boat vs yacht insurance

• Credit cards
• View all credit cards
• Banking guide
• Loans guide
• Insurance guide
• Personal finance
• View all personal finance
• Small business
• Small business guide
• View all taxes

You’re our first priority. Every time.

We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free.

So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Here is a list of our partners .

Boat Insurance: An In-Depth Guide

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

Table of Contents

Do you need boat insurance?

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

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

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

At a glance: Do I need boat insurance?

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

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

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

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

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

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

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

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

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

Some important things to know about boating and your policy:

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

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

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

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

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

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

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

Having a diesel-powered boat.

Not having made a previous boat insurance claim.

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

Taking safety courses.

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

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

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

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

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

American Family Insurance

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

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

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

Auto-Owners

Optional boat insurance coverage is available through homeowners policies.

Country Financial

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

You can buy more coverage under your homeowners policy.

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

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

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

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

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

The Hartford

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

Liberty Mutual

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

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

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

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

Optional towing and labor also available.

Progressive

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

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

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

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

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

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

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

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

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

Juan Castillo is a former staff writer at NerdWallet.

On a similar note...

About Chubb: About Chubb

About Chubb: About Chubb in the U.S.

About Chubb: Careers

About Chubb: Citizenship

About Chubb: Investors

About Chubb: News

Claims: Claims

Claims: Claims Difference

Claims: Claims Resources

Claims: Report a Claim

Login / Pay My Bill: Login for Business

Login / Pay My Bill: Login for Individuals

Login / Pay My Bill: QuickPay for Businesses

Login / Pay My Bill: QuickPay for Individuals

Login / Pay My Bill: Login to CRS

Contact Us: Contact Us

Contact Us: Global Offices

• File a claim
• Get a quote

Understanding boat insurance

A comprehensive guide to finding the right boat insurance coverage. Insurance coverage is the same from company to company, right? While that may be true for many kinds of insurance, it is not necessarily true for boat and yacht insurance. Marine insurers providing boat and yacht insurance offer a wide range of coverage suited to that company's level of expertise, underwriting appetite, and type of client they wish to attract. This article attempts to describe the basic coverage that is available under boat and yacht insurance policies, and the items that should be considered before selecting a policy*. We will also point out the factors that the marine underwriter contemplates when determining the rate to charge a client. We hope that this will assist in making a more informed decision when purchasing insurance for your boat. Only you can decide on the right combination of coverage and price that suits your needs.

Start with the basics

Let's start by describing the two basic sections of a typical boat or yacht insurance policy: physical damage and liability. The physical damage section covers accidental loss or damage to the boat and its machinery. This not only covers the hull and the engine(s), but also the sails, personal property, and other equipment on board that are required to operate the boat. The liability section, sometimes referred to as Protection & Indemnity, covers your legal obligations to third parties. This legal liability can arise from bodily injury or loss of life, or damage to someone else's property, as a result of the ownership or operation of your boat. Liability coverage also helps pay for your legal defense if you are sued for an occurrence that may be covered under your boat insurance policy.

Physical damage — What losses are covered?

Physical damage coverage generally pays for repairs to your boat that are necessary as a result of damage caused by a wide range of perils. The best policies provide "all risk" coverage, which means that if the cause of loss is not specifically excluded, it is covered. Typical causes of loss that are covered include: weather-related perils such as wind, rain, hail, lightning and wave action; fire; loss or damage caused by theft or vandalism; and collisions with docks, submerged or floating objects or other boats. It is wise to select a policy that continues to cover your boat while it is stored on land, or while you transport your boat over land by trailer. The boat owner has the responsibility to maintain their boat, and so normal wear and tear is often excluded under a boat or yacht policy. The number and type of physical damage exclusions vary from company to company, so take the time to compare to avoid surprises later.

Loss settlement - Agreed Value vs. Actual Cash Value

When comparing physical damage coverage, the most significant difference that can be found among boat or yacht insurance policies is whether the coverage is based upon "Agreed Value" or "Actual Cash Value" (ACV) loss settlement. Agreed value policies normally pay the amount shown on the policy if the boat is considered to be a total loss. Under such a policy, damage resulting from a partial loss is generally paid for on a replacement cost (new for old) basis, less your deductible; that is, physical depreciation will not be factored into determining the value of the lost or damaged items. However, some items that are subject to higher amounts of normal wear and tear, such as canvas, sails, trailers and some machinery, may be subject to allowance for depreciation in the event of a covered loss. An Actual Cash Value policy provides less coverage than an Agreed Value policy, but generally at a lower cost. An ACV policy provides coverage up to the current market value of the vessel in the event of a total loss, taking into account depreciation and potentially other factors. Payments made for partial losses are usually reduced based upon physical depreciation of the lost or damaged items, and the policy deductible is also applied.  Your insurance professional can help you determine which type of policy is right for you.

Personal Property and Emergency Towing & Assistance

Two additional coverages often found in boat and yacht insurance policies are: Personal Property coverage, and Emergency Towing & Assistance coverage. Personal Property coverage includes such items as clothing, personal effects, and sports and fishing equipment while those items are being loaded/unloaded and while aboard your boat. Similar to physical damage coverage, there are exclusions that vary from company to company, so it pays to compare. Emergency Towing & Assistance coverage reimburses you for the costs that you incur when you need emergency assistance for your boat, and you and your boat are not in immediate danger. Some examples of emergency services that you may need which may be covered include: towing to a place where repairs can be made; delivery of fuel, oil or parts; or emergency labor while underway. Check beforehand to determine whether a deductible applies to this coverage or if there is a maximum annual limit for multiple towing claims.

Liability - Other important coverages

The liability section of a comprehensive boat insurance policy provides many coverages that are important to boat owners. Coverage for the removal or disposal of the wreck of your boat is important to have, especially if the wreck is deemed to be a hazard to navigation. Boat owners may also be responsible for any containment and clean-up expenses resulting from oil pollution or contamination caused by their vessel. It's important that your boat or yacht insurance policy covers your liability for those clean-up expenses because vessel owners are liable under the Oil Pollution Act of 1990 up to the statutory limit (currently $939,800). If you ever intend to borrow someone else's boat, confirm that your liability coverage extends to the other boat. This is called "non-owned" or operating other watercraft boat liability coverage. Finally, boat owners who employ paid crew members should ensure that their policy covers their liability to the crew under the Jones Act and General Maritime Law. A good policy will also provide a separate coverage for your liability under the Federal Longshore and Harbor Workers' Compensation Act. This will cover your statutory liability to temporary shore-based workers, such as a mechanic or marina employee, if they become injured aboard your boat.  Most boat and yacht policies exclude coverage while your boat is chartered to someone else, or used to carry passengers for a fee. Under the right circumstances, a good marine insurance company may extend your coverage to include those situations. So ask first to ensure that you will be properly protected.

Medical Payments coverage

You should verify that your policy has an adequate limit of coverage for Medical Payments. Medical Payment coverage will pay for first aid treatment, ambulance, hospital and other costs that result from someone being injured on your boat, even if you are not legally responsible. It is important to ascertain whether the coverage also applies while someone is boarding or leaving boat, and while being towed behind your boat, such as while water skiing. Check to make sure that injuries to you and your family are also included in this coverage. Given equal amounts of insurance, coverage on a "per person" basis may be preferable to coverage on a "per accident" basis.

Uninsured/Underinsured Boater coverage

Since boat liability insurance is not mandatory, there are many boaters operating without liability coverage. Uninsured Boater coverage is designed to compensate you for injuries sustained aboard your boat that are caused by an operator of another boat who has no liability insurance.

Factors impacting the cost of insurance

The underwriter must consider many factors when determining the rate (or premium) to charge for a boat policy. The most common determinants are: value, length, and age of boat; type of boat (i.e. power, sail); type of engine(s); mooring location; intended area of navigation; previous boating experience and claim history of the owner; and deductible amount. Sometimes the underwriter will also consider the automobile driving record of the owner(s), and whether they have taken any safe boating courses. There are several ways that you can reduce the cost of your boat insurance. The most common way is to select the highest deductible amount that you are comfortable with. In general, physical damage deductibles start at around 1% of the insured value of the boat, and can be increased to sometimes as much as 5%. Each higher deductible amount reduces your insurance premium. Think about how much you could affordably pay out of pocket if a loss occurred. Many yacht policies include a lay-up period, which is a time that the yacht is normally laid up and out of commission, such as during the winter months in colder climates. The underwriter will normally allow a discount for each month that the yacht is decommissioned. You can usually reduce your premium by requesting the longest possible lay-up period that would be reasonable for your part of the country.  Think about where you will actually be operating your boat. If you consistently navigate close to your home port, you should inquire whether a more limited navigational area on your policy can save you money. In other words, you may not need coverage for the entire east coast of the U.S. when you only operate your boat in Maine. The condition of your boat was also mentioned as a rating factor. If you own an older boat, the underwriter may request a recent marine survey of your boat before quoting or insuring it. Lastly, installing certain safety devices on your boat can sometimes reduce the premium that you will pay. Some marine insurers will give credits for such safety items as: an automatic fire extinguishing system in the engine compartment, a fume or vapor detector in the bilge, or certain anti-theft alarm or tracking devices.

