sailboat insurance quotes

Sailboat Insurance: The Best Options By Far

Last Updated by

Daniel Wade

January 26, 2024

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

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

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

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

Table of contents

How to Find the Best Sailboat Insurance Coverage for You

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

What Does the Boat Insurance Cover?

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

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

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

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

Types of Boat Insurance Policy

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

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

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

Important Things to Know

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

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

Best Sailboat Insurance Companies

Progressive.

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

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

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

Allstate - Best for Budget

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

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

Nationwide - Best Option for Bundling

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

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

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

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

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

Markel - Best for Anglers

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

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

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

BoatUS - Best for Additional Benefits

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

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

State Farm - Best for Emergency Services Coverage

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

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

Foremost - Best for Flexible Coverage Options

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

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

Hagerty - Best for Classic Boats

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

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

United Marine Underwriters - Best for Personalized Customer Service

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

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

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

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

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Whether you're looking to start a new policy or find savings on an existing one, we're here to make boating better. Get started with a free boat insurance quote today and benefit from competitive rates without compromising on service. Protect your peace of mind and enjoy the waters with confidence, knowing that you have reliable coverage from names you can trust.

Why do you need boat insurance?

A boat insurance policy helps protect you and your boat. If you don't have a separate boat insurance policy, you're probably underinsured. This could mean paying a lot out of pocket for accidents outside your control. Many homeowners policies cover minor boating risks but don't cover your needs sufficiently due to:

• Size restrictions
• Limitations on horsepower
• Limits on damage coverage

Boat insurance can provide coverage for:

• Damage to your boat including hull, sails, equipment, and more.
• Fuel spill liability
• Liability to pay for damages and injuries you cause if you hit another boat, person, or dock
• Medical coverage for you and persons in your boat.
• Wreckage removal

Check out our "boating insurance explained" video for more reasons why boat insurance is a smart idea.

What types of watercrafts are covered by boat insurance?

All boats aren't the same. You need to customize your boat insurance to meet your needs and provide your watercraft with the proper coverage. Here is a list of the most common types of watercrafts.

• Pontoon boats are one of the most popular inland water boats. They are a flattish boat that rely on floats to remain buoyant. Their wide and spacious area is great for many passengers to enjoy the ride.
• Personal watercraft (PWC) are powered by a water jet pump and the rider generally sits, stands, or kneels on it. There are many types of PWCs which include WaveRunners, Sea-Doos and more.
• Fishing and bass boats are designed and equipped for fishing. Most are powered by an outboard motor and are equipped with power poles, trolling motors, etc.
• Powerboats are the most popular type of boat used for cruising, watersports, and so much more.
• Sailboats are propelled partly or entirely by sails.

If you don't see your watercraft listed and are looking for more information on different types of boats and insurance for boats, check out our boat FAQ page .

What does boat insurance cover?

Understanding the different types of boat insurance coverage is crucial for ensuring your watercraft and your finances are protected against on-water incidents. At GEICO, we offer a variety of coverage options to suit every boater's needs, including:

Liability Coverage

Essential for all boat owners, liability insurance covers damages and injuries to others if you're at fault in an accident. This includes costs associated with injuries, property damage, and legal fees.

Hull and Equipment Coverage

Hull and Equipment Coverage protects your boat if it collides with another vessel or object. It also covers non-collision-related damages to your boat, such as those from fire, theft, or storms.

24/7 Boat Towing*

Boat towing coverage assists with towing costs and provides emergency services if your boat breaks down or you get stranded, so you can have peace of mind on the water.

Each type of coverage provides specific protections, allowing you to customize your policy according to your boating lifestyle and the risks you might encounter. Whether you're a casual weekend sailor or a dedicated marine enthusiast, understanding and selecting the right boat insurance coverages can make all the difference. Choose the boat insurance coverage that best fits your needs and sail with confidence knowing that GEICO has you covered.

How much does boat insurance cost?

Boat insurance is based on the type of boat, length, number of engines and horsepower, how you use it (recreation, charter, racing, etc.), and how and where it will be stored. All of these factors, including the experience and claims record of the owner/primary operator will factor into the cost of boat insurance.

Boost Your Savings With our Boat Insurance Discounts

GEICO offers several boat insurance discounts to help make coverage more affordable for boat owners. Some discounts include:

Multi-Policy Discounts

Save on boat insurance by bundling it with your GEICO Auto or additional GEICO Marine policy.

Boat Safety Courses

Discounts are available for boaters who have completed an approved boating safety course such as State Certified Safety , American Sailing Association Course , U.S. Power Squadrons , Charter Boat Captain's License, and U.S. Coast Guard Auxiliary .

Full-Pay Discount

Paying your policy in full upfront instead of in installments can lead to savings.

It's always a good idea to speak directly with a GEICO representative for the most current information regarding discounts and how you might be able to apply them to your policy.

Secure Your Boat Insurance Today

Don't wait until it's too late to think about protecting your boat. At GEICO, we offer tailored boat insurance policies designed to meet the unique needs of every boater.

Take action now! Get a free, no-obligation quote today, or speak directly with one of our specialists. They're available to answer your questions and guide you through your policy options, ensuring you have the perfect coverage for your boating lifestyle.

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Boat Insurance FAQ

• Is boat insurance required? Boat insurance liability coverage is only mandated in a few states, so always check insurance requirements for the state you're boating in. Physical damage coverage is required by your lender if you're financing your boat or watercraft. If you keep your boat at a marina, the marina may require you to have liability coverage.
• Liability to pay for damages and injuries you cause if you accidentally hit another boat, person, or dock

There are some types of watercrafts that are not eligible for a GEICO boat policy including but not limited to:

• Airboats, amphibious land boats or hovercraft
• Boat with more than 4 owners
• Boats over 50 feet in length
• Boats over 40 years old
• Boats valued over $2,500,000
• Floating homes
• Homemade boats
• Houseboats that do not have motors
• Steel hulls
• Wooden hulls
• Watercraft previously deemed a constructive total loss
• Does boat insurance cover theft? Our Agreed Hull Value, and Actual Cash Value policies protect against damage to your watercraft from incidents out of your control, including theft.
• How do I make a payment or manage my boat insurance policy? Managing your boat insurance policy and making payments is easy in the BoatUS app. You can also manage your policy or make payments online , or by calling (800) 283-2883 .
• How do I report a claim on my boat insurance policy? You can report your claim through the BoatUS app. Claims can also be reported online , or by calling (800) 937-1937 .

