Insurance?
If you own a boat , you should start thinking about getting boat insurance. Some common times to buy a policy include:
When you buy a new boat . Getting a new boat is expensive, and getting insurance for it can protect your purchase.
When it’s legally required . In most states, insurance is optional, but some, such as Utah, require it.
When you get a loan to buy a boat . If you finance a boat purchase , the lender might require that you buy insurance. Even if they don’t insurance can help you afford to pay the loan off if your boat is damaged.
How to Get a Boat Insurance
The easiest way to get boat insurance is to work with an insurance agent or to get a quote online. Insurance agents offer personalized service and may help guide you to the right types of coverage, but online quotes are easy to get on your own.
How to get a boat insurance quote
To get a boat insurance quote, follow these steps:
Choose an insurer and visit their website
Start the online quote process
Provide information about your identity and where you live
Types of boats
Hull material
Engine type
Whether you want to insure a trailer
Where you store the boat
Where you use it
How long you’ve owned boats
Choose policy and coverage add-ons
Select policy limits, deductibles, and other details
Receive your quote
Types of Boat Insurance
Boat insurance encompasses many different types of coverage. Different policies include different types of coverage, so it’s important to understand what applies to your boat insurance policy.
Different types of insurance include:
Liability coverage . This protects you if you cause an accident and have to cover expenses related to that accident.
Property damage . If you damage someone’s property with your boat, such as by crashing into a dock and damaging it or bumping into someone else’s boat, this covers the cost of repairs.
Bodily injury . Another type of liability coverage, this pays for medical bills and other expenses related to injuries you cause.
Collision . This covers repair or replacement costs for your own boat after an accident.
Comprehensive . Comprehensive coverage protects your boat from things that happen to it outside of operation. For example, theft, vandalism, and weather damage are all covered by this coverage.
Uninsured/underinsured boater . If you get into an accident with another boater and they’re found liable but don’t have sufficient insurance, this coverage steps in to help cover your costs.
Towing . This pays for towing your boat across the water if it breaks down.
What Does Boat Insurance Cover
What your boat insurance policy covers will largely depend on the details of the policy you buy. Some boat insurance policies include coverages that others don’t.
Most boat insurance companies will cover things like damage caused to the boat during normal operation, as well as liability that you face during accidents or from damaging someone else’s property.
What Boat Insurance Doesn’t Cover
Many boat insurance policies have exclusions, meaning damage or other problems that they won’t cover. Before you buy a policy, you need to understand what is excluded.
Common exclusions include:
Normal wear and tear from operation
Improper storage and transportation
Animal, insect, or mold damage
Damage from marine life
Boating accessories
Faulty machinery
Use in competitions
Use outside of specified geographic regions
What Type of Boat Insurance Do I Need?
Deciding on the type of boat insurance that you need can be tricky.
A good baseline is to purchase a policy that includes liability coverage and collision coverage. This will keep you protected if you cause an accident or if something happens to your boat while you’re operating it. Comprehensive coverage can add more protection against other perils, like weather damage.
You also need to decide between an agreed value and an actual cash value policy.
An agreed-value policy tends to be more expensive but will pay you a benefit based on the value of the boat at the time you signed the policy. Actual cash value policies are cheaper but will pay you less as the boat ages and depreciates in value.
What To Look for When Shopping for the Best Boat Insurance?
When shopping for the best boat insurance, the first thing to do is figure out what type of coverage you want to include in your policy. Then, you can rule out insurers that don’t offer those coverages.
That should leave you with a smaller list of insurers. You can then start comparing them more in-depth. First, make sure that the insurer you choose is financially stable and likely to pay out when you make a boat insurance claim. Then, consider factors such as the ease of getting a quote and customer service.
Of course, don’t forget to compare the available discounts and prices. If you can get equivalent policies from two boat insurance providers, but one is much cheaper, go for the better deal.
Boats are a lot of fun, but they can also be incredibly expensive to own, operate, and maintain. Boat insurance is an inexpensive way to protect your investment and to make sure you can enjoy your watercraft for years to come.
When buying insurance, don’t just choose the first policy you find. Take the time to shop around, customize the coverages that you want or need, and look for the best deal. Putting in a bit of effort can help you save a lot of money in the long run.
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Yacht Insurer OMAC Is Hull Carrier for Yacht Sunk Off Sicily, Sources Say
Yacht insurance provider OMAC is the carrier on the hull for the Bayesian, a 56-meter-long (184-ft) sailboat, that was hit by a ferocious storm on Monday, sinking off the northern coast of Sicily, two sources with knowledge of the matter said.