Seek out marine insurance specialists

Now that we've described some of the key elements of boat and yacht insurance policies, we hope that you are in a better position to ask the right questions when buying marine insurance. It is also wise to work with a company that thoroughly understands boat and yacht insurance. This is important not just at the time that you apply for insurance, but also in the unfortunate event that you have a claim. Chubb Recreational Marine Insurance has the expertise to help you at every step along the way.

Tips & Resources

We help you stay ahead and informed with these helpful tips and tricks for protecting your home, car, and more.

This document is advisory in nature and is offered as a resource to be used together with your professional insurance advisors in maintaining a loss prevention program. It is an overview only and is not intended as a substitute for consultation with your insurance broker, or for legal, engineering or other professional advice. Chubb is the marketing name used to refer to subsidiaries of Chubb Limited providing insurance and related services. For a list of these subsidiaries, please visit our website at chubb.com . Insurance provided by ACE American Insurance Company and its U.S. based Chubb underwriting company affiliates. All products may not be available in all states. This communication contains product summaries only. Coverage is subject to the language of the policies as actually issued. Surplus lines insurance sold only through licensed surplus lines producers. Chubb, 202 Hall's Mill Road, Whitehouse Station, NJ 08889-1600.

Find an Agent

Speak to an independent agent about your insurance needs.

Boat Insurance Guide

Boat Insurance Guide: Costs & Coverage

When it comes to insuring your boat, it’s often best to separate your boat insurance from your homeowner's policy. Many homeowners’ policies limit or don’t cover marine-specific risks, such as salvage work, wreck removal, pollution or environmental damage; but there are exceptions.

Types of Boat Insurance

• Boat Insurance Costs
• Boat Insurance FAQs

Insurance Factors

Insurers consider many factors when deciding whether or not to offer a policy. Almost any vessel can be insured— for a price. You want to consider the following to make sure the policy you purchase meets your needs:

• Age of Boat
• Speed/Horsepower
• Condition (Does it meet US Coast Guard Standards in effect at the time it was built?)
• Primary residence (If the boat is used as a primary residence)
• Type (Inboard, Outboard, utility, cruiser, bassboat, saltwater fishing boat, performance boat)
• Homemade (Boats without a serial number are tricky but many kits are okay)
• Houseboats with no motor
• Ownership (more than 2 owners)
• Where it will operate (Ocean, lakes, bays, rivers, Great Lakes)

There are two basic types of boat insurance— “agreed value” and “actual cash value.” How depreciation is handled is what sets them apart.

An "agreed value" policy covers the boat based on its value when the policy was written. While it can cost more up front, there is no depreciation for a total loss of the boat (some partial losses may be depreciated).

"Actual cash value" policies cost less up front, but factor in depreciation. In other word, the policy will only pay up to the actual cash value of the boat at the time it is declared a total or partial loss. Eventually, as your boat ages, your insurer will likely insist on an actual cash value policy—and if often gives a substantial savings.

Kinds of Boat Insurance Policies

• Personal Watercraft ( PWC )
• Yacht  - generally, vessels 26' and smaller are called "boats,” and "yachts" are 27' and larger. Yacht coverage tends to be broader and more specialized because larger boats travel farther and have more unique exposures.
• Boat & PWC Rental  - Although this is generally not required, rental insurance will help cover any damage the vessel, as well as the operator and passengers.
• Boat Clubs  - covers all members of club while operating a boat.
• Professional (ProAngler, Fishing Guides & Charters)  - These policies are very customizable and can cover items like travel to a tournament, equipment and more.

What Boat Insurance Policies Cover

How and where you boat determines the type of coverage you need. An "all risk" policy will offer the best protection. However, an “all risk” policy does not cover every type of loss. In insurance terms “all risk” just means that any risk not specifically omitted in the policy is covered. Typical exclusions include wear and tear, marring, denting, animal damage, manufacturers’ defects, design defects, ice and freezing.

You may also be able to add extra coverage. Available options may include: medical payments, personal effects, uninsured boaters liability, and towing and assistance. Most policies will cover permanently attached equipment, as well as items like anchors, oars, trolling motors, tools, seat cushions, and life jackets. Be sure to discuss these options with your agent.

Types of Boat Insurance Coverage

This will depend on the type of policy, but common coverage add-ons (in addition to basic ones above) include:

• Specialized Coverage:  Coverage for something specific on your boat like an expensive prop or navigation equipment.
• Salvage:  Coverage that pays to remove your boat due to damage, from substantial to minor.
• Consequential Damage: Covers a loss that was the result wear and tear rather than an accident (rot, mold, corrosion).
• Towing: Towing your boat across a body of water to safety can cost $400 per hour.
• Cruising Extension: You can get temporary, additional coverage if you plan on leaving the USA (typically to Mexico or the Bahamas).

Insurance Claims

Hopefully, you will never need to make a claim but if you do, it’s good to be prepared. You are not required to carry proof of insurance on your boat, but it’s a good idea keep claim information handy for an emergency. Ask how the claim process works when you’re shopping for policies. Naturally, it should be quick and easy. In addition, find out if your agent (or other representative) will be available if you need help dealing with the aftermath of a claim, such as arranging for towing or salvage, rather than just cutting a check and leaving.

Shopping for Boat Insurance

Start with a little fact-finding. Ask your boating friends which company they use and how their claims have been handled. The way an insurer has handled claims in the past is a good indicator of the quality of service you can expect in the future.

State insurance regulatory agencies are also a good reference and can be found online.

Boat Insurance Cost Factors

• Cruising Area: Where you boat.
• Boating Safety Education: If you have been formally trained or certified.
• Good Driving Records: Both boating and driving.
• Liability Limits: The higher the limit the higher the cost.
• Deductible: The higher the deductible the lower the premium.
• Towing insurance requirements for offshore fishing (for example, a 20-mile tow could cost $3,000).

If you boat in a hurricane zone, your insurer may expect you to provide a hurricane plan. If a storm approaches, will you have it stored in a hurricane-proof facility or will you tow it or skipper it to a safer harbor. The answer can affect your rates, even lower them, but be prepared to follow the plan, because your coverage may hinge on it.

Insurance Discounts

There are a few ways to reduce your boat insurance costs. For example, if your boating is restricted by seasons and your boat is in storage during the winter, you can get deductions for winter layup. Many insurers offer discounts for good driving records and for anyone who has completed boater education classes. Finally, it usually costs less to be insured in fresh water versus salt, so be sure to discuss where you boat with your agent. You may earn extra savings by bundling your coverage with the same company that insures your home and/or car.

Before you buy your new vessel, it’s a good idea to determine your insurance costs based on your needs.

Boat Insurance Coverage FAQs

Small Boat (29' or less) Insurance

What is the best coverage for my boat?

It is best to have what is known as an "All Risk" policy, which will provide coverage for all types of losses except those specifically excluded in the policy. Typical exclusions may include wear and tear, gradual deterioration, marring, denting, scratching, animal damage, manufacturer's defects, defects in design, and ice and freezing.

How much should I insure my boat for?

You should insure your boat for the amount it would cost you to replace it with like kind and quality. This is called "Agreed Value" or "Stated Value" coverage, and in the event of a total loss, will pay the full insured amount. Beware of policies providing "Actual Cash Value" (ACV) coverage, which means the value of your boat will be replacement cost less depreciation.

What other coverages can I expect with my policy?

The following are standard coverages with standard deductibles and average limits:

• Medical payments, $5,000
• $1,000 limit Personal effects, $250 deductible
• Uninsured boaters liability, between $300,000 and $500,000
• $500 to $1000 limit Towing and assistance, no deductible
• $1,000 limit Fishing equipment, $250 deductible

Who is allowed to operate my boat?

Most policies will allow anyone to operate your boat so long as you have given them permission. There are exceptions, of course, especially with high performance boats or personal watercraft so always read your policy. But beware, too many additional drivers often results in increased premiums.

I live in an area where I can't use my boat in the winter, but my lender requires it be insured year-round. What can I do?

Ask your insurance agent if they offer what is commonly referred to as a “lay-up” discount. You have year-round coverage with a discount for the months your boat is in dry storage.

Large Boat (Greater than 29') Insurance

What are the differences between boat and yacht insurance?

Generally "boats" are considered to be 26' and smaller, and "yachts" are 27' and larger. Generally speaking yacht coverage is broader and more specialized because larger boats travel further and have more unique exposures.

What should I look for in a yacht policy?

There are two main section s of a yacht policy. Hull insurance is all risk direct damage coverage that creates a very broad insuring agreement. It will include agreed amount hull coverage, meaning all parties agree at the time the policy is written on the value of the vessel and that value will be paid in the event of a total loss.

A true yacht policy also includes replacement cost (new for old) coverage on partial losses, with the exception of sails, canvas, batteries, outboards and sometimes outdrives, which are depreciated. Protection and indemnity insurance is the broadest of all liability coverages, and because maritime law is unique, you will need coverages that are designed for those exposures. Such things as Harborworkers and Longshoreman's coverage and Jones Act (crew) coverage can be critical, as an uncovered loss in this area could run into hundreds of thousands of dollars. Besides providing payment of judgments against you, P&I also provides for your defense in Admiralty Courts.