GEICO has teamed up with its subsidiary, BoatUS, to bring boaters a policy developed by specialists, with the great service you expect from GEICO. Policies are underwritten by GEICO Marine Insurance Company. BoatUS—Boat Owner's Association of The United States—is the nation's largest association for recreational boaters providing service, savings and representation for over 50 years.

The above is meant as general information and as general policy descriptions to help you understand the different types of coverages. These descriptions do not refer to any specific contract of insurance and they do not modify any definitions, exclusions or any other provision expressly stated in any contracts of insurance. We encourage you to speak to your insurance representative and to read your policy contract to fully understand your coverages. Some discounts, coverages, payment plans, and features are not available for all customers, in all states, or in all locations.

*Boat and PWC coverages are underwritten by GEICO Marine Insurance Company. The TowBoatU.S. Towing Coverage Endorsement is offered by GEICO Marine Insurance Company, with towing services provided by the BoatU.S. Towing Program. Towing coverage only applies to the insured watercraft.

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How will this quote help me?

Your quote is based on several common factors to give you a clear picture of the cost you can expect, though an independent agent can shop around and maybe even improve your rate!

NOTE:  This quote is not final, though we did work with professional actuaries to help get you a ballpark figure to get started.

Do you have to have boat insurance on a boat?

Only two states require boat insurance by law, but there are a few instances where you may need it. If you dock your boat at a marina, they may require some form of coverage in order to protect their business. Also, if you finance your boat, nearly every lender will require coverage to protect their investment; use our list of the best boat insurance companies as a starting point.

Other than that, you should always have at least liability coverage on your boat to protect yourself against lawsuit costs if you cause bodily injury or property damage to another party. Property coverage is optional, but again, the more comprehensive your coverage, the better it can protect you.

How much is boat insurance?

The cost of any boat insurance policy depends on a number of factors, including your boat's size, value, and horsepower. Boat insurance policies can range from the low hundreds to tens of thousands of dollars annually, depending on what kind of coverage you need.

Do I need to insure my boat trailer?

Insuring your boat trailer is always a safe bet. Though your boat trailer may be protected by your home or car insurance policy, you can also add coverage to your boat insurance for your trailer. It's best to talk to your independent insurance agent about your boat, the trailer, and how you use it to determine the right coverage amount.

Does boat insurance cover passengers?

If your policy includes medical payments coverage, it will cover injuries to your passengers if you get into an accident. Medical payments coverage is an important option because just one accident can cause injuries that are extremely costly to treat.

Does boat insurance cover theft?

Typically, yes. But it's important to review your specific boat insurance policy with your independent insurance agent to make sure. Every carrier and every policy is different, but the more you know about your own policy, the better it will help protect you. 

Does boat insurance cover hurricanes?

In most cases, yes, your boat will be covered against hurricane damage. But, as with any other natural disaster or unexpected event, you'll want to double-check your policy.

Does boat insurance cover engine damage?

No, boat insurance often excludes defective machinery or maintenance costs. Wear and tear is a natural outcome of use and not covered by your policy.

What is the cost difference in insuring different kinds of boats?

The size and value of your boat are two of the most impactful features on the cost of your coverage. Insurance for a $20,000 boat can cost an average of only $300 per year, while insuring a $2 million yacht can cost as much as $30,000 per year.

Does boat insurance cover me if I hit a rock?

If you have collision coverage on your boat insurance, you should be covered for the cost of repairs if you hit a rock.

Does boat insurance cover a blown engine?

In certain cases, boat insurance may cover a blown engine if the disaster was due to a listed peril. For example, ice and freeze damage to engines is typically covered. However, blown engines due to the owner's negligence are not covered.

BOAT INSURANCE

Find the perfect agent to shop multiple insurance companies on your behalf, saving you time and money.

Boat owners can experience a lot of joy and excitement brought by their watercraft, but they also have to anticipate potentially costly disasters ahead of time. Aside from accidents on the water, your boat is also vulnerable to theft, vandalism, flood damage, and more. That's what makes having boat insurance so critical.

An independent insurance agent can help protect your vessel with the right boat insurance long before you ever need to file a claim. But first, here's some boat insurance 101.

What Is Boat Insurance?

Boat insurance is designed to cover boat owners and their watercraft in case of many different disasters, including accidents, fire, and more. These policies are made to protect boats that have motors, like yachts, pontoon boats, etc., but they don't cover kayaks or canoes. Boat insurance is important because homeowners insurance doesn't provide enough coverage on its own for most watercraft.

Do You Have to Have Insurance on a Boat?

Only two states actually require boat insurance coverage , but there are a few situations where you may need it. First, if you dock your boat at a marina, they may require some form of coverage in order to protect their business. Second, if you financed your boat, nearly every lender will require coverage to protect their investment.

Further, there are certain types of boats that are more important to insure than others due to their value, risk level, and more. Here's a handy guide to whether you need boat insurance for your vessel.

Most often, boat insurance is purchased for:

• Utility boats
• Fishing boats
• Pontoon boats

Despite all the fun to be had with a boat, accidents and disasters can happen. The easiest way to protect yourself and others, and get you back on the lake after a situation, is with the right boat insurance.

Best Boat Insurance Companies

While many carriers offer boat insurance, it's helpful to know some of the top names in the industry before you start shopping. Here are a few of our highest-recommended boat insurance companies.

An independent insurance agent can help you get the right boat insurance policy for you from one of these top-rated carriers, or another that best meets your needs.

Do I Need Boat Insurance?

The only two states that require boat insurance by law are Utah and Arkansas. Boat owners in these states must have coverage for personal watercraft or for powerboats with 50 horsepower or greater. Otherwise, if you live elsewhere and your boat is designated for personal use, you're not technically required to have insurance for it. 

However, if you lease or otherwise finance your boat, you're likely to be required by your lender to carry boat insurance, and often you'll need both collision and comprehensive coverage. When docking your boat, you're often also required by the marina to have liability coverage. However, with boating accidents being so common, it's important to at least consider getting boat insurance for yourself.

