yacht insurance price

Boat Insurance from Experts.

Boat insurance from experts.

Your online quote is just minutes away!

• Policies for All Boat Types - Yacht to PWC
• Coverage for Fishing and Watersports Gear
• Unlimited Towing from TowBoatUS
• 24/7 Claims Service from Boating Experts
• Multi-Policy Discounts - Bundle and Save!

BoatUS and GEICO have teamed up to bring boaters a great boat insurance policy at a great price.

You are about to leave geico.com

When you click "Continue" you will be taken to a site owned by , not GEICO. GEICO has no control over their privacy practices and assumes no responsibility in connection with your use of their website. Any information that you provide directly to them is subject to the privacy policy posted on their website.

Boat Insurance

Start a boat insurance quote and get out on the water..

Or continue previous quote .

Manage Your Boat Insurance Policy

GEICO Marine (formerly Seaworthy) Policyholders

• Log in to GEICO Marine to manage your policy or call (877) 581-BOAT (2628)
• Mon - Fri 8:00 am - 10:00 pm, Sat - Sun 8:00 am - 9:15 pm

SkiSafe Policyholders

• Log in to SkiSafe to your policy or call (800) 225-6560
• Mon - Thu 9:00 am - 7:00 pm, Fri 9:00 am - 6:00 pm, Sat 9:30 am - 5:30 pm

Or call us at (800) 841-3005

Need a boat insurance quote?

Existing boat policyholder?

Get a boat insurance policy to protect your investment.

Boat insurance helps you protect your boat or personal watercraft (PWC) investment. So if you travel across lakes, rivers, or ocean waters of the United States we can help keep your peace of mind afloat. Whether you're looking for a new boat insurance policy or just to save money, we can help you get started with a free boat insurance quote.

Make boating better, together. Experience and a name you can trust go a long way when you're shopping for boat insurance. That's why the GEICO Marine Insurance Company has teamed with BoatUS , the nation's largest group of recreational boat owners. Since 1966, BoatUS has been helping to make boating safer, more affordable, and fun. Together, we share a passion for all things boating.

We all want cheap boat insurance rates, but customer service matters too. Protect your investment with boat insurance you can count on and get your free online boat insurance quote today.

Why do you need boat insurance?

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

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

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

Boat insurance can provide coverage for:

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

What types of watercraft are covered by boat insurance?

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

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

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

What does boat insurance cover?

A policy insures your boat against damage and loss caused by common risks, such as collision, fire, storms, and theft. Boat insurance may also help protect you if you accidently injure someone or damage their property with your boat.

Service and Claims

When you choose GEICO Boat Insurance, you have access to:

• Licensed agents as passionate about boating as you are
• Expert service including 24/7 claims handling and towing
• Experience you can rely on

24/7 Boat Towing*

GEICO Marine Insurance Company has teamed with TowBoatUS, the nation's largest towing fleet to provide:

• 24/7 boat towing assistance
• On the water towing services provided by TowBoatUS
• Fuel delivery services
• Digital dispatch through the BoatUS app and more

Personal Watercraft (PWC) Insurance Coverage

You can get a boat policy for your PWC. Typical PWC insurance coverage includes:

• Damage to another craft or dock
• Physical damage to your watercraft
• Towing assistance

How much does boat insurance cost?

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

You could save even more with these boat insurance discounts.

We know discounts and our watercraft insurance agents can help you get them to help you save on your boat insurance quote.

Multi-Policy Discounts

If you're a current GEICO Auto Insurance policyholder, you could save on your boat insurance .

Boat Safety Courses

We know that safety comes first when you're having fun on the water. When you pass boat safety courses, you could save money on your boat insurance.

Need to speak with a boat insurance sales representative?

You can reach us at (855) 395-1412

• Mon - Fri 8:00 AM - 10:00 PM (ET)
• Sat - Sun 8:00 AM - 9:15 PM (ET)

Boat Insurance: Get the answers you're looking for.

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

There are some types of watercraft that can't be added to a new or existing GEICO boat policy:

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

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

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

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

Colorado Language Preference

Are you a resident of or looking for insurance in the State of Colorado?

We are temporarily unable to provide services in Spanish for Colorado residents. You will now be directed to an English experience.

Estamos encantados de ofrecer nuestra nueva version del sitio web en Español. Apreciamos su paciencia mientras seguimos mejorando su experiencia.

• 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...

• Search Search Please fill out this field.

Average Cost of Boat Insurance

Average boat insurance cost by state, factors influencing cost, top five boat insurance companies, how to save money on boat insurance.

• How to Choose the Best Boat Insurance

We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation. Learn more .

• Personal Finance

How Much Does Boat Insurance Cost?