What is a normal deductible?

A yacht policy usually carries a percentage of the insured value deductible, for instance a 1%, deductible means a boat insured for $100,000 would have a $1,000 deductible. Most lenders allow a maximum deductible of 2% of the insured value. Beware of "named special deductibles" such as storm damage of 10% or more.

What are some of the other standard coverages I can expect?

These standard coverages have standard deductibles and average limits:

• Medical payments, $10,000 limit
• $5,000 limit personal effects, $250 deductible
• $500,000 limit uninsured boaters liability, no deductible
• $1,000 to $3,000 limit Towing and assistance, no deductible
• $1,000 Hurricane haul out coverage. Small percentage of limit as deductible. Hurricane warning must be posted by NOA. Payment made to move boat to safe location, haul out or make special preparations to withstand storm.

What is Breach of Warranty?

That is coverage that primarily protects the lienholder's interest in your boat, paying off the balance owed but nothing more. If you breach the warranties in the policy, such as promising not to go outside your navigational limits, not to use your boat during the lay-up period, not to use your boat for anything but private pleasure use, and you do NOT have this coverage and experience a loss, you don't get paid for that loss and neither does the lender. You could end up making payments on a boat you cannot use.

Editor's Note: Information Courtesy of National Marine Lenders Association .

Latest Wave of Boating News & Resources

Inspirational stories, how-to articles, and expert tips for new & experienced boaters

8 Reasons Why Boat Insurance Is Important

Whether you're a seasoned sailor or a weekend enthusiast,  prioritizing boat insurance is essential for a worry-free voyage.

Boating Responsibly: Practical Tips for Keeping Our Waterways Clean

In this blog post, we'll explain why it's crucial to avoid littering, prioritize recycling while boating, and provide easy tips to ensure you're prepared for responsible waste management on every voyage.

10 Reasons Boating is Good for Mental Health

Boating isn't just an enjoyable way to spend a day; it's also a powerful way to improve your mental health.

Join Our Newsletter!

Get community news, buying bargains, and how-to guides at your fingertips.

• Search Search Please fill out this field.
• Personal Finance

Yacht Insurance: What It Means, How It Works

What Is Yacht Insurance?

Yacht insurance is an insurance policy that provides indemnity liability coverage for a sailing vessel. It includes liability coverage for bodily injury or damage to the property of others and damage to personal property on the vessel. Depending on the insurance provider, this insurance could also include gas delivery, towing, and assistance if your yacht gets stranded.

Key Takeaways

• Yacht insurance provides indemnity liability coverage for a sailing vessel.
• It has two principal parts: hull insurance and protection and indemnity (P&I) insurance.
• While there is no legal agreed upon length that separates a yacht from a pleasure boat, generally it is considered to be somewhere between 27 and 30 feet.

Understanding Yacht Insurance

Some companies specialize in providing coverage for antique and classic boats. You can choose between an actual cash value or agreed value policy. The former is cheaper but factors in depreciation and market value, so your payout will be less. Some policies include discounts based on your boating education, safety features, and whether you have a hybrid or electric boat. Some companies also offer a package deal that decreases the rate on a yacht insurance policy if you purchase additional policies, such as for your home or car.

Boats are defined as vessels under 197 feet long, while ships are 197 feet long or longer. There is no agreed upon length for a yacht , but they are generally considered to be at least 30 feet long. A vessel under 27 feet is considered a pleasure boat.  

Although there isn't a standard definition of what the size of a yacht is, we can see that there is a general agreement within a range. With that being said, this general range falls within class 2 and class 3 of the Federal boat classification system.

For its own purposes, the National Boat Owners Association marks the dividing line at 27 feet. Most yacht coverage is broader and more specialized than pleasure boat coverage, because larger vessels travel farther and are exposed to greater risks.

Yacht insurance is broader and more specialized than pleasure boat coverage, due to the fact that a yacht can sail farther and thus runs greater risks.

A yacht insurance deductible, the amount of money you must pay out of your own pocket before your insurance kicks in, is usually a percentage of the insured value. A 1% deductible, for example, means that a boat insured for $100,000 would have a $1,000 deductible. Most lenders allow a maximum deductible of 2% of the insured value.

Generally, yacht insurance coverage does not include wear and tear, gradual deterioration, marine life, marring, denting, scratching, animal damage, osmosis, blistering, electrolysis, manufacturer’s defects, defects in design, and ice and freezing.

Two Parts of Yacht Insurance

There are two principal sections of a yacht insurance policy.

Hull insurance

Hull insurance is an all-risk, direct damage coverage that includes an agreed amount of hull coverage. That amount is settled on when the policy is written, and in the case of a total loss it will be paid out in full. In addition, there is replacement cost coverage on partial losses, though sails, canvas, batteries, outboards, and sometimes outdrives are not include and instead are subject to depreciation.

Protection and indemnity (P&I)

Protection and indemnity (P&I) insurance is the broadest of all liability coverages, and because maritime law is particular, you will need coverages that are designed for those exposures. Longshore and harbor workers’ coverage and Jones Act coverage (for the yacht’s crew) are included and important, because your losses in these areas could run into six figures. P&I will cover any judgements against you and also pays for your defense in admiralty courts .

Insurance Information Institute. " Boat insurance and safety: Boat insurance coverage ." Accessed Jan. 31, 2022.

National Boat Owners Association (NBOA). " The Best Yacht Insurance Rates ." Accessed Jan. 31, 2022.

DiscoverBoating.com. " Boat Insurance Guide: Insurance Discounts ." Accessed Jan. 31, 2022.

Malhotra Insurance. " Watercraft and Boat Insurance: Is There a Difference? " Accessed Jan. 31, 2022.

U.S. Government Publishing Office. " Coast Guard, DOT ." Accessed Jan. 31, 2022.

DiscoverBoating.com. " Boat Insurance Guide: Boat Insurance Coverage FAQs: What is a normal deductible? " Accessed Jan. 31, 2022.

Absolute Insurance of Palm Beach County, Inc. " Yacht Insurance ." Accessed Jan. 31, 2022.

International Marine Underwriters. " Commercial Hull and P&I ." Accessed Jan. 31, 2022.

DiscoverBoating.com. " Boat Insurance Guide: Boat Insurance Coverage FAQs: What should I look for in a yacht policy? " Accessed Jan. 31, 2022.

Gallagher Charter Lakes. " Protection & Indemnity Insurance – What is it??? " Accessed Jan. 31, 2022.

• Property Insurance: Definition and How Coverage Works 1 of 21
• The Importance of Property Insurance 2 of 21
• What Is Personal Liability Insurance? Definition and Coverage 3 of 21
• Scheduled Personal Property: What it is, How it Works 4 of 21
• Unscheduled Personal Property: What It Is, How It Works 5 of 21
• Floater Insurance: What it is, How it Works, Examples 6 of 21
• Unscheduled Property Floater 7 of 21
• Wear and Tear Exclusion: What it is, How it Works, Claim Disputes 8 of 21
• A Quick Guide on How to Insure Jewelry 9 of 21
• Jewelry Floater: What Is It, and How Does It Work With Insurance? 10 of 21
• Special Insurance for Designer Clothes 11 of 21
• Consignment Insurance: What It Is, How It Works 12 of 21
• A Quick Guide to Landlord Insurance 13 of 21
• Best Landlord Insurance Companies 14 of 21
• Mobile Home Insurance: Do You Need It? 15 of 21
• Modular vs. Manufactured Home Insurance 16 of 21
• Tiny House Insurance: How to Insure Your Tiny Home 17 of 21
• Watercraft Insurance: What It is, How It Works 18 of 21
• Yacht Insurance: What It Means, How It Works 19 of 21
• What Is Umbrella Insurance Policy? Definition and If You Need It 20 of 21
• How an Umbrella Insurance Policy Works 21 of 21

• Terms of Service
• Editorial Policy
• Privacy Policy
• Your Privacy Choices

• Insurance Client Portal
• Report a Claim/Pay Online
• Online Bonds

Boats vs. Yachts: What Type Of Insurance Is Needed For Each

Language may sometimes come with an intriguing puzzle. Definitions for a boat, yacht, or ship do not always show their appropriateness and usage. For this reason, most of us develop our own “assumed rules” within the boating communities. We just wing it when the rule doesn’t apply.

Yet, for the sake of insurance, understanding the difference between each is vital for appreciating the type of insurance required for either item. If you are new to insurance and the boating community, winging your way around insurance won’t work for you. This guideline should help you through your insurance and maritime fluency.

What Is a Yacht

There is no argument that the term “yacht” suggests something more luxurious than a ship or boat. Interestingly, a yacht outside the US usually describes a sailboat unless it’s explicitly called a motor yacht. Contrarily, people living in the United States still contend with the boats vs. yachts questions as they use it interchangeably. However, a yacht is undoubtedly most appropriate since vessels are luxuriously designed for recreation, comfort, and relaxation.