Most Common Types of Boating Accidents

Notice that the top five causes of boating accidents are due to human error, such as inattention, improper lookout, alcohol use, and inexperience. Since you can't often blame the boat for an accident or other disaster, it's even more critical to ensure that your vessel is covered with the right insurance.

How Much Is Boat Insurance?

The average annual cost of boat insurance ranges from $200 to $500 depending on the type of boat you have and other factors. It also depends on which types of coverage you need, and how much coverage you need. For folks who only purchase liability coverage, you might pay less than $100 annually. 

Often, you can expect the annual cost of your boat insurance to be about 1.5% of the value of your boat. For example:

• $20,000 boats cost about $300 annually to insure
• $50,000 boats cost about $750 annually to insure
• $100,000 boats cost about $1,500 annually to insure
• $500,000 boats cost about $7,500 annually to insure
• $2 million boats, like yachts, cost about $30,000 annually to insure
• If you are looking for boat insurance for older boats , costs will vary significantly

The cost of your boat insurance might not be this simple to figure out, though. For more help calculating the cost of your premiums, use our boat insurance calculator or reach out to an independent insurance agent for a quote.

What Factors Influence Boat Insurance Costs?

Like any form of coverage, boat insurance costs depend on several factors, including:

The make, model, and value of your boat

Your boat's make, model, and value influence the cost of boat insurance because the more expensive your boat is to replace or repair, the more expensive your coverage must be. If your boat is valued at less than $20,000, you will pay approximately the average cost in your state. If your boat is valued above $500,000, you might pay up to 2,250% of the average cost in your state. 

Your boat's length

Boat insurance costs also depend on the length of your boat. Be prepared to pay about 66% more for your coverage if your boat is 100 feet or longer, but if your boat is less than 20 feet, you may pay 12% less than average rates in your state.

Your boating records

If you've had six or more accidents or violations within the past five years, you can expect a 90% increase in your boat insurance premiums. However, if you've had no incidents during this time, you can expect a 40% decrease in your boat insurance premiums.

Your location

Boat insurance premiums vary considerably by the state you live in. Many factors can influence insurance costs by location, including crime rates, property values, and more.

How you use your boat

Depending on the risk level of the activities you perform with or on your boat, your premiums may be higher or lower. Using a boat for towing can be riskier than using it just for fishing, so boats used for fishing would be likely to have lower boat insurance premiums.

How often you use your boat

Similar to auto insurance, how often you use your boat can also influence your boat insurance rates, because the more you use it, the more likely an accident or other disaster is to occur. For boats that only get taken out on occasion, premiums for boat insurance can be much lower than those that get used daily on the water.

An independent insurance agent can provide you with quotes for boat insurance from several carriers near you.

What Discounts on Boat Insurance Exist?

Many insurance companies offer several discounts on boat insurance to help lower the cost of your premiums. Here are just a few common boat insurance discounts:

• Boater safety course discount: You might qualify for a discount on boat insurance if you complete a state-approved boater safety course.
• Bundling discount: Many insurance companies offer discounts if you bundle your boat insurance with another policy through them, such as auto insurance or home insurance.
• Paid-in-full discount: Many insurance companies lower your overall premium if you pay for your entire year's worth of coverage up-front.
• Homeowners discount: Some insurance companies even offer discounts on your boat insurance just for being a homeowner, even if your coverage is not through the same carrier. 
• Clean boating history discount: You're likely to be rewarded with a boat insurance discount by many carriers if you've maintained a clean, accident and violation-free boating record. 

Your independent insurance agent is a great ally in helping you find any discounts you may qualify for on boat insurance, no matter which carrier you go through.

What Does Boat Insurance Cover?

Boat insurance provides a lot of important protection, not only for your boat, but also for you, your passengers, and everyone else on the water or at the marina. Boat insurance typically includes the following primary coverages:

• Personal property damage:  Provides reimbursement for your boat, trailer, and engine if they're damaged by a covered peril like vandalism, fire, etc.
• Medical payments:  Provides reimbursement for treatment of injuries to you and your passengers who get hurt by your boat or while on your boat.
• Property damage liability: Provides reimbursement of property damage lawsuit costs from third parties due to your boat.
• Bodily injury liability:  Provides reimbursement for injuries to anyone who gets physically harmed by your boat.

The following coverages are commonly added to standard boat insurance:

• Uninsured/underinsured boaters:  Covers injury expenses if the other boater is responsible but doesn’t have any, or enough, insurance to cover your expenses. 
• Fishing equipment:  Sometimes included, you'll be reimbursed up to a certain limit, like $1,000. 
• Water sports liability: Some policies exclude water sports from your liability coverage and some don't, but this coverage is important if you'll be doing stunts, etc.
• Emergency assistance on the water:  Also known as boat towing insurance, coverage provides water towing and other assistance services through a maritime dispatch center. 
• Roadside assistance for your boat and trailer:  This coverage guarantees that the towing company will take your vehicle, boat, and trailer to the nearest facility if you get stranded on the road. 

If you have questions or concerns based on your plans on the water, it's best to talk to your independent insurance agent. They can help you find and increase coverage so that it works best for you. 

Important Additional Coverages for Boats

Beyond the common coverages, it's always recommended to consider additional coverages that can help tailor the policy to your unique risks. Here are several optional boat insurance coverages worth considering:

• Collision: Provides coverage for collisions between your watercraft and other vessels or objects. You're also covered if your boat capsizes on the water.
• Comprehensive:  Covers other disasters beyond collision like theft, vandalism, storm damage, and more.
• Hurricane hauling services:  Covers the cost of moving your watercraft out of the county where it's docked in case of emergency. 
• Personal property coverage:  Personal property is usually covered under your homeowners policy, even when the boat isn't at your house. However, your deductible is often higher, so you can add personal property coverage on your boat policy to avoid a homeowners claim. 
• Wreckage and fuel removal:  Reimburses cost to recover or destroy wreckage and fuel if you get in an accident. 
• Replacement cost or agreed value:  Newer and more expensive boats can be insured for agreed value, which means you'll recover the full amount you paid for it, without depreciation. 
• Pet coverage:  If you boat with a pet on board, this provides up to $1,000 towards veterinarian fees if they're injured on the boat. 