The syndicates providing insurance include Travelers Companies Inc., Navium Marine and Convex, while British Marine is the protection and indemnity (P&I) insurance provider, the sources said.
Reuters could not ascertain the value of the yacht or what the value of potential claims could be.
Update: Divers Retrieve 5th Body From Mike Lynch Yacht Sunk Off Sicily
Ships typically have P&I insurance, which covers third-party liability claims including environmental damage and injury. Separate hull and machinery policies cover vessels against physical damage.
Convex declined to comment, while OMAC, Travelers, Navium and British Marine did not immediately respond to Reuters’ requests for comment.
The British-flagged superyacht was carrying 22 people and anchored off the port of Porticello when it was hit by a fierce, pre-dawn storm on Monday. Fifteen people managed to escape the yacht before it capsized.
Four bodies were found on Wednesday aboard the sunken wreck of the yacht belonging to the wife of British tech magnate Mike Lynch, sources close to the rescue operation told Reuters.
Morgan Stanley’s and Hiscox’s Bloomer Among Those Missing After Yacht Sinks
The global yacht insurance market has faced significant challenges in recent years, largely due to natural disasters like Hurricane Maria in 2017 and Hurricane Ian in 2022, which devastated numerous charter bases and hundreds of yachts.
In response, insurers have increased rates and reevaluated their guidelines and risk appetite. Insured losses in the market have mostly stemmed from hurricanes, severe storms, floods, and other weather events in North America, the Caribbean, and Europe, according to a report by broker Marsh .
(Reporting by Noor Zainab Hussain and Manya Saini in Bengaluru; editing by Michelle Price and Sandra Maler)
Photograph: Italian firefighters scuba divers are docked at the harbor of Porticello, southern Italy, Tuesday, Aug. 20, 2024, as rescue teams returned to the site of a storm-sunken superyacht to search for six people, including British tech magnate Mike Lynch, who are believed to be still trapped in the hull 50 meters (164-feet) underwater. (AP Photo/Salvatore Cavalli)
Topics Carriers
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Categories: International & Reinsurance News Topics: British Marine , Convex Group Ltd. , marine insurance , marine liability insurance , Navium Marine , OMAC , protection and indemnity (P&I) , superyacht insurance , The Travelers Cos. , yacht insurance
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The Best Cheap Homeowners Insurance in Sioux Falls, South Dakota for 2024: Quotes and Reviews
The cheapest homeowners insurance in Sioux Falls, South Dakota, is with Travelers at around $1,666 per year. The best homeowners insurance provider is USAA, with a score of 94/100. By shopping around, homeowners may save up to $1,869 a year.
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Mark Fitzpatrick
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Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including [CNBC](https://www.cnbc.com/2020/04/15/cant-keep-up-with-insurance-premiums-heres-what-to-do.html), [NBC News](https://www.nbcnews.com/business/autos/flooded-cars-are-problem-their-owners-future-car-buyers-n1278493) and [Mashable](https://mashable.com/article/tesla-insurance-rates). Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
Updated: August 20, 2024
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Cheapest Companies
Average Cost of Insurance
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Best Home Insurance
Cheapest Companies for New Homes
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Cheapest for High Deductibles
Cheapest for Poor Credit
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The Cheapest and Best Homeowners Insurance in Sioux Falls
The Cheapest Home Insurance Companies in Sioux Falls
Many insurance providers offer the same core coverages, so the price is an important factor when choosing your home insurance policy.
The cheapest homeowners insurance in Sioux Falls for policies offering $250,000 in dwelling coverage are:
Travelers : $1,666 per year
Farmers : $2,048 per year
For homeowners with high-value homes and $2 million in dwelling coverage, the cheapest policies are offered by:
Farmers : $7,052 per year
American Family : $9,959 per year
By adjusting dwelling coverage limits in the table below, you’ll be able to see how dwelling coverage affects policy rates.
1
Travelers
$1,666.33
2
Farmers
$2,047.67
3
USAA
$2,241.00
4
Allstate
$2,369.00
5
State Farm
$2,764.00
6
American Family
$3,190.00
7
Auto-Owners Insurance Co
$3,535.67
Compare Home Insurance Rates
Ensure you're getting the best rate for your home insurance. Compare quotes from the top insurance companies.
MoneyGeek’s sample home profile has $250,000 in baseline dwelling coverage and personal property coverage of $100,000. All policies with dwelling coverage of $2 million have personal property limits of $800,000. All policies have $100,000 in liability coverage.