What Is a Boat

The definition of a boat is somewhat more than either yacht or ship. Irrespective of the size, fit-and-finish, and function, captains usually refer to their vessels as boats. Not being so deliberately confusing, the term “boat” has turned into a pet phrase, a slang description, for floating objects that are too complicated to be described as a raft.

However, it all shakes perfectly when you set slang aside. Boats may be used for recreational purposes but are considerably smaller than either a ship or yacht and come with fewer facilities. Boats are generally powered by elbow grease or small engines.

Difference Between Boats and Yachts

Depending on your region, you can use boats and yachts interchangeably, yet there are several distinctions between the two. Here are some categories to help you determine whether you have encountered a yacht or boat.

Size is a straightforward factor for differentiating between a yacht or otherwise. Yachts are more extensive than other recreation boat types. In general, anything around 35 feet qualifies to be a yacht, although it can be longer.

Large vessels come with motors and also fall in the same category length as yachts. However, if a vessel is mainly used for commercial purposes, it is not a yacht. Yachts are for personal or recreational use.

It is no surprise yachts cost more than their boat counterparts because of the size and amenities highlighted. You will be overwhelmed when comparing yacht and boat prices. Yacht amenities alone are worth more than boats. More so, yacht maintenance and insurance can be expensive, with the latter costing up to 10% of its purchase price.

Propulsion Operation

Although older boats depended on sailers and rowing to move around, that setup seems to apply to only smaller vessels. Motors are more efficient for larger boats, which is why yachts come with considerably larger engines.

However, plenty of boats do not qualify as yachts despite running on motors. Yacht engines can travel longer distances than other boat types thanks to their advanced technology.

Boat Insurance Coverage

When insuring your boat, it is essential to separate it from your homeowners policy. Although some exceptions exist, several homeowner policies don’t cover marine-related risks, such as wreck removal, environmental or pollution damages, or salvage works. Some homeowner policies come with coverage for smaller motors and boats, yet be sure to ask your insurance company how and what damages they would pay for.

Many homeowner policies apply to boats that use lakes, rivers, and inland waterways. You certainly need an experienced insurer if you intend to ride outside the inlet. Meanwhile, there are other factors to consider too.

Boat Insurance Factors

Insurers may consider several factors before deciding to offer a policy. However, for a price, insurers can cover almost every boat. There are many factors to consider in order to guarantee a policy satisfies your particular needs, including:

• The boat age
• Length and value
• The boat type
• Speed/horsepower
• Boat condition
• Ownership (Do multiple people own it?)
• Operation location (rivers, lakes, ocean, etc.)

Types of Boat Insurance

There are two basic boat insurance types:

• Agreed Value Policy: Policy coverage is based on the boat’s value when it was written. Although it could be more expensive upfront, there is no depreciation cost for the boat’s total loss.
• Actual Cash Value: This is less costly upfront, although it factors in depreciation. The policy will cover the boat’s cash value when declared a partial or total loss. Your insurer will probably insist on this policy type as your boat continues to age for significant savings.

What Boat Insurance Covers

Although insurance coverage may depend on the policy type, common coverages may include:

• Specialized coverage for particular boat parts such as navigation equipment or an expensive propeller
• Salvage coverage settles the cost of boat removal because of damages.
• Consequential damage covers losses from depreciation.
• Cruising extension is an additional, temporary coverage if you intend to leave the US.

However, your type of insurance coverage will be determined by where and how your boat is. An all-risk policy offers the best protection, although it may not cover every loss type. You may include extra coverages, such as personal effects, medical payments, towing, and assistance. Many policies cover equipment that is permanently attached to the boat. However, discuss your options with your insurer to ensure you get everything you need.

Yacht Insurance

A yacht is a luxurious item and therefore requires special protection. A yacht insurance policy should offer indemnity liability coverage for vessel sailing, including bodily harm or damage to other properties and personal ones on the yacht.

Your yacht insurance should cover gas delivery, towing, and assistance when your yacht is stranded. Yet all this will depend on your insurer.

While some insurance covers classic and antique boats, you can choose between an agreed boat policy or actual cash value. You may also receive discounts based on your safety features, boating education, and whether your yacht is electric or hybrid.

Other companies may decrease your yacht insurance policy cost when you buy additional policies, let’s say, for your car or home. Yacht insurance coverage is more extensive and specialized than boats since they travel long distances and are exposed to more risks.

Yacht insurance coverage typically includes depreciation, denting, animal damage, marine life, design defects, icing and freezing, and osmosis.

Two Major Sections of Yacht Insurance

Yacht insurance policies are in two primary sections.

Hull Insurance

Hull insurance is a comprehensive, direct damage coverage that includes an agreed hull coverage sum. The amount is paid when the policy is written and settled in full in a total loss case. There are coverages for replacements of batteries, canvas, partial losses, and outboards.

Protection and Indemnity

Protection and indemnity coverage is the broadest of liability coverage types, mainly because of maritime law. You will require having an insurance plan designed for such risk exposures. Insurance for longshore and harbor workers, together with those for your yacht crew, are included since you can run into six-figure losses. Protection and indemnity additionally cover any judgments against you while also paying for your admiralty court defenses.

Looking for Boat or Yacht Insurance?

Finding the right insurance company is crucial for identifying an ideal plan for your boat or watercraft . Everyone’s situation is different, and the process may demand more to recognize an insurance plan that covers your particular needs. Contact John B. Wright to help you find a plan that best suits your needs and budget.

Privacy Preference Center

Privacy preferences.

Username or Email Address

Remember Me

Yacht Insurance vs. Boat Insurance: Key Differences Explained

Yacht insurance and boat insurance may sound interchangeable, but they are two distinct types of coverage. Yacht insurance typically covers vessels over 26 feet in length and includes more comprehensive coverage, such as liability protection for crew members. Boat insurance, on the other hand, generally covers smaller vessels and can offer less comprehensive coverage. It is important to understand these key differences when selecting the appropriate insurance for your vessel. Factors such as the vessel’s size, intended use, and operating location can also impact the cost and coverage of each type of insurance.

Yacht Insurance vs. Boat Insurance: What’s the Difference and Why Does It Matter?

If you’re a boat owner, you know how important it is to protect your vessel from any unforeseen events and damages. But, when it comes to insurance, do you know the difference between yacht insurance and boat insurance?

Firstly, let’s define what each one means. Boat insurance applies to boats of all types and sizes, from dinghies to sailboats and even to small motor boats. Yacht insurance, on the other hand, applies to larger, more expensive vessels that exceed the standard limits of a boat insurance policy.

So why does it matter which one you have? Well, for starters, yacht insurance offers broader coverage than boat insurance. This is due to the nature of the vessel and the risks associated with it. Yachts are typically used for more extended periods, which increases the likelihood of accidents or damage, which can be more costly to repair or replace.

Another reason why yacht insurance is essential is that it covers things like salvage, recovery, and emergency assistance services that may not be a standard feature in boat insurance policies. It’s also worth noting that yacht insurance policies are typically more comprehensive and tailored to the individual’s needs.

In contrast, boat insurance policies are more standardized, making them more affordable and easier to obtain. However, this doesn’t mean that boat insurance policies cover less than yacht insurance policies. They still offer a substantial amount of protection, including coverage for damage, theft, liability, and more.

When choosing between yacht insurance and boat insurance, it’s essential to examine your vessel’s size, value, and usage. If you own a large, expensive yacht, then yacht insurance will give you the necessary coverage and peace of mind. But, if you only own a small dinghy, then boat insurance would be a more affordable and straightforward option.

In sum, whether you opt for yacht insurance or boat insurance, it’s crucial to ensure that you have adequate coverage to protect your vessel from any accidents or damages. Otherwise, you could be left footing the bill for any repairs or claims yourself.

Protect Your Investment: Understanding the Importance of Adequate Yacht and Boat Insurance

If you’re a yacht or boat owner, you know how important it is to protect your investment. The risks associated with owning a yacht or boat are significant, and without adequate insurance, you could end up losing everything.

First and foremost, yacht and boat insurance can protect you against liability issues. If someone gets injured on your yacht or boat, you could be held liable for their medical expenses and other damages. Without insurance, these costs could be devastating.

Additionally, yacht and boat insurance can also protect your investment from physical damage. This could include damage from a storm, collision, or theft. With adequate insurance coverage, you can have peace of mind knowing that your yacht or boat is protected.

When shopping for yacht or boat insurance, there are a few things to keep in mind. First, make sure that the policy you’re considering covers liability issues. You’ll also want to make sure that the policy includes coverage for physical damage and theft.

It’s also important to note that not all insurance policies are created equal. Some policies may have exclusions or limitations that could leave you vulnerable in certain situations. Be sure to read the fine print and ask questions if you’re not sure about something.

Finally, be prepared to pay a premium for adequate yacht or boat insurance. The cost of insurance will depend on a variety of factors, including the value of your vessel, where it’s stored, and how it’s used. While it may be tempting to skimp on insurance to save money, doing so could end up costing you far more in the long run.