Cost depends on your location and other factors

Thomas Barwick / Getty Images

Average boat insurance costs range from $245 to $652 per year ($20 to $54 per month), depending on where you live and other factors. However, what it will cost to insure your boat could be different. Learn how much you can expect to pay for boat insurance, the best companies offering boat insurance, and how to reduce costs.

Using its 2020 and 2021 data, Progressive calculated the average annual premium for boat owners in all 50 states. The insurer then broke down the averages into three price categories: low-, medium-, and high-cost. Each state’s average premiums are likely slightly lower or higher than the average for the category.

States with low-cost boat insurance tend to be inland without direct access to a coastline. States on the Great Lakes also tend to have lower insurance rates because the boats used there are smaller than those used on the ocean, and the boating season is shorter than in southern states.

Boat insurance costs tend to be more expensive for residents of coastal states because boats in these areas are usually bigger and more expensive. Also, since the weather is warmer year-round, people can use their boats throughout the year, which means a higher likelihood of accidents.

The state-by-state averages below can give you an idea of what you might pay for boat owner’s insurance . However, the actual cost of your policy will depend on factors like the insurance company you use, the size and value of your boat, and your experience as a boater.

*Average rates are from Progressive, based on 2020 and 2021 boat insurance data.

Besides the insurance company you work with, there are a few other key factors that impact how much your boat insurance is per year. Knowing these can help you predict your boat insurance cost and identify discount opportunities.

• Location : Where you live and keep your boat is one of the top factors influencing costs. Some states, like Alabama, New York, and Florida, are considerably more expensive than inland states like Arkansas and Wisconsin.
• Type of watercraft : Insurers have different rates for different types of watercraft like fishing boats, motorboats, pontoon boats, and sailboats. In general, the more expensive the watercraft, the more expensive the boat insurance. Jet skis are a separate category, too.
• Your boat’s age : New boats are more valuable than older boats. As a result, they cost more to insure because the damage would be more expensive to repair or the boat more expensive to replace.
• Your boat’s horsepower : High-horsepower boats tend to have higher premiums than boats with less horsepower.
• Your boating history : Insurers will consider how long you’ve been boating. The more experience you have, the lower your rates. They also consider whether you’ve had any past boating accidents. Those would increase your premium.
• Your driving record : Insurers may also look at your car driving record while calculating your policy premium. People who are safe drivers tend to be safe boaters, so they pay less.
• Whether you’ve taken safety measures : Insurers give discounts if you take safety measures for your boat, like installing an automatic fire suppression system or Emergency Position Indicating Radio Beacon (EPIRB). You could also qualify for a discount for passing an approved boat safety course recognized by the Coast Guard.

Best for Fishermen: Markel

Whether you fish commercially, in tournaments, or just for fun, Markel provides policies tailored to your needs. It provides extra coverage for fishing equipment and professional angler liability on top of its coverage for standard boat insurance.

Best Value: Allstate

Allstate does an excellent job offering quality boat insurance that is also competitively priced. Its plans include comprehensive coverage amounts for property damage, medical injuries while boating, and liability . Its plans start at $25 per month and offer numerous ways to get discounts. If you need help planning your insurance, Allstate offers a large library of online materials and support from local agents.

Best for Cheap Boat Insurance: Progressive

If you’re trying to get the lowest price on your boat insurance, Progressive may be a good choice. It advertises rates as low as $100 per year ($8.33 per month) and offers multiple discounts. A downside is that Progressive only covers boats up to 35 feet in hurricane areas.

Best for Policy Bundling: Nationwide

Insurance companies tend to give you a discount if you buy multiple types of insurance from one insurer.  Nationwide offers bundle discounts if you combine your boat insurance with Nationwide home, auto, or life insurance policies. Nationwide also offers other discounts to help you save money, such as covering multiple boats at once and taking a boating safety course.

Most Customizable Coverage: Foremost

If you have a unique watercraft or special needs for your insurance, Foremost offers the most customizable coverage. It offers Saver, Plus, and Elite Packages, each with increasing levels of coverage. It also offers coverage for specific watercraft such as fishing boats, performance boats, cruisers, and pontoons.