If you live in South Dakota but aren’t living in Sioux Falls, feel free to compare home insurance rates in South Dakota .
The Average Cost of Homeowners Insurance in Sioux Falls for 2024
The average annual homeowners insurance rate in Sioux Falls is the same as the South Dakota average of $2,545. Insurance in Sioux Falls is more expensive than the national average of $2,103 per year.
Calculate the Cost of Home Insurance in Sioux Falls
Where you live can influence your home insurance quote in Sioux Falls. Your credit score, dwelling coverage and personal property coverage also affect your premiums. To calculate costs, you can compare quotes with MoneyGeek’s home insurance calculator.
Home Insurance Calculator
MoneyGeek’s home insurance calculator will give you a ballpark estimate of your cost — it’s free, no personal information required, no spam.
Rates updated:
Aug 25, 2024
Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team .
The Best Home Insurance Companies in Sioux Falls
When shopping around for homeowners insurance in Sioux Falls, price isn’t the only factor you should consider. It’s smart to look at an insurer’s customer service and financial stability ratings. If you have to file a claim, you’ll want to do business with a home insurance provider that works swiftly and fairly.
The two companies that offer the best homeowners insurance in Sioux Falls are:
Best Overall : USAA (available to active and former military members and their families)
Runner-up : Travelers
Based on a company’s affordability, user satisfaction and financial stability scores, MoneyGeek ranked the best home insurance companies in Sioux Falls.
by MoneyGeek
USAA received a perfect score for both customer service and financial stability and is MoneyGeek’s overall top pick. USAA is limited to those with a military background.
Active military members are covered if they lose their uniforms; they don’t need to use their deductible. Policyholders can get discounts if they have a security or safety system installed or if they stay claims-free. If you rent your home or a room, you can also get additional coverage for the associated costs of being a landlord.
Our runner-up is Travelers, with perfect affordability and financial stability scores. Travelers offers identity fraud coverage that can help you with up to $25,000 in costs associated with restoring your identity.
For eco-conscious homeowners, you can get added protection if you need to repair your home and do so with environmentally-friendly materials. Another outstanding feature of Travelers is their additional replacement cost. If your home is damaged and it exceeds your dwelling coverage limit, Travelers will cover the remaining cost anyway.
Cheapest Home Insurance Companies in Sioux Falls for Newly Constructed Homes
Newer homes are less expensive to insure because they’re built with modern materials and are more resistant to damage. Insurers also prefer newer homes since repairing them is usually less costly.
The average cost to insure a home built in 2000 is $2,545 per year, while insuring a newer home costs $1,686 per year, on average.
The cheapest insurance companies in Sioux Falls for new homes with $250,000 in dwelling coverage are:
Travelers : $1,207 per year
Allstate : $1,245 per year
1
Travelers
$1,207.00
2
Farmers
$1,730.00
3
USAA
$1,548.00
4
Allstate
$1,245.00
5
State Farm
$2,100.00
6
American Family
$1,608.00
7
Auto-Owners Insurance Co
$2,343.00
Cheapest Home Insurance Companies in Sioux Falls if You Have a Lot of Personal Property
Home structure aside, your home insurance also offers personal property coverage. If you have a higher personal property limit, your premiums increase. It costs $2,740 per year on average for a policy with a $250,000 personal property limit, and $2,545 for a policy with a $100,000 personal property limit.
The cheapest home insurance providers in Sioux Falls for homes with high personal property limits are, on average:
Travelers : $1,742 per year
Farmers : $2,121 per year
1
Travelers
$1,742.00
2
Farmers
$2,121.00
3
USAA
$2,350.00
4
Allstate
$2,669.00
5
State Farm
$2,801.00
6
American Family
$3,700.00
7
Auto-Owners Insurance Co
$3,806.00
Cheapest Home Insurance Companies in Sioux Falls for High Deductibles
A deductible is the amount you pay out of pocket when you file a claim, and it can affect the cost of your home insurance in Sioux Falls. For example, if you select a policy with a $2,000 deductible, it costs an average of $2,302 per year compared to $2,545 per year for a $1,000 deductible.
The cheapest insurance companies in Sioux Falls for those with policies with $2,000 deductibles are:
Travelers : $1,362 per year
USAA : $1,995 per year. Available to current and former military members and their families.