An independent insurance agent can recommend the additional boat insurance coverages that are a good match for you.

What Is Boat Rental Insurance Coverage?

Boat rental insurance is often required by boat rental companies to protect against lawsuits that may arise when you operate a rented vessel. If a third party sues you for claims of bodily injury or property damage when you're operating a rented boat and you don't have boat rental insurance, you'll have to pay out of pocket for your defense and settlement costs.

What Boat Insurance Will Pay For

Before settling on a boat insurance policy, it's important to understand just what it will reimburse you for and what it won't. Here's a breakdown for further clarification.

If you still have questions about what's covered or not covered by boat insurance, your independent insurance agent can help.

Finding Discounts and Savings on Boat Insurance

Fortunately, there are typically several discounts available for boat insurance. While options vary by insurance company, here are some common discounts:

• No claims history discount: If you've never filed a claim on your boat insurance, your carrier is likely to reward you with a discount over time.
• Diesel-powered boat discount: Some boat insurance companies offer discounts for watercraft with diesel-powered engines.
• Safety course discount: You might be eligible to receive a discount on your boat insurance if you complete a state-approved safety course.
• Bundling discount: Often you can save money on boat insurance if you bundle it with another type of coverage, such as home insurance, through the same carrier.

An independent insurance agent is your greatest ally when it comes to finding discounts on boat insurance. 

Why Choose an Independent Insurance Agent?

Independent insurance agents simplify the process by shopping and comparing insurance quotes for you. Not only that, but they’ll also cut through the jargon and clarify the fine print so you know exactly what you’re getting.

Independent insurance agents also have access to multiple insurance companies, ultimately finding you the best boat insurance, accessibility, and competitive pricing while working for you.

More Choices

Our independent insurance agents work for you, not the insurance companies. That means you always get the best coverage options to choose from.

Better Prices

When you have options from multiple companies, it's easier to find the best coverage at the right price, at no extra cost to you.

Local Services

There's an independent agent in every city who always understands the insurance coverage you need most based on local laws and needs that apply to you.

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Boat insurance

Let us protect your fishing boat, sailboat, pontoon boat, ski surf boat or other recreational boat valued up to $350,000.

Boat insurance coverages and discounts

What we cover.

Protect your boat in and out of the water, as well as yourself and others.

Boat insurance packages

Save when you buy a package for the type of boating you do.

Boat insurance discounts

Make boat insurance more affordable.

Get the boat insurance coverage you need

Get a boat insurance quote and discover competitive rates on the coverage you need. Our affordable policies help you keep your boat protected on the road and on the water. Before your next outing on the water, make sure you have the best coverage for your needs. Our policies include comprehensive, liability and coverage options at affordable rates, so you can customize the protection you need for your boat and your passengers.

Get started on a free boat insurance quote today by finding a local agent or by calling us at 1-866-603-9273 .

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Insurance terms, definitions and explanations are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in individual insurance contracts, policies or declaration pages, which are controlling. Such terms and availability may vary by state and exclusions may apply. Discounts may not be applied to all policy coverages.

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Common questions about boat insurance

What does boat insurance cover.

There are a lot of boat insurers and watercraft insurance companies you can choose from. A few things to keep in mind are what coverage you need and the reputation of the company. Enjoy the water with peace of mind knowing you and your boat are protected from the unexpected. We can help you with things like 4

• Loading... Damage to your boat
• Loading... Damage to someone else's property
• Loading... Boat accessories
• Loading... Emergency services, such as on-water towing
• Loading... Theft 5

What other kinds of watercraft can I get insurance for?

We also insure these other types of watercraft

• Pontoon boats
• Fishing boats
• Personal watercraft (PWC)

Do I need boat insurance?

If you have a boat, watercraft, or yacht, it's a good idea to have some type of watercraft insurance to help protect you and your assets financially from any injuries or damage caused while boating. The question to ask yourself is whether you can afford to pay out of pocket for damages and/or injuries caused by an at fault accident?

That being said, most states don't legally require you to have boat insurance (except Arkansas and Utah). Just be sure to check with the state where you'll be boating.

There are some cases where you may be required to have insurance on your boat like

• You financed your boat and the lender requires insurance
• You go to or use ports, marinas, or storage facilities that require insurance

It's important to check with places you visit or plan to visit with your boat to make sure you know any restrictions or requirements.

Does my homeowners insurance cover my boat?

Some homeowners policies may provide limited coverage for boats. However, even if it does, it'll probably be limited with restrictions when it's off your property and/or on the water. That's because homeowners insurance isn't meant to protect a boat on the water.

Many homeowners policies also have limits on

• Watercraft size
• Location of any incidents
• Limits on Liability Coverage (if any), and more

Check your policy and be sure to purchase any additional coverage you may need.

Regardless of where your mooring is, or whether you've financed your boat or not, you'll want to be covered in the event of an accident. Boats and watercrafts are big investments that should be protected. A boat insurance policy helps protect you and your boat from things like

• Physical Damage
• Fuel Spill Liability
• Medical Coverage for you or passengers in your watercraft
• Damage to another craft or structure, and more

How much is boat insurance?

The cost of boat insurance depends on many factors, including where it's kept, its value or cost, optional coverages, and more. For example, it may be cheaper to cover a 10 foot single engine boat compared to getting yacht insurance for a million dollar boat.

While getting the cheapest boat insurance sounds great, it could cost you when you need it most. We can help you get the boat insurance you need at a great price. The best way to find out the cost is to get a boat insurance quote by calling us at 800-295-2568.

How should I compare boat insurance quotes?

It's always a good idea to get a few boat insurance quotes to help compare. Whether you're looking to buy boat insurance today or shopping to compare boat insurance prices, we can help you find what you need. When comparing boat insurance quotes from multiple companies, be sure to compare similar coverages, limits, and deductibles.

Is there a discount for taking a boat safety course?

Yes. You may qualify for a Boat Course Discount if you or a member of your household have completed an approved boat safety course. You may also qualify for a discount for being an active member of the US Power Squadron or an active member of the US Coast Guard Auxiliary.

Please note, to qualify for this discount you'll need to submit a copy of the boat course certificate of completion.

Are my boat accessories covered under my boat insurance policy?

Yes, accessories in the boat may be covered under your boat insurance policy.