In conclusion, yacht and boat insurance is essential for any owner who wants to protect their investment. By understanding the importance of adequate insurance coverage and shopping around for the right policy, you can have peace of mind knowing that your yacht or boat is protected.

Navigating the Waters of Yacht and Boat Insurance: Key Considerations and Coverage Options

Are you a proud owner of a yacht or a boat? If so, you’ve made a significant investment that deserves adequate protection. While hull and liability coverage are the most common types of insurance for yachts and boats, it’s important to understand the key considerations and coverage options to navigate the waters of yacht and boat insurance.

First and foremost, you must understand the value of your vessel and insure it accordingly. The cost of your coverage will be determined by various factors, such as the type of boat you own, its length, and its intended use. Thus, it’s essential to work with a reputable insurance agent who understands the specifics of yacht and boat insurance.

Another key consideration is the risk of damage or loss due to various factors, such as theft, weather-related events, and collisions. Hull coverage is the most popular type of yacht and boat insurance, protecting your vessel against physical damage or loss.

But what about liability coverage? This type of insurance is equally important, as it offers protection against claims resulting from damage or injury to others caused by your yacht or boat. Liability coverage can be extended to include not only your vessel but also any watercraft you own or rent.

But that’s not all. Other coverage options may include personal injury, medical payments, and even coverage for fishing equipment or other valuable items aboard your vessel. It’s important to discuss these options with your insurance agent to ensure you have the coverage you need.

When shopping for yacht and boat insurance, it’s critical to read the policy details carefully and check for any exclusions or limitations. For instance, some policies may not cover damage caused by wear and tear, while others may exclude coverage for certain waterways or regions.

In conclusion, navigating the waters of yacht and boat insurance requires a comprehensive understanding of the key considerations and coverage options. Finding the right insurance provider and policy can provide peace of mind and protection for your valuable investment. Consider working with a knowledgeable insurance agent who can guide you through the process and help you make informed decisions.

From Liability to Collision: Examining the Coverage Differences between Yacht and Boat Insurance

When it comes to owning a boat or a yacht, it’s important to have an insurance policy in place. However, not all insurance policies are created equal, especially when it comes to coverage for damages that may occur on the water. This is why it’s important to understand the differences between yacht and boat insurance policies.

Yacht insurance typically provides more comprehensive coverage than standard boat insurance policies. A yacht insurance policy may cover damages caused by collisions, theft, and even weather-related incidents. Boat insurance policies, on the other hand, may only provide liability coverage.

One of the key differences between the two policies is the amount of coverage provided for collisions. A yacht insurance policy may cover damages caused by a collision with another vessel, whereas a boat insurance policy may only cover damages caused by a collision with a stationary object, such as a dock or pier.

It’s also important to note that yacht insurance policies may have higher premiums than boat insurance policies, due to the increased coverage provided. However, the additional coverage may be well worth the investment for yacht owners who want to protect their valuable asset.

In summary, while boat insurance policies may provide liability coverage, yacht insurance policies typically provide more comprehensive coverage for damages that may occur on the water. It’s important to carefully examine your options and choose the policy that best fits your needs and budget.

To learn more about yacht and boat insurance, visit Boat Insurance on Wikipedia.

Making Waves in the Insurance Market: How to Choose the Right Coverage for Your Yacht or Boat

Are you a proud owner of a yacht or boat? Whether it’s for leisure or business purposes, owning a watercraft is a significant investment. However, just like any other asset, it comes with risks that require insurance coverage. The insurance market for yachts and boats is vast and complex, and choosing the right coverage can be daunting. Here are some essential tips to make the right choice:

Understand Your Insurance Needs

Start by assessing your risks and determining the coverage you need. Yacht and boat insurance policies typically cover three main areas: liability, physical damage, and personal property. Liability coverage protects you from any harm or damage you cause to others and their property while using your watercraft. Physical damage covers damage to the boat itself, including engines, electronics, and other equipment. Personal property coverage covers the loss of personal belongings on board, such as water sports equipment, clothing, and electronics. Understanding the coverage you need will help you in choosing the right insurance policy.

Shop Around for the Best Price

Like any other insurance policy, it’s always wise to compare different insurance companies for their rates and coverage. Some companies offer discounts for yacht and boat owners with a good claims history, multiple watercraft, or completed boating safety courses. Others may provide options for bundling your insurance policies, such as car and home insurance. Shop around and compare insurance options to get the best value for your money.

Look for the Right Coverage Extensions

In addition to the main coverage areas mentioned earlier, some boat insurance policies offer coverage extensions for extra protection. These extensions may include coverage for environmental damage, natural disasters, and towing services. Be sure to ask your insurance provider about these options and if they are relevant to your needs.

Know the Importance of Maintenance and Upkeep

Maintaining your yacht or boat in good condition is not only essential for your enjoyment but also for your insurance coverage. Insurance companies may require periodic surveys to maintain or lower your insurance premiums based on the vessel’s condition. Neglecting maintenance can lead to claims being denied, so it’s crucial to keep up with regular upkeep.

Choosing the right insurance coverage for your yacht or boat isn’t something to take lightly. It’s important to understand your insurance needs, compare rates, and look for the right coverage extensions. Regular maintenance and upkeep are also critical for maintaining your coverage and enjoying your watercraft. By following these tips, you can make informed decisions and navigate the complex world of yacht and boat insurance with confidence.

 Frequently Asked Question

Yacht insurance is a type of insurance that specifically covers losses or damages related to yachts, which are typically larger and more expensive vessels than boats.

Boat insurance is a type of insurance that covers losses or damages related to boats, which are typically smaller and less expensive than yachts.

The key differences between yacht insurance and boat insurance are the size and value of the vessel being insured and the types of coverage offered. Yacht insurance tends to offer higher coverage limits and more comprehensive coverage options, while boat insurance may only offer basic coverage.

Yes, if you own both a yacht and a boat, it is recommended that you have separate insurance policies for each since they have different risk profiles and insurance needs.

Yes, yacht insurance tends to be more expensive than boat insurance due to the higher value and increased risks associated with yachts. However, the cost of both types of insurance will depend on factors such as the vessel’s size, value, and intended use.

You may like

Yacht Insurance and Pe...

Luxury Yacht Insurance...

The Ultimate Guide to ...

Yacht Insurance for Da...

• Yacht Insurance
• Boat Insurance
• Yacht Charter
• Beginner’s Guide
• Destinations
• Privacy Policy
• Terms & Conditions

Understanding Yacht and Boat Insurance

The rules of the water may be less strict than the road, but that doesn’t mean you should go without protection. Learn how boat insurance keeps you and your watercraft safe.

You never know when a boating accident might happen. According to the U.S. Coast Guard, there were 5,265 recreational boating accidents in 2020 that caused over $60 million in property damage. Before you take your new watercraft out for its first voyage, protect yourself against financial damage with a yacht or boat insurance policy from Southpoint.

What Do Boat and Yacht Insurance Cover?

Boat and yacht insurance are similar to car insurance policies; they provide protection for your vehicle, other boaters’ vehicles, and your finances in the event of a lawsuit. Though most states don’t require boat insurance for personal watercraft, some require coverage for large vessels. Regardless of whether your state requires personal watercraft coverage, you should purchase a policy to protect yourself against financial risk.

Boat insurance policies cover smaller vessels under 26 feet in length, and they offer more basic coverages than yacht insurance policies. Because yachts are large, valuable vessels that tend to travel further than boats, yacht coverage typically contains higher limits and more specialized coverages.

Personal Boat Insurance Coverages

Like a personal auto insurance policy , boat insurance contains various coverage options, including property damage, bodily injury, medical payments, uninsured watercraft, towing and labor, and personal repair costs. Property damage and bodily injury, or liability coverage, pays for lawsuit costs if you injure another boater or damage their property and get sued as a result. The rest cover your costs if you or a passenger gets injured, your boat sustains damage, or you get into an accident with an uninsured driver.

Yacht Insurance Coverages

Insurance policies for vessels 27 feet and longer usually contain two essential coverages: hull insurance and protection and indemnity (P&I) insurance. Your hull coverage limit specifies the amount you would receive if your insurance carrier deemed your yacht a total loss. P&I coverage builds on the liability coverage included in a boat insurance policy by adding coverage provisions that meet strict maritime laws. If you get sued after a crew member suffers an injury or you cause harm to another vessel or driver, your P&I coverage will pay for lawsuit costs up to a specified limit.

Get Boat Insurance Quotes From the Top Carriers

One serious boating accident could cost you hundreds of thousands of dollars and put your financial future in peril. Don’t put off getting marine insurance until after the damage has been done. Partner with Southpoint today and get affordable quotes from the biggest names in insurance.

How Much Is Boat Insurance?