1
Travelers
$1,362.00
2
Farmers
$2,026.00
3
USAA
$1,995.00
4
Allstate
$2,018.00
5
State Farm
$2,362.00
6
American Family
$3,157.00
7
Auto-Owners Insurance Co
$3,199.00
Cheapest Home Insurance Companies in Sioux Falls if You Have Poor Credit
Home insurance in Sioux Falls will be more expensive if you have bad credit. Insurers consider homeowners with poor credit to be higher risk. If you have a low credit score, your premiums will cost an average of $5,334 per year. Homeowners with good credit pay an average of $2,545 per year.
The cheapest insurance companies in Sioux Falls for those with poor credit are:
Travelers : $2,843 per year
Auto-Owners Insurance Co : $3,536 per year
1
Travelers
$2,843.33
2
Auto-Owners Insurance Co
$3,535.67
3
Allstate
$4,722.00
4
USAA
$4,985.00
5
American Family
$5,224.00
6
State Farm
$6,229.67
7
Farmers
$9,797.33
Getting Online Homeowners Insurance Quotes in Sioux Falls
You can get a homeowners insurance quote online. To start, you’ll need to provide the following information:
Personal property value : You’ll need to estimate the value of the items in your house, so you can determine how much personal property coverage you need.
Home replacement cost : To figure out the dwelling coverage, you need to know how much it’ll cost to rebuild your home if it is destroyed. It’s smart to get a quote from a building contractor to get an accurate number.
Personal information : Insurers will ask for your credit score, how many people live in your household, your address and more.
Details about your home : These are details like your home’s age, size and if you have any security systems installed.
Homeowners Insurance in Sioux Falls Analysis: Methodology
MoneyGeek partnered with Quadrant to analyze home insurance rates across seven companies in Sioux Falls. The sample homeowner has a 2,500-square-foot home built in 2000, a $250,000 dwelling coverage limit, $100,000 in personal property coverage, $100,000 in liability coverage and a $1,000 deductible.
To cater to different kinds of homeowners in the city, MoneyGeek collected rates for homeowners with newly constructed homes, increased dwelling or personal property coverage, higher deductibles and poor credit scores.
MoneyGeek also computed affordability scores using homes with varying levels of coverage. Customer satisfaction scores were sourced from J.D. Power.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC , NBC News and Mashable .
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
To help you find the policy that best fits your lifestyle, check out Money's guide to the best boat insurance companies of 2023. Our Top Picks for Boat Insurance. Progressive - Best for Policy Discounts; BoatUs - Best for Membership Benefits; Foremost - Best Insurance Packages; State Farm - Best for Boat Rental Insurance
The Best Boat Insurance of 2024
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 ...
Best Boat Insurance Of 2024
Arkansas residents must purchase a boat insurance policy that includes at least $50,000 in liability coverage per incident. Utah residents can choose between one of two liability coverage options ...
Sailboat Insurance: The Best Options By Far
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).
5 best boat insurance companies of 2024
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 ...
7 Best Boat Insurance Companies in 2024
The Seven Best Boat Insurance Companies for 2024. To help you get an idea of the available coverage options you may need, this article covers some of the best boat insurance companies and policies. They are: Best Boat Insurance Overall: Progressive; Best Boat Insurance for Value: Progressive; Best Boat Insurance for Member Benefits: Ahoy ...
Best Boat Insurance Companies & Coverage (2024 Review)
Last Updated: Aug 9, 2024. The best boat insurance companies with great coverage are Progressive, BoatUS, Markel, the NBOA, State Farm and Foremost according to our industry-wide review. Compare ...
The Best Boat Insurance
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 ...
Best Boat Insurance for 2024
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 ...
7 Best Boat Insurance Companies
Our Top Picks for Boat Insurance. Progressive - Best for Policy Discounts. BoatUs - Best for Membership Benefits. Foremost - Best insurance packages. Chubb - Best for Yachts. State Farm ...
4 Best Boat Insurance Companies Reviewed by Buyers in 2024
The Boatsman Policy: Chubb's basic small boat insurance is The Boatsman Policy. Consumers can customize small boat insurance policies for boats less than 27 feet in length. Yacht and Mega Yacht ...
Review of the best boat insurance options in 2022
Review of the best boat insurance options in 2022 - All things boat. Here's our annual review of the best boat insurance providers. Compare boat insurance cost and policy features for popular powerboat and sailboat insurance.