Examples of things that can be covered include

• Life preservers
• Fire extinguishers, and more

Want to learn more about insurance? We can help!

Boat Insurance Coverages

Coverage simply isn’t the same everywhere. We offer many of the same standard coverages other insurers do. But we do more than meet checklist requirements. We offer more unique boat insurance coverage options—many of which don’t cost extra.

Standard boat insurance coverages and benefits

Full replacement cost.

If you carry boat comprehensive and collision coverage , we’ll pay what it costs to return your watercraft to its pre-accident condition or better.

Example: You hit a submerged object, damaging your 10-year old motor. It may only be valued at $3,000 but costs $8,000 to replace. If we can’t repair it, we’ll replace it. This saves you $5,000 in depreciation.

Bodily injury & property damage liability (BI/PD)

Bodily injury liability covers you if you’re in a boat accident and liable for injuring others. Liability boat insurance also pays to repair or replace any watercraft, object or other property you damage while boating, plus legal expenses if you’re sued.

Example: You crash your boat into the pier when trying to dock it, causing thousands in damage and injuring people on the pier. Liability will pay for the pier damage and people’s injuries up to your policy’s limits.

Progressive pays for fuel spills, no matter how the spill happened: sunken boat, leaking tank, or a mishap at the fueling station.

Example: Your boat sinks in a nature reserve and the government issues you a fine-claiming your fuel spill threatens marine life and makes the water unsanitary. Progressive will pay the fine up to your policy’s limits.

Wreckage removal

If your boat sinks, we’ll cover the cost of removing your boat from the water (if removal is legally required).

Example: In a heavy storm, your docked boat sinks, so the marina mandates that you remove it or pay a fine. We’ll take care of removing your boat, so you can avoid any fees.

Roadside assistance

This coverage comes standard if you have trailer coverage on your policy—we’ll pay to tow your disabled vehicle to the nearest repair shop. See how boat roadside assistance works .

Example: You’re hauling your boat to the lake, and your vehicle breaks down or runs out of gas. We’ll pay to tow your vehicle and watercraft to the nearest repair shop.

Water sports coverage

Water sports coverage pays for any injuries or damages you caused from tubing, knee boarding, wake boarding, wake surfing or other similar activities. Parasailing, kite boarding or other activities in which someone is pulled through the air won’t be covered.

Example: Your child’s friend is injured while tubing on your boat. Water sports coverage will kick in and pay for their medical bills up to your policy’s limits.

Optional boat insurance coverages

Total loss replacement.

Available for purchase if you’re the original owner of your boat and it’s no more than one model year old. If your boat is totaled within 5 model years, we’ll buy you a new one or give you the amount that you originally paid for your totaled boat—your choice. If you’re outside the 5 model-year window, we will still give you the original purchase price of your boat.

Example: You bought a new boat 3 years ago for $15,000, but it’s now only worth $10,000. If you have a total loss, it’s going to cost you at least $15,000 to buy a brand new one. So, we’ll spend the $15,000 and save you $5,000 in depreciation.

Sign & Glide ® on-water towing

If your boat is disabled or breaks down on the water, boat towing insurance pays for on-water towing, jump starts, soft un-groundings, and fuel delivery if your boat is disabled on the water. Just call our dispatch center, and we’ll arrange for and pay the tow operator directly. You pay nothing out of pocket for boat towing service. See how Sign & Glide works .

Fishing equipment or carry-on items

For lost or stolen items, you can get replacement cost, meaning no depreciation is taken, for up to $10,000 on fishing equipment, such as your tackle box or fishing pole. You may also receive replacement cost value, up to $10,000, for personal effects such as scuba gear, phones, or other items that you carry on board.

Example: $1,000 worth of fishing equipment is stolen from your boat, but it’s a few years old and only worth $500. Progressive pays what it costs to buy brand new equipment (of similar models).

Propulsion Plus ® mechanical breakdown coverage

We’ll pay to repair or replace the lower unit of an outboard motor, or upper & lower units of an inboard/outboard motor if you have a mechanical breakdown. And yes, we’ll still cover it if it’s caused by general wear and tear. Starts at $38/year. Propulsion Plus does not apply to jet drives or inboard motors.

Example: Your 10-year old lower unit simply runs its course and dies on you. Typically, insurance wouldn’t pay for that because wear and tear is not covered. This coverage is different. Add Propulsion Plus, and, if it can't be repaired, we'll replace it .

Comprehensive & collision

These are two separate coverages. Comprehensive covers events out of your control, such as theft, vandalism, sunken boat, fires, heavy winds, hurricanes, and other weather-related damage. Collision covers damage from boating accidents, such as hitting a submerged object, dock, another boat, and even covers any injuries to pets on your boat, etc.

Example: Heavy winds rip the sails off your boat, causing thousands in damage. If you have comprehensive, we’ll pay for the damage, minus your deductible.

Example (Collision): You hit a submerged object and damage your boat and your dog is hurt in the accident. We’ll pay for damage to your boat, minus your deductible, and injuries to your dog (up to $1,000).

Uninsured/underinsured boater (UB/UIB)

If you’re hit by a boater with no insurance or not enough insurance, UB/UIB will pay for your injuries and damages up to your policy’s limits.

Example: Another boater without insurance hits you and injures everyone on board. The boater is uninsured and can’t afford to pay out-of-pocket for the injuries caused. UB/UIB will pay for what the boater is liable for, up to the limits you select.

Medical payments

You can pick a range of coverage limits to pay for you and your passengers’ medical bills if you’re in an accident or someone is hurt on your boat.

Example: You’re fishing and accidentally cut your hand with a sharp hook. You need stitches and have an expensive medical bill. Your health insurance company says they won’t pay the bill because you haven’t reached your deductible. So you can instead use your medical payments coverage, which has no deductible.

Trailer trip interruption

Pays your expenses if you break down at least 100 miles from home. We’ll reimburse you up to $500 to cover food, hotel, and other transportation costs. Costs only $10/year.

Why you need specialized boat insurance coverage

Boat insurance is not required in all states. However, if you finance your boat or dock it at a marina, you may be required to have a specialty boat policy. Get more information on boat insurance requirements .