If you’re considering buying an insurance policy for your boat or yacht, you’re probably wondering: How much will my coverage cost? The answer depends on a number of factors, including:

• Your watercraft: You wouldn’t pay the same amount to insure a luxury SUV and a 10-year-old sedan, and the same logic applies to boats. The size, make, model, and age of your vessel help determine your boat insurance rates.
• Coverage limits: The higher your liability and property limits are, the more expensive your policy will be. Additionally, if you add extra coverages to your policy, such as towing expenses, personal property coverage, and storm insurance, your premium will increase.
• Deductible amounts: Before your insurance company will pay for a claim, you have to cover a deductible amount. Policies with low deductibles cost more than those with high deductibles.
• Location: If you live in a coastal state, your insurance will likely be more expensive because you use your boat year-round. In inland states with cold winters, most boat owners only use their watercraft for a few months out of the year.
• Your boating history: A bad driving record doesn’t just impact your auto policy rates. Drivers who have been in multiple boating accidents pay higher premiums than drivers with a clean record.
• Previous claims: Insurance companies are risk-averse. If you have a history of expensive claim payouts, your insurer will raise your premium to offset their financial burden.

It can be challenging to quantify your risk and determine the coverages that fit your needs and budget. If you need an expert’s help finding a boat insurance policy that covers all your risks without breaking the bank, look no further than Southpoint. After a short conversation about your boat, your concerns, and your budget, our team can assess your risk factors and provide a detailed coverage recommendation. From there, we reach out to our carrier partner contacts and gather multiple quotes that fall at or below your target budget.

Finding the Right Boat and Yacht Insurance

Securing boat insurance coverage can be a daunting task. Purchasing the cheapest coverage with the lowest limits may seem like the right choice now, but it can leave you scrambling for money in the future after an unexpected accident. On the other hand, buying every extra coverage and picking the highest limits is overkill for most boat owners.

There is no one-size-fits-all policy for boat owners—everyone has different needs and cost concerns. However, your perfect policy is out there, and Southpoint can help you find it. We use our decades of industry experience to gauge your risk and offer informed advice about your policy. Additionally, our team members handle the complicated logistics of finding and purchasing the right policy on your behalf. We make sure you’re covered, and all you have to worry about is planning your next boat trip.

Stop at Southpoint Before You Set Sail

If you want to enjoy your new boat or yacht for years to come, insurance is a must-have. Before you sail the open seas in your yacht or hit the road with your new speed boat in tow, get in touch with Southpoint. We can secure personal insurance coverage in no time and keep you and your loved ones safe on the water.

• First Name *
• Last Name *
• Company Website *

About Southpoint

• Areas We Serve
• Associations
• Affiliate Partners
• Commercial Insurance 
• Employee Benefits Packages
• Personal Insurance 

Headquarters

15341 S. 94th Avenue, Suite 100, Orland Park, IL 60462 708-478-3440

Loop Location

2 Prudential Plaza 180 N. Stetson St., Suite 3500 Chicago, IL 60601 312-462-3823

This site uses cookies. By continuing to browse the site, you are agreeing to our use of cookies.

Cookie and Privacy Settings

We may request cookies to be set on your device. We use cookies to let us know when you visit our websites, how you interact with us, to enrich your user experience, and to customize your relationship with our website.

Click on the different category headings to find out more. You can also change some of your preferences. Note that blocking some types of cookies may impact your experience on our websites and the services we are able to offer.

These cookies are strictly necessary to provide you with services available through our website and to use some of its features.

Because these cookies are strictly necessary to deliver the website, refusing them will have impact how our site functions. You always can block or delete cookies by changing your browser settings and force blocking all cookies on this website. But this will always prompt you to accept/refuse cookies when revisiting our site.

We fully respect if you want to refuse cookies but to avoid asking you again and again kindly allow us to store a cookie for that. You are free to opt out any time or opt in for other cookies to get a better experience. If you refuse cookies we will remove all set cookies in our domain.

We provide you with a list of stored cookies on your computer in our domain so you can check what we stored. Due to security reasons we are not able to show or modify cookies from other domains. You can check these in your browser security settings.

We also use different external services like Google Webfonts, Google Maps, and external Video providers. Since these providers may collect personal data like your IP address we allow you to block them here. Please be aware that this might heavily reduce the functionality and appearance of our site. Changes will take effect once you reload the page.

Google Webfont Settings:

Google Map Settings:

Google reCaptcha Settings:

Vimeo and Youtube video embeds:

Phone: (800) 494-1333 Local: (407) 339-0800

Boat Versus Yacht Insurance

Boat versus yacht insurance – so, what’s the difference.

It is fairly easy to tell the difference between a car and a truck or a motorcycle and a moped, but when it comes to boats and yachts, differences may not be as evident. In insurance terms, the differences between a boat and a yacht are very clear.

How are boats and yachts defined in Flordia?

• Boats: A boat is generally defined as a vessel under 26 feet in length. This can include speed boats, fishing boats (for recreational purposes) and classic or antique boats. Standard boat insurance policies can include physical damage coverage, liability coverage, personal property coverage and towing and assistance coverage. Many of the policies are yearly policies so there is no need to be concerned about your boat when it is moored or in a dry dock for the winter months. Boat insurance policies often include limits on navigational areas or be an agreed value policy which means you and the insurance carrier will agree upon a set value of worth for the boat before a policy is drafted. This may help recoup costs in the event the boat is lost or damaged beyond repair. A basic boat insurance may not include extra coverage for uninsured/underinsured boater coverage or coverage for fuel spills, but a yacht insurance policy may include those items. So, when insuring a boat, be sure to ask your agent about these coverages because most times, they can be added.
• Yachts: A yacht is defined as a vessel over 26 feet in length and used for mostly personal or recreation purposes. Yacht insurance tends to be more inclusive than your standard boat insurance policy. Those extras that you may pay more for in boat policy, like fuel spill coverage, towing and additional personal property coverage, may be generally included in your yacht insurance policy. There are also custom coverage options that may be available just for yacht insurance. Custom coverages may include additional hurricane protection if you are sailing or docking in an area during hurricane season. It may also include an option to extend or create a custom navigation area as most standard boat insurance policies only offer coverage the extends 75 miles past the U.S., Canadian or Mexican coastline. If your yacht includes a dinghy, there is a coverage option for that as well, though it may be limited to anything under 16 feet in length.

Whether you are considering purchasing a boat or a yacht or wondering which category your current sea-faring vessel falls, the insurance experts at The Riccard Group in Florida can assist you with all your boating insurance needs.The Riccard Group agents can also assist you with insuring other items like your autos, homes or adding a personal umbrella insurance policy for additional protection beyond your auto and home insurance policies. Whatever your insurance needs, let The Riccard Group help. Visit their website 24/7 for more information about the agency or the insurance products they offer.

Licensed in These States

• Report a Claim
• Architects & Engineers
• Construction
• Entertainment
• Financial Services
• Marine & Yacht
• Nonprofit & Human Services
• Private Equity
• Public Sector
• Real Estate
• Transportation
• Waste & Recycling
• Environmental
• International
• Management Liability
• Employee Benefits Overview
• Benefit Administration and Technology
• Benefits Compliance Support
• Data & Analytics
• Human Capital Management
• International Benefits
• Absence Management & Ancillary Programs
• Voluntary & Lifestyle Benefits
• Financial & Wealth Overview
• Life Insurance
• Private Client Services Overview
• Collections
• Umbrella & Excess Liability
• Boat & Yacht
• Family Office
• Specialty Coverages
• Private Client Risk Resource Center
• Reinsurance
• Risk Management Services Overview
• Claims Management & Advocacy
• Loss Control
• Safety Consulting Services
• Pro Safety Training Courses
• Consulting Overview
• Actuarial Services
• Healthcare Claim Audit Services
• Health and Welfare
• Mergers and Acquisitions
• Pharmacy Consulting
• Retirement Benefits
• News and Insights
• All Insights
• Emergency Resource Centers
• Employee Benefits Compliance Center
• Media Coverage
• State of the Market Reports
• Press Releases
• Private Client Resources
• Culture and Values
• Diversity, Equity & Inclusion
• Environmental, Social, & Governance
• General Terms of Business
• Local Expertise
• Mergers & Acquisitions
• Recognition & Awards
• Risk Strategies Foundation
• Transparency and Disclosures
• Aviation Business Insurance - Manned Risk
• Non-Owned Aviation
• Unmanned Aerial System and Drones
• Alternative Solutions
• Financing & Pre-Construction
• Insurance Solutions
• Risk Management
• Employee Benefits for Education
• Property, Casualty & Liability for Education
• Student Health Brokerage and Consulting
• Student Health Plan Administration
• Student Health Insurance Plans
• Solutions for Student Athletes
• Student Health & Wellness Tools
• Special Risk Insurance
• Film & Television
• Advertising Production Wrap Ups
• Advertising/PR
• Event Cancellation & Non-Appearance
• Music & Touring
• Theatrical Production & Live Performance 
• Asset Managers
• Banks & Non-Bank Lending
• Consumer Financial Services
• Financial Tech
• Insurance Companies
• Artist Endowed Foundations
• Auction Houses
• Fine Art Packers / Shippers / Warehouses
• Private Art Dealers / Advisors
• Private Collectors
• Employee Benefits - Healthcare
• Managed Care / Stop Loss
• Medical Malpractice
• Property & Casualty - Healthcare
• Boat & Yacht For Individuals
• Marine Businesses
• Sailing Organizations - Burgee Program
• Jackline Insurance Solutions for Cruisers
• Mega Yachts
• One-Design Insurance Program
• Crew Medical Insurance
• Sailors Health Insurance Program
• Travel Medical & Trip Insurance
• US Sailing Insurance Solutions
• Crypto Companies
• Public Safety Organizations & Municipalities
• Community Associations
• Hospitality
• Residential / Habitational
• Specialty Programs
• Domestic Household Goods
• Expat Renters & Living Insurance
• Relocation Claims Service
• International Household Goods
• Supplemental Movers Coverage
• Temporary Living Insurance
• Vacant Home
• Business Auto Insurance
• Last Mile Delivery
• Forwarding & Brokering
• Workers' Compensation
• Auto Liability & Physical Damage
• Captives & Alternative Risk Financing
• Claims Advocacy & Loss Control
• Excess Liability
• General Liability
• Product Recall
• Cyber Resolute
• Cyber Risk Assessment and Analytics
• Cyber Risk Response & Claims Advocacy
• Contractors Pollution Liability
• Environmental Excess
• Environmental Liability Transfer
• Environmental Liability - Healthcare
• Environmental Liability - Higher Education
• Pollution Legal Liability
• Environmental Liability - Private Equity
• Professional Environmental Liability Insurance
• Real Estate Development
• Remediation Cost Cap
• Secured Creditor Protection for Lenders
• Underground Storage Tanks
• Management Liability - Entertainment
• Management Liability - Financial Institutions
• Management Liability - Healthcare
• Management Liability - Real Estate
• Builder's Risk
• Property Claims Services
• Inland Transit and Ocean Cargo
• Natural Hazard Catastrophe Modeling
• Political Violence and Terrorism
• Property Damage & Business Interruptions Valuations
• Property Loss Prevention and Control
• Cybersecurity
• Riot & Civil Unrest
• Severe Storms
• Violence & Active Shooter
• Winter Weather
• BeHEARD Series
• DE&I Structure
• Employee Resource Groups
• Conflict of Interest Policy
• Compensation Disclosure
• Enterprise Risk Management
• Benefits & Wellness
• Investing in Growth & Leadership
• Life at Risk Strategies
• Partnership Benefits
• Why Join Us?
• Onboarding & Integration