Sailboat Insurance: Get a Quote
Sailboats. Get sailboat insurance for as low as $100/year for a liability policy *. We make getting sailboat insurance as simple as possible with fewer restrictions and more sailing freedom. We'll insure almost any type, including vessels that don't fit the textbook definition. Even if you race your sailboat, you can still get coverage from ...
2024's Best Boat Insurance (Updated)
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.
Boat Insurance: An In-Depth Guide
NerdWallet looked at the top 25 auto insurance sellers in the country and found these that also offer boat insurance: AAA. Offers coverage for boats up to $250,000 in value. AAA lowers your ...
Best Boat Insurance Options in 2024 • ⛵
Quick Look: The Best Boat Insurance. Best Overall Boat Insurance: BoatUS. Best Boat Insurance for Classic Boats: Hagerty. Best Boat Insurance for Value: Progressive. Best Boat Insurance for ...
Boat Insurance
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 ...
Boat Insurance: Get a Quote Online
When it comes to boat insurance, Progressive boasts some of the broadest acceptability in the business. But there are some types of vessels that can't be added to a new or existing Progressive policy: Boats 0-10 years old and worth more than $500,000. Boats 11-20 years old and worth more than $350,000. Boats more than 20 years old and worth ...
6 Best Boat Insurance Companies for 2024 Compared
Best Boat Insurance Companies - Full Overview . We examined some of the best boat insurance providers, looking at their key features and unique offerings to help find the one that's best for you. Best Overall. 5. Foremost - best for variety of discounts. 5. Rates Per Year. Not Disclosed. Discount Offer.
Finding Insurance for Your "Seasoned" Boat
Chris Craft was among the early builders in fiberglass—this 1977 model is pristine. Tips for Insuring Older Fiberglass Boats: Get Multiple Quotes: It's a good idea to obtain quotes from several insurance providers to compare coverage options and premiums.; Provide Detailed Information: Be prepared to provide detailed information about your boat, including its age, condition, and any ...
Boat Insurance Quotes
We understand if you don't want to input your personal information in the form above. In that case, just call us at (305) 995-0032
Boat & Watercraft Insurance
Boat & Watercraft insurance will give you peace of mind while out on the water. Answer any questions you have about boat & watercraft insurance through American Insurance NW Inc.. ... Get an Insurance Quote; Companies We Represent; Staff Directory; Contact Us. Lewiston Office. 55 Southway Ave Lewiston, ID 83501. 208-746-9646. Moscow Office. 604 ...
Boats, Motorcycles, RVs and ATVs
American Insurance can insure both, which makes us an easy choice for your motor home insurance, trailer insurance, or camper insurance. Contact us today to find out how to get the best price and value for your RV insurance needs. Get a quote online here or contact our office online or call us at (208) 746-9646 or (208) 882-8544 or send an ...
Yacht Insurer OMAC Is Hull Carrier for Yacht Sunk Off Sicily, Sources Say
Yacht insurance provider OMAC is the carrier on the hull for the Bayesian, a 56-meter-long (184-ft) sailboat, that was hit by a ferocious storm on Monday, sinking off the northern coast of Sicily ...
Best 30 Insurance Companies in Moscow, ID with Reviews
Insurance Companies in Moscow on YP.com. See reviews, photos, directions, phone numbers and more for the best Insurance in Moscow, ID. Find a business. Find a business. Where? Recent Locations. Find. ... insurance. Boat Insurance ...
Missouri Insurance
I am a member of Troy Chamber of Commerce and Moscow Mills Lions Club. I enjoy spending time with my horses, barrel racing and trail riding. My husband and I also enjoy spending time boating at Lake of the Ozarks. As your local Farm Bureau Insurance insurance agent you can rest assured I will give you the best service and can take care of your ...
The Best Cheap Homeowners Insurance in Sioux Falls, South ...
MoneyGeek partnered with Quadrant to analyze home insurance rates across seven companies in Sioux Falls. The sample homeowner has a 2,500-square-foot home built in 2000, a $250,000 dwelling coverage limit, $100,000 in personal property coverage, $100,000 in liability coverage and a $1,000 deductible.
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To help you find the policy that best fits your lifestyle, check out Money's guide to the best boat insurance companies of 2023. Our Top Picks for Boat Insurance. Progressive - Best for Policy Discounts; BoatUs - Best for Membership Benefits; Foremost - Best Insurance Packages; State Farm - Best for Boat Rental Insurance
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 ...
Arkansas residents must purchase a boat insurance policy that includes at least $50,000 in liability coverage per incident. Utah residents can choose between one of two liability coverage options ...
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).
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 ...