Off the water, you may be able to insure your boat on your homeowners insurance policy . But homeowners policies typically cover small low-powered watercraft and offer few optional coverages. That’s why so many boaters choose Progressive specialized policies. With us, you’ll get all the coverages listed above (or the option to select them).

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Boat or Yacht Insurance

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Travel protection is offered by our trusted partner, Travel Insured International, through InsuraMatch, LLC, a Travelers-owned insurance agency.

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InsuraMatch is a Travelers-owned insurance agency that sells insurance policies for various insurance companies. It receives commissions on the insurance policies it sells from these insurers and may receive other performance, profitability or volume-based compensation from the insurers. This compensation may vary by insurance company. For more information please visit InsuraMatch .

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Motorcycle insurance is offered by our trusted partner, Dairyland ® , through InsuraMatch, LLC, a Travelers-owned insurance agency.

Flood insurance is offered by our trusted partner, Neptune Flood, through InsuraMatch, LLC, a Travelers-owned insurance agency.

Make sure your boat and everyone on it are properly protected with Travelers.

For all the boating adventures ahead

Get a boat or yacht insurance quote today and get ready to enjoy more of what you love – time out on the water with friends and family. Make sure your boat and everyone on it are properly protected with Travelers .  

How much is boat insurance?

Boat insurance costs vary based on the state where you use your boat and the coverage options you select. For instance, boating insurance option s – such as agreed value policies – will generally cost more than actual cash value policies. If keeping boat insurance costs down is a priority, choosing a higher deductible can reduce your policy premium. Depending upon the state where the boat is used, boat insurance policies can be purchased at a very reasonable price.*

Why do I need boat insurance?

You need boat insurance to cover loss or damage to your boat and to help protect you financially for injuries or damage caused by covered mishaps.   

Liability coverage in your boat insurance can help protect you if you cause injury to others or damage their property while using your boat.   

Medical payment s coverage provides reimbursement for injuries to you and your guests. Boat or yacht insurance even covers on-water towing.  

Choose the right boat insurance or yacht insurance for you and your boating needs. See what’s included in a basic boat insurance policy and what you may need to add.

Uninsured boater insurance

This provides coverage for incidents when another boater may not have insurance coverage. As long as you've chosen sufficient limits on your policy, uninsured boater coverage can help cover your medical bills and bodily injury resulting from an accident with someone who does not have insurance. Coverage extends to you, your family and your passengers. R equirement s for uninsured boater coverage vary by state.

Flexible coverage options

Choose between agreed value or actual cash value coverage. Agreed value provides “replacement value” on covered partial losses involving your vessel. Actual cash value earns you a premium discount. In the event of a loss, settlement is based upon a depreciated value.  

Towing and assistance reimbursement

Get reimbursed for transportation of your boat to a repair facility when it’s inoperable, as well as for gas delivery (but not the gas itself) and roadside assistance .  

Bundling multiple policies, owning a hybrid boat and taking safe boating courses are some ways that help save money on boat insurance and yacht insurance.

Multi-policy discounts

Save money on boat insurance when you purchase multiple policies. If you already hold a Travelers auto insurance policy and/or home or other boat/yacht policies, you may be eligible for a multi-policy discount .  

Boat equipment credits

Equipment credits are available when you have certain equipment onboard, such as GPS, radar, CO2 detectors and alarm systems. These can help save you money on boat insurance.  

Boat education discounts

You may be eligible to save up to 5% per boat for passing certain safe boating courses, including those offered by the U.S. Power Squadron and the U.S. Coast Guard . For advanced courses, such as a Captain’s license, you may be eligible to save up to 10%.   

MORE WAYS TO SAVE  

Boat & yacht insurance FAQs  

Got questions? We have answers.  

Explore common questions that are asked before, during or after purchasing boat or yacht insurance.  

This liability coverage may go above and beyond your car and home insurance policies to help protect you from unexpected events.

Get protection that can give you peace of mind when you're on the road.

From jewelry to collectibles, you may have more valuables than you realize. And your home insurance policy may not provide the coverage you need.

Bundle more and you could save more.

Safe Boating Resources

When is the best time to buy a boat.

Are you considering a boat purchase? The following questions can help you decide if you're ready to take the helm.

Developing a Storm Preparedness Plan for Your Boat: Tropical Storms and Hurricanes

A boat in a storm can be very dangerous. Learn what to do if you are on a boat in a storm with these tips.

Emergency Preparedness Tips and Checklist for Boaters

Help prepare for boating emergencies by keeping a boat emergency kit and other boat emergency equipment on board.

Boat insurance

Get protection against the risks of owning and operating your boat.

Get a quick boat insurance quote

Or have an agent contact me .

For questions about the process, items needed for a quote may help.

What sets State Farm® Boat Insurance apart

• You get personalized service from any one of our 19,000 agents nationwide.
• You get the same reliable service from the largest auto insurance provider in the U.S. 1
• You get your claim handled promptly and reliably.
• You may be eligible for 24/7 roadside assistance coverage.

What boat insurance covers 2

Insure your boat against damage and loss caused by common risks, such as sinking, fire, storms, theft, and collision. The property usually covers the boat hull, boat motor(s), described boat equipment and the boat trailer if requested.

Types of perils we insure against

Property coverage examples.

• Boat, motor, trailer
• Equipment permanently attached to the boat
• Electric trolling motors
• Extra fuel tanks
• Detachable canopies
• Seat cushions
• Life preservers
• Ski and their tow ropes

Types of boats insured

State Farm offers boat insurance for multiple water-going types.

• Runabout/sport boats
• Cruiser/yachts
• Bass/fishing boats
• Kayak/canoes

Boat liability insurance coverage

Contact an agent to find out more

Additional coverages

Additional coverages are automatically included in your base contract. If you have questions or other insurance needs,  contact your agent  to find out what options are available to you.

Newly Acquired boat

Covers your newly acquired watercraft for damage caused by an insured loss, subject to policy conditions.

Emergency service

Pays up to a certain amount for reasonable costs that you incur resulting from specified emergency service to your boat, motor, or boat trailer. Please reference your policy for details.

Temporary repairs

If damage is caused by a loss insured, we cover reasonable repairs incurred to protect covered property from further damage.

Wreck removal

Pays the reasonable expense you incur for any attempted or actual raising, removal, or destruction of the wreck of your boat when damage is caused by an insured loss and removal or destruction is required by law.