You are about to leave Risk Strategies website and view the content of an external website.

You are leaving risk-strategies.com

By accessing this link, you will be leaving Risk Strategies website and entering a website hosted by another party. Please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of Risk Strategies website. We encourage you to read and evaluate the privacy and security policies of the site you are entering, which may be different than those of Risk Strategies.

Navigating the Complex, Ever-Changing Yacht Insurance Market

Imagine this: You are finally nearing retirement, and you are financially secure. You and your spouse decide to get that bigger yacht you've always talked about so that you can spend more time on the water and do some extended cruising in the Caribbean. It would be nice to have the space to invite another couple or your grandkids to join you occasionally. You currently own a 40-foot trawler which you keep at a marina near your home in Florida. You plan to trade her in and upgrade to a 55- to 65-foot yacht. You give your insurance broker a call and he says, “It can be really hard to get insurance these days, especially if you plan to keep your boat in Florida for extended periods of time and during hurricane season. Also, some insurance companies may not insure you without a captain if you step up to such a big boat.” You get off the phone wondering how this could possibly be true!

The yacht and marine insurance landscape is complex and dynamic. While the reality of today’s insurance marketplace can feel overwhelming to boat owners and buyers, there are smart ways to navigate your options and secure the yacht insurance coverage you need.

What’s driving capacity limitations in the yacht insurance market?

The dramatic increase in boat purchases back in 2020 and 2021, during the height of the pandemic, significantly impacted not only the marine supply chain but also the insurance market and underwriting parameters. Many of these impacts and changes to the marine industry and insurance market are still a reality as we enter the 2024 boating season. Most of these market shifts are here to stay.

The increase in demand for yacht policies, along with year after year of record-breaking climate-related disasters and frequent severe weather events, have put substantial pressure on an already competitive, restricted marine insurance market.   Advanced technologies that are integrated into marine construction, materials, rigging systems, and onboard electronics have created new and ongoing challenges and complexities for underwriters. Marine insurance capacity from the carriers, which means the availability of yacht insurance policies, continues to be limited across the nation, especially in areas vulnerable to increased hurricane and severe weather activity such as Florida, Texas, the Gulf States, and California.

What can a yacht owner or buyer do to secure insurance for yachts in this competitive, restricted marketplace?

The two key factors to securing yacht insurance in this competitive, complex insurance market are:

• A well-prepared application and submission demonstrate your professionalism, marine experience and knowledge, attention to safety and seamanship, and a commitment to risk management, all of which can help build trust with insurance carriers and strengthen your relationship with them in the long run.
• Ultimately, taking the time to submit a comprehensive and compelling application can lead to more favorable insurance terms and coverage options for you and your yacht.
• These brokers have a deep understanding of the unique risks involved in boat ownership, understand navigation plans, and are skilled in designing insurance solutions tailored to fit your yacht and nautical lifestyle.
• They use their industry knowledge and carrier partnerships to secure comprehensive coverage at competitive prices and can provide essential support in marine claim situations.

What are the 10 key elements of a strong boat insurance submission?

It is helpful to have a clear understanding of what makes a risk most attractive to an underwriter. In nearly all cases, the underwriting company wants to know that you and your boat are a good, safe risk. Underwriters scrutinize each risk and expect detailed background information to accompany each application. Boat owners should work with their insurance broker to determine which of the following supplemental materials are needed to make for a strong, attractive submission for marine insurance.

• Boating Resume  – Detailed boating experience (owned and operated), licenses, certifications, safety training, expertise areas, etc.
• Prior Boat Ownership  – List of similar-sized or larger yachts, with dates of ownership and navigation areas (if no relevant prior ownership, a captain may initially be required).
• Paid Captain Resume (if applicable) – Detailed account of the captain's professional experience, along with a history of insurance claims.
• Paid Crew Resume(s) (if applicable) – Detailed resume of all paid crew including professional experience, applicable navigation and safety training, and claims history.
• Accredited NAMS/SAMS Marine Survey (less than 3 years old) – Including confirmation of survey recommendation completion.
• Hurricane/Storm Plan  – If boat will be in areas prone to hurricanes or severe weather patterns.
• Absentee Owner Plan  – If boat will be left unattended for periods of time.
• Maintenance Service Records  – May be needed in the event of a claim or if an insurance company asks for proof of improvements.
• Boating Safety & Claims Records  – Helpful in the underwriting process.
• Personal Insurance Portfolio (homes, autos, valuables, umbrella)  – Can be helpful when considered as part of a packaged submission with your request for marine/yacht insurance.

Working with a specialized marine insurance broker can make a big difference

An experienced marine insurance broker can help a boat owner or prospective owner work through most challenges to secure adequate, comprehensive insurance for their boat and other assets. The marine insurance broker will advise the boat owner on which supplemental materials are needed to support their insurance application and can often provide templates to facilitate the creation of these materials. Boat owners and buyers should seek out a broker who is active in today’s dynamic marine insurance marketplace, has strong relationships with marine insurance companies and underwriters, and has access to a wide range of marine insurance solutions.

The broker should be well versed not only in risk management and insurance placements, but also knowledgeable about a wide range of boat types, marine electronics and technologies, marine construction, cruising plans, racing schedules, safety equipment, navigation areas, and hurricane zones. Timing also matters. Boat owners and prospective boat owners should connect with a specialized insurance broker very early in the boat-buying process to allow for ample time to secure the best insurance solution possible.

Marine specialists at Risk Strategies

The marine specialty division at Risk Strategies includes deeply experienced marine insurance advisors, including experts who joined the team through the acquisition of long-time marine specialty brokerages Gowrie Group and Atlas Insurance. Our marine specialists are uniquely able to help boat owners and prospective owners navigate the process of securing yacht insurance in today’s complex, competitive market.

• Connect with John Owsianik on LinkedIn
• Learn more about our Yacht Insurance Solutions
• Visit our Private Client Risk Resource Center

The contents of this article are for general informational purposes only and Risk Strategies Company makes no representation or warranty of any kind, express or implied, regarding the accuracy or completeness of any information contained herein. Any recommendations contained herein are intended to provide insight based on currently available information for consideration and should be vetted against applicable legal and business needs before application to a specific client. 