The Seven Best Boat Insurance Companies for 2024. To help you get an idea of the available coverage options you may need, this article covers some of the best boat insurance companies and policies. They are: Best Boat Insurance Overall: Progressive; Best Boat Insurance for Value: Progressive; Best Boat Insurance for Member Benefits: Ahoy ...
Last Updated: Aug 9, 2024. The best boat insurance companies with great coverage are Progressive, BoatUS, Markel, the NBOA, State Farm and Foremost according to our industry-wide review. Compare ...
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 ...
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 ...
Our Top Picks for Boat Insurance. Progressive - Best for Policy Discounts. BoatUs - Best for Membership Benefits. Foremost - Best insurance packages. Chubb - Best for Yachts. State Farm ...
The Boatsman Policy: Chubb's basic small boat insurance is The Boatsman Policy. Consumers can customize small boat insurance policies for boats less than 27 feet in length. Yacht and Mega Yacht ...
Review of the best boat insurance options in 2022 - All things boat. Here's our annual review of the best boat insurance providers. Compare boat insurance cost and policy features for popular powerboat and sailboat insurance.
Sailboats. Get sailboat insurance for as low as $100/year for a liability policy *. We make getting sailboat insurance as simple as possible with fewer restrictions and more sailing freedom. We'll insure almost any type, including vessels that don't fit the textbook definition. Even if you race your sailboat, you can still get coverage from ...
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.
NerdWallet looked at the top 25 auto insurance sellers in the country and found these that also offer boat insurance: AAA. Offers coverage for boats up to $250,000 in value. AAA lowers your ...
Quick Look: The Best Boat Insurance. Best Overall Boat Insurance: BoatUS. Best Boat Insurance for Classic Boats: Hagerty. Best Boat Insurance for Value: Progressive. Best Boat Insurance for ...
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 ...
When it comes to boat insurance, Progressive boasts some of the broadest acceptability in the business. But there are some types of vessels that can't be added to a new or existing Progressive policy: Boats 0-10 years old and worth more than $500,000. Boats 11-20 years old and worth more than $350,000. Boats more than 20 years old and worth ...
Best Boat Insurance Companies - Full Overview . We examined some of the best boat insurance providers, looking at their key features and unique offerings to help find the one that's best for you. Best Overall. 5. Foremost - best for variety of discounts. 5. Rates Per Year. Not Disclosed. Discount Offer.
Chris Craft was among the early builders in fiberglass—this 1977 model is pristine. Tips for Insuring Older Fiberglass Boats: Get Multiple Quotes: It's a good idea to obtain quotes from several insurance providers to compare coverage options and premiums.; Provide Detailed Information: Be prepared to provide detailed information about your boat, including its age, condition, and any ...
We understand if you don't want to input your personal information in the form above. In that case, just call us at (305) 995-0032
Boat & Watercraft insurance will give you peace of mind while out on the water. Answer any questions you have about boat & watercraft insurance through American Insurance NW Inc.. ... Get an Insurance Quote; Companies We Represent; Staff Directory; Contact Us. Lewiston Office. 55 Southway Ave Lewiston, ID 83501. 208-746-9646. Moscow Office. 604 ...
American Insurance can insure both, which makes us an easy choice for your motor home insurance, trailer insurance, or camper insurance. Contact us today to find out how to get the best price and value for your RV insurance needs. Get a quote online here or contact our office online or call us at (208) 746-9646 or (208) 882-8544 or send an ...
Yacht insurance provider OMAC is the carrier on the hull for the Bayesian, a 56-meter-long (184-ft) sailboat, that was hit by a ferocious storm on Monday, sinking off the northern coast of Sicily ...
Insurance Companies in Moscow on YP.com. See reviews, photos, directions, phone numbers and more for the best Insurance in Moscow, ID. Find a business. Find a business. Where? Recent Locations. Find. ... insurance. Boat Insurance ...
I am a member of Troy Chamber of Commerce and Moscow Mills Lions Club. I enjoy spending time with my horses, barrel racing and trail riding. My husband and I also enjoy spending time boating at Lake of the Ozarks. As your local Farm Bureau Insurance insurance agent you can rest assured I will give you the best service and can take care of your ...
MoneyGeek partnered with Quadrant to analyze home insurance rates across seven companies in Sioux Falls. The sample homeowner has a 2,500-square-foot home built in 2000, a $250,000 dwelling coverage limit, $100,000 in personal property coverage, $100,000 in liability coverage and a $1,000 deductible.