Optional Coverages

Learn what new optional coverage endorsements are available in your area.  Contact your agent  to find out.

Boat rental liability

Provides you with peace of mind that you have proper liability insurance when driving a rental boat on a short-term basis, such as a vacation.

Boat rental reimbursement and liability

If your boat is being repaired because of damage that’s covered by your insurance policy, Boat Rental Reimbursement will help pay the cost to rent a boat. You’ll also have the proper liability insurance while driving the rental.

Incidental commercial fishing

Extends your property and liability insurance if your boat is used for incidental commercial fishing. Business liability is limited to watercraft liability.

Boat rented to others

The Boat Rented to Others endorsement can help pay for property damage, injury and liability claims made against you if your boat is in an accident when rented to others.

Fishing tournament fee reimbursement

If you’re unable to participate in a fishing tournament due to a covered loss to the boat, an auto accident involving the towing vehicle en route, or a family emergency, the Fishing Tournament Fee Reimbursement endorsement will reimburse you for non-refundable entry fees.

Uninsured/underinsured watercraft coverage

Uninsured watercraft insurance helps pay your medical expenses if you're in an accident caused by an owner or operator who doesn't have boat liability insurance or has inadequate liability coverage limits.

File or track a claim

You can file a claim or check the status of an existing claim.

Different needs? We’ve got you for recreational vehicle insurance

• Motorcycles
• Off-road vehicles
• Camper/travel trailers
• Talk to a State Farm agent

Want to know more about boating?

Boat trailer safety

Tips on picking the right trailer and how best to use it.

Essential spring boat maintenance

Know what tasks to complete before you hit the water.

Staying safe on the water

How to be prepared in case of an emergency on the water.

1  Ranking and data from S&P Global Market Intelligence, based on direct premiums written as of 2022.

2  Our boat insurance policy provides for replacement cost coverage on repairs. Total loss claims are settled on an agreed value basis, meaning you will be reimbursed based on your policy coverage limits.

3  Subject to policy provisions and exclusions.

This is only a general description of available coverages and is not a statement of contract. All coverages are subject to policy provisions and applicable endorsements. For further information, see your  State Farm agent  .

State Farm Fire and Casualty Company State Farm General Insurance Company Bloomington, IL

State Farm Florida Insurance Company Winter Haven, FL

We value your privacy. We may collect personal information from you for business, marketing, and commercial purposes. Read more Do Not Sell or Share My Personal Information (CA residents only)

We value your privacy. We may collect personal information from you such as identifying information (name, address, driver's license number), transactional information (products or services purchased and payment history), digital network activity (interactions with our website, IP address), geo-location data, audio recordings and other forms of personal information. We use this information for business, marketing and commercial purposes, including but not limited to, providing the products and services you request, processing your claims, protecting against fraud, maintaining security, confirming your identity and offering you other insurance and financial products.

For California residents, click here to view the full version of the California Consumer Privacy Notice.

Boat Insurance

Keep your dreams afloat..

Members get a 5% discount on coverage for most types of boats and personal watercraft. See note 1

What type of watercraft do you have?

Watercraft type

Stay on an even keel with boat insurance that helps meet your needs.

Relax and enjoy smooth sailing and coverage from stem to stern through our alliance with Progressive and Markel American Insurance Company.

Boats and personal watercraft

Yachts and boats over $150,000.

• Help protect your watercraft and trailer, including options for agreed value and emergency services.
• Get customized coverage for damage to your yacht and liability needs unique to large boats.
• Help protect yourself if you're liable for injuries or property damage.
• There's no deductible on most total losses, and you'll receive the agreed value listed on your policy.
• Earn discounts for safety, experience and insuring multiple boats, as well as other savings opportunities. See note 2
• If your boat is damaged, there's no depreciation for most covered losses.

What kinds of watercraft can be insured?

Members get a 5% discount on coverage for most boats and personal watercraft valued under $150,000. Learn more about the coverage for each type of watercraft.

Personal Watercraft

Jet Ski® and other brands

Also known as powerboats

Fishing Boat

Bass boats and others

From simple to luxury

For relaxing

Plus boats over $150,000

These include Jet Ski®, WaveRunner®, Sea-Doo® and most other brands.

What does personal watercraft insurance cover?

• Property damages and bodily injuries

Your policy may cover damages and injuries if you cause an accident. You can add coverage for medical costs, up to your policy's limit, no matter who's at fault.

• Your stuff

Get coverage for your personal property, such as your skis, sunglasses or phone.

Motorboat Coverage

This could be a freshwater or saltwater boat with an inboard or outboard motor. Also known as powerboats, these include:

• • Bay boats
• • Bowriders
• • Center consoles
• • Cruisers
• • Cuddy cabins
• • Deck boats
• • House boats
• • Jet boats
• • Ski and wake boats
• • Walkarounds

What does motorboat insurance cover?

In addition to standard coverage, such as bodily injury and property damage liability, your coverage can include:

• On-water towing

Jump starts and fuel delivery are included.

• Water sports

This includes injuries or property damage you're liable for while tubing, kneeboarding, wakeboarding, wakesurfing and waterskiing.

Fishing Boat Coverage

From bass boats to offshore boats, these vessels are designed for fishing.

What does fishing boat insurance cover?

• Fishing equipment

Add full replacement coverage up to available limits for your fishing gear. You can also get coverage for personal items if they're damaged, stolen or lost.

Pontoon Coverage

Built on hollow metal cylinders, pontoon boats are great for lakes and rivers.

What does pontoon insurance cover?

You can add coverage for your personal property, such as your skis, sunglasses or phone.

Sailboat Coverage

Powered in full or partially by the wind, these boats have at least one sail.

What does sailboat insurance cover?

Standard coverage includes bodily injury and property damage liability. You can also expect:

• No depreciation

Most partial losses will have no depreciation.

• Agreed value

If your sailboat can't be repaired after a covered incident, you'll receive the value listed on your policy.

Yacht Coverage

If your boat is worth more than $150,000 or longer than 26 feet, you may need yacht coverage.

What does yacht insurance cover?

• Hull and equipment

Get protection for damage from fire, explosions, sinking or collision, as well as ice and freezing conditions. Your policy may also pay the reasonable cost to prevent further damage.