Related Posts

See all posts

Subscribe via Email

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

Best Boat Insurance of 2024

Table of Contents

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

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

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

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

Best Overall: Geico Marin e

Insures boats up to 50 feet in length

Gives policyholders access to BoatUS Catastrophe Team

Insures boats valued up to $2.5 million

Doesn’t insure wood or composite boats

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

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

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

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

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

Coverages Offered: 

• Not disclosed

Exclusions:

Navigational Limits:

Discounts and Benefits:

Salvage Coverage:

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

Insurer Financial Strength:

• A++ (Superior) rating by AM Best

Best for Fishing Enthusiasts: Markel

Special coverage for rods, reels, and other equipment

Emergency towing and personal property coverage included

Lift and trailer coverage available

Claims can take a few weeks to settle

Some negative customer reviews online

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

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

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

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

Best  for Yacht Owners: Chubb

Coverage designed specifically for yacht owners

High coverage limits available for captained vessels

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

Crew required for vessels over $3 million

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

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

Among the niche yacht coverages available from Chubb are:

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

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

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

Best for Jet Ski and Personal Watercraft Owners: SkiSafe

Coverage specifically designed for personal watercraft

Vessels are still covered during winter lay-up periods

Water sports liability coverage is included

No coverage for commercial use

$25,000 limit for no-fault medical payments

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

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

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

Best for Houseboats: American Family

Special coverage designed specifically for houseboats

Up to $100,000 of personal effects coverage available

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

A marine survey may be required

Must work with a local agent to buy coverage

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

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

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

Best for Discounts: Progressive

Numerous discounts available

Can buy coverage online

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

Lots of limits on boat length and value

Many types of vessels are ineligible for coverage

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

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

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

The Bottom Line

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

Things To Consider When Buying Boat Insurance

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

How We Chose the Best Boat Insurance

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

WHY SHOULD YOU TRUST US?

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

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

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

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

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

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

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

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

• Best Extended Auto Warranty
• Best Used Car Warranty
• Best Car Warranty Companies
• CarShield Reviews
• Best Auto Loan Rates
• Average Auto Loan Interest Rates
• Best Auto Refinance Rates
• Bad Credit Auto Loans
• Best Auto Shipping Companies
• How To Ship a Car
• Car Shipping Cost Calculator
• Montway Auto Transport Reviews
• Best Car Buying Apps
• Best Websites To Sell Your Car Online
• CarMax Review
• Carvana Reviews
• Best LLC Service
• Best Registered Agent Service
• Best Trademark Service
• Best Online Legal Services
• Best CRMs for Small Business
• Best CRM Software
• Best CRM for Real Estate
• Best Marketing CRM
• Best CRM for Sales
• Best Free Time Tracking Apps
• Best HR Software
• Best Payroll Services
• Best HR Outsourcing Services
• Best HRIS Software
• Best Project Management Software
• Best Construction Project Management Software
• Best Task Management Software
• Free Project Management Software
• Best Personal Loans
• Best Fast Personal Loans
• Best Debt Consolidation Loans
• Best Loans for Bad Credit
• Best Personal Loans for Fair Credit
• HOME EQUITY
• Best Home Equity Loan Rates
• Best Home Equity Loans
• Best Checking Accounts
• Best Free Checking Accounts
• Best Online Checking Accounts
• Best Online Banks
• Bank Account Bonuses
• Best High-Yield Savings Accounts
• Best Savings Accounts
• Average Savings Account Interest Rate
• Money Market Accounts
• Best CD Rates
• Best 3-Month CD Rates
• Best 6-Month CD Rates
• Best 1-Year CD Rates
• Best 5-Year CD Rates
• Best Jumbo CD Rates of April 2024
• Best Hearing Aids
• Best OTC Hearing Aids
• Most Affordable Hearing Aids
• Eargo Hearing Aids Review
• Best Medical Alert Systems
• Best Medical Alert Watches
• Best Medical Alert Necklaces
• Are Medical Alert Systems Covered by Insurance?
• Best Online Therapy
• Best Online Therapy Platforms That Take Insurance
• Best Online Psychiatrist Platforms
• BetterHelp Review
• Best Mattress
• Best Mattress for Side Sleepers
• Best Mattress for Back Pain
• Best Adjustable Beds
• Best Home Warranty Companies
• American Home Shield Review
• First American Home Warranty Review
• Best Home Appliance Insurance
• Best Moving Companies
• Best Interstate Moving Companies
• Best Long-Distance Moving Companies
• Cheap Moving Companies
• Best Window Replacement Companies
• Best Gutter Guards
• Gutter Installation Costs
• Best Window Brands
• Best Solar Companies
• Best Solar Panels
• How Much Do Solar Panels Cost?
• Solar Calculator
• Best Car Insurance Companies
• Cheapest Car Insurance Companies
• Best Car Insurance for New Drivers
• Same-day Car Insurance
• Best Pet Insurance
• Pet Insurance Cost
• Cheapest Pet Insurance
• Pet Wellness Plans
• Best Life Insurance
• Best Term Life Insurance
• Best Whole Life Insurance
• Term vs. Whole Life Insurance
• Best Travel Insurance Companies
• Best Homeowners Insurance Companies
• Best Renters Insurance Companies
• Best Motorcycle Insurance

Partner content:  This content was created by a business partner of Dow Jones, independent of the MarketWatch newsroom. Links in this article may result in us earning a commission.  Learn More

Best Boat Insurance

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

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

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

Key Takeaways:

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

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

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

Who Has The Best Boat Insurance?

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

Best Boat Insurance Reviews

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

Best Boat Insurance Companies

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

1. Progressive: Best Boat Insurance Company

Progressive boat insurance review.

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

Notable Progressive Boat Insurance Coverages

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

Notable Progressive Boat Insurance Discounts

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

2. BoatUS: Best Boat Insurance Member Organization

Boatus boat insurance review.

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

Notable BoatUS Boat Insurance Coverages

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

Notable BoatUS Boat Insurance Discounts

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

3. Markel: Best Boat Insurance Coverage

Markel boat insurance review.

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

Notable Markel Boat Insurance Coverages

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

Notable Markel Boat Insurance Discounts

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

4. NBOA: Best Boat Insurance Marketplace

Nboa boat insurance review.

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

NBOA Boat Insurance Membership

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

5. State Farm: Best Commercial Boat Insurance

State farm boat insurance review.

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

Notable State Farm Boat Insurance Coverages

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

Notable State Farm Boat Insurance Discounts

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

6. Foremost: Best Included Boat Insurance Benefits

Foremost boat insurance review.

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

Notable Foremost Boat Insurance Coverages

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

Notable Foremost Boat Insurance Discounts

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

Best Place To Get Boat Insurance: What To Consider

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

What Does Boat Insurance Cover?

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

Types of Boats You Can Insure

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

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

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

Standard Boat Insurance Coverage

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

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

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

What Is Full Coverage Boat Insurance?

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

Optional Coverage and Add-Ons

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

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

What Doesn’t Boat Insurance Cover?

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

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

How Much Does Boat Insurance Cost?

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

Marine Insurance Cost Factors

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

Agreed Value vs. Actual Cash Value Coverage

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

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

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

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

Boat Condition

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

Boating Horsepower

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

Cruising Area

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

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

Deductible Amount

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

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

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

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

Storage Location

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

Type and Amount of Coverage

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

Do You Need Boat Insurance?

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

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

Risks of Boat Ownership

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

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

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

Boating Accident Statistics

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

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

Boat Safety Courses

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

The Best Boat Insurance: The Bottom Line

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

Best Boat Insurance Company: FAQ

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

Best Boat Insurance: FAQ

Which marine insurance is best.

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

Where can I get the best boat insurance

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

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

Is Geico dropping boat insurance?

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

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

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

What is typical boat insurance?

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

How We Rated The Best Boat Insurance Companies

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

Here are the factors our ratings take into account:

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

* Data accurate at time of publication.

If you have questions about this page, please reach out to our editors at [email protected] .

More on boat insurance

You are using an outdated browser. Please upgrade your browser or activate Google Chrome Frame to improve your experience.

• Link to search page
• US: +1 (561) 833 4462
• US: +1 (206) 209-1920
• MC: +377 99 90 74 63

Yachts for Sale Location: Moscow

Unfortunately, we currently do not have any yachts in Moscow listed in our inventory. However, our knowledgeable brokers can assist you in locating and acquiring the perfect vessel, even if it's not currently advertised on the market.

Don't hesitate to reach out to our team of experts. They have extensive connections and resources to help you find your dream yacht, tailored to your specific preferences and requirements.

• CHARTER YACHTS
• CREWED YACHTS
• Bareboat Charter
• Skippered Charters
• Crewed Yacht Rentals
• POWERBOAT or MOTORYACHT CRUISING
• HOUSEBOATING
• SAILBOAT CHARTERS
• CATAMARAN CHARTERS
• SAILING DESTINATIONS & ITINERARIES
• CHARTER GUIDE

Motor Boat Charters Moscow. Motor Yacht Charter Moscow

Top-rated yacht charters in moscow - preselected yacht rentals:.

Yacht Elegance 64 for rent in Khimki Marina

• Elegance 64 [Yacht Price incl. Taxes]
• Dinghy with engine
• Skipper (food not included)
• Fuel consumption
• Yacht Insurance
• Final cleaning
• Tourist tax

TOP Yacht Charters - Yacht Rentals

• Motorboat Charter European Inland Waters
• Motorboat Charter Russia
• Motorboat Charter Russia Inland Waters
• Motorboat Charter Moscow Canal
• YACHT CHARTERS & RENTALS WORLDWIDE
• Offer your Yacht
• B2B partner area
• Terms of use
• Privacy policy

Payments methods

Using this site requires JavaScript. You are either using a browser that does not support JavaScript or has JavaScript disabled. Please click here for detailed information.