• Total loss

Markel will waive the deductible on most total losses, and you'll receive the agreed value listed on your policy.

• Partial loss

Get personal effects coverage for your other property, such as clothing, sunglasses and phones.

You may also get coverage for emergency towing and assistance, rental reimbursement, uninsured boaters, pollution liability, medical payments and paid crew.

The above coverage descriptions are intended to provide general information and are not an insurance contract. All coverages are subject to the terms, exclusions and conditions of the insurance policy. Read the insurance policy for complete details. Product, coverage and coverage limits options may vary by insurance company and location. Applications for insurance are subject to underwriting by the insurance company.

USAA Insurance Agency means USAA Insurance Agency, Incorporated or USAA of Texas Insurance Agency (collectively the "Agency"). California License #0D78305, Texas License #7096. 9800 Fredericksburg Road, San Antonio, Texas 78288. The Agency contracts with insurance carriers that are not affiliated with USAA and offers products and services ("third-party insurance products") on their behalf. Third-party insurance products are not underwritten by USAA or its affiliates. The Agency receives a commission on the sale or renewal of third-party insurance products and may receive other performance-based compensation from them. Purchase of third-party insurance products does not establish USAA membership. Product and coverage descriptions are brief. All coverages are subject to the terms and conditions of your policy. Read your policy for details. Product and coverage availability may vary in some locations and all applications for insurance are subject to underwriting by the insurance carrier.

Coverage is provided by Markel American Insurance Company. Policyholder services are provided by Markel Service, Incorporated, national producer license # 27585, in California doing business as Markel Insurance Services, license # 0645481. This content is provided for informational purposes only. Policy terms, conditions, and exclusions apply. Coverage, dividends and services availability may vary by state. Terms and conditions for rates and coverages vary.

The trademarks, logos and names of other companies, products and services are the property of their respective owners.

When you use links on our website, we may earn a fee.

Best Boat Insurance of 2024

Table of Contents

• Best Boat Insurance
• How to Find
• Do You Need It?

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

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

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

Best Overall: Geico Marin e

Insures boats up to 50 feet in length

Gives policyholders access to BoatUS Catastrophe Team

Insures boats valued up to $2.5 million

Doesn’t insure wood or composite boats

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

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

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

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

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

Coverages Offered: 

• Not disclosed

Exclusions:

Navigational Limits:

Discounts and Benefits:

Salvage Coverage:

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

Insurer Financial Strength:

• A++ (Superior) rating by AM Best

Best for Fishing Enthusiasts: Markel

Special coverage for rods, reels, and other equipment

Emergency towing and personal property coverage included

Lift and trailer coverage available

Claims can take a few weeks to settle

Some negative customer reviews online

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

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

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

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

Best  for Yacht Owners: Chubb

Coverage designed specifically for yacht owners

High coverage limits available for captained vessels

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

Crew required for vessels over $3 million

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

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

Among the niche yacht coverages available from Chubb are:

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

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

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

Best for Jet Ski and Personal Watercraft Owners: SkiSafe

Coverage specifically designed for personal watercraft

Vessels are still covered during winter lay-up periods

Water sports liability coverage is included

No coverage for commercial use

$25,000 limit for no-fault medical payments

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

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

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

Best for Houseboats: American Family

Special coverage designed specifically for houseboats

Up to $100,000 of personal effects coverage available

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

A marine survey may be required

Must work with a local agent to buy coverage

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

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

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

Best for Discounts: Progressive

Numerous discounts available

Can buy coverage online

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

Lots of limits on boat length and value

Many types of vessels are ineligible for coverage

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

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

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

The Bottom Line

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

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.

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• Boat Insurance

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7 Best Boat Insurance Companies

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		Best Insurance Packages	Best for Yacht Insurance	Best for Boat Rental Insurance
	Progressive	Foremost Insurance Group	Chubb	State Farm
	Our Partner
Company Highlight	Offers an extensive list of discounts for completing boat-safety courses and more, transferring from another company and more.	Has over five insurance packages to choose from tailored to boat type, age or coverage level.	Provides insurance for pleasure yachts that are between 36 and 70 feet in length and valued at up to $3 million.	Offers optional liability protection for rented boats.
Discounts	Multi-policy, Responsible driver, Original owner, Transfer from another company, Association member, Multi-boat, Advanced quote, Pay in full, Prompt payment, Safety course, Small accident forgiveness, Large accident forgiveness, Disappearing deductibles	Lay-up period, Policy paid in full, Boat safety features protective devices, Safety course, Multi-unit, Multi-policy, Loss free renewal, Prior insurance, 55 years or older, Affinity and alliance	N/A	Taking safety course, Lay-up period, Boating in fresh water instead of salt water

Offers an extensive list of discounts for completing boat-safety courses and more, transferring from another company and more.

Multi-policy, Responsible driver, Original owner, Transfer from another company, Association member, Multi-boat, Advanced quote, Pay in full, Prompt payment, Safety course, Small accident forgiveness, Large accident forgiveness, Disappearing deductibles

Has over five insurance packages to choose from tailored to boat type, age or coverage level.

Lay-up period, Policy paid in full, Boat safety features protective devices, Safety course, Multi-unit, Multi-policy, Loss free renewal, Prior insurance, 55 years or older, Affinity and alliance

Provides insurance for pleasure yachts that are between 36 and 70 feet in length and valued at up to $3 million.

Offers optional liability protection for rented boats.

Taking safety course, Lay-up period, Boating in fresh water instead of salt water

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
• State Farm – Best for Boat Rental Insurance
• Chubb – Best for Yacht Insurance
• Markel Insurance - Best for Commercial Boat Insurance
• National Boat Owners Association - Best Insurance Agency

Best Boat Insurance Reviews

Best for policy discounts: progressive.

• 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

Best for Membership Benefits: BoatUS

• 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

Best Insurance Packages: Foremost

• 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

Best for Boat Rental Insurance: State Farm

• 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

Best for Yacht Insurance: Chubb

• 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

Best for Commercial Boat Insurance: Markel

• 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

Best Insurance Agency: National Boat Owners Assocation

• 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 FAQs

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).

Summary of Money’s Best Boat Insurance of 2023