• Only get the coverage you need : Consider how you use your boat, and make sure the insurance policy isn’t offering coverage you don’t need. For example, if you store your boat in the winter, you may not need insurance during those months. If you only use your boat in lakes and streams, see whether you could get a reduced rate based on your limited use.
• Bundle insurance policies : Insurers offer discounts if you buy multiple lines of insurance from them. If you buy your boat insurance from the same company that you have car ,home, and/or life insurance with, you could potentially save on all of them.
• Shop around : Before buying a boat insurance policy, collect quotes from a few different companies. You might find that one insurer offers a better deal than others.
• Ask about discounts : Insurers offer different discounts. For example, discounts may be given for enrolling in automatic payments, covering multiple boats at once, storing your boat during the winter, and going a certain number of years without an accident or watercraft violation.
• Invest in safety : Insurance companies offer discounts if you show you’ve got the right safety equipment on your boat like life jackets, life rafts, fire extinguishers, EPIRBs, and visual and sound signaling devices. They may also give you a discount if you take a boat safety course. 
• Increase your deductible : The deductible is what you pay out-of-pocket before your boat insurance covers damages. By increasing the deductible, you lower the premium. Just make sure you have enough savings to cover the deductible should you need to pay it.
• Don’t file claims for minor damage : If you have a minor accident, consider paying for damages out-of-pocket instead of using your insurance. In the long term, you could come out ahead since your insurer may raise your premium once you’ve filed a claim. 

How to Choose the Best Boat Insurance 

Consider your boating needs.

The right boat insurance company depends on how you use your boat. What kind of boat do you have? Do you go out on the ocean or on inland lakes? Do you fish and have fishing equipment? Do you live on the boat? If you meet with an insurance agent in person or call the insurer, be sure to provide all the relevant information so you can get the best boat insurance for your needs.

Understand Different Boat Insurance Types

There are different types of boat insurance coverage, just like there are different types of auto insurance coverage. Here are a few you’ll likely encounter as you look for a boat insurance policy: 

• Property insurance : Covers damage and repairs to your own boat after an accident. It also covers theft. Additionally, property coverage typically protects your boat when it’s on land, too.
• Liability insurance : Covers damage you cause to others from an accident that was your fault
• Medical payments insurance : Can help pay for medical bills If you or your passengers are injured in a boat accident
• Uninsured watercraft coverage : Can help pay for repairs if another boater damages your watercraft and doesn’t have insurance

You could save money by forgoing some of this protection, provided you are comfortable covering the cost of damage yourself. For example, if your boat is less expensive, you may only take out liability to cover damage to others and take on the risk of paying out-of-pocket to repair your boat after an accident.

Compare Multiple Quotes

Each boat insurance company has pros and cons. Collecting quotes can help you measure what value you’re getting from each insurer. You may find that one insurer offers a much lower cost for boat insurance than others while providing a similar level of coverage. Some companies also offer an online boat insurance cost calculator to give you a rough estimate of what their policies cost.

Read Through the Policy’s Fine Print

Each boat insurance policy has specific rules and restrictions. Make sure you understand how the policy will pay to repair damages to your boat. For example, an actual cash value (ACV) policy pays based on what your boat is worth on the date of an accident. An agreed-value policy pays a set amount you and the insurer agree on—the amount is the same even if your boat has fallen in value by the time of the accident.

You should also see what kind of restrictions are in your policy. For example, are you prohibited from heading outside certain geographic boundaries or using your boat in a competition?

Speak With an Insurance Expert

For more help navigating boat insurance policies, meet with an insurance agent. Another option is to contact an insurance broker. A broker sells policies from multiple insurers, and can help you compare how much boat insurance is at different companies.

What Does Boat Insurance Cover?

Liability boat insurance covers damage to your own watercraft as well as theft. If you cause an accident, it could also cover the damage caused to the other person. What a boat insurance policy covers specifically depends on the contract terms.

Do I Need Boat Insurance?

Yes, you probably need boat insurance if you own a boat. While your homeowners insurance policy may offer some coverage for boat damage and theft, the typical coverage maxes out at $1,500, and the policy won’t cover accidents on the water. You may need extra boat insurance if don’t want to pay out-of-pocket for repairs. At the very least, consider a liability policy to cover damage you may cause to others during an accident.

Is Boat Insurance Required?

Most states do not require boat insurance . However, if you keep your boat at a marina, the marina may require it. If you took out a loan to buy your boat, the lender likely will ask you to buy insurance.

What Does Boat Insurance Not Cover?

Boat insurance generally does not cover maintenance or damage from normal wear and tear. Boat insurance also usually does not cover damage from insects, mold, or animals. Your boat insurance policy should specifically say what it does not cover.

Does Boat Insurance Cover Hurricane Damage?

A typical policy would cover damage to your boat from the wind and hail from a hurricane. If your boat ends up damaging someone else’s property because of the storm, boat insurance liability protection would cover that, too. Be sure to check your policy specifics, though, to make sure it covers hurricane damage.

Progressive. “ How Much Is Boat Insurance: Average Cost .”

Progressive. “ Boat Insurance: Get a Quote Online .” 

Ryan Agency. “ Does My Homeowner's Insurance Cover My Boat? ”

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

• Agent Directory
• Company Directory

Find an Independent Agent

• Get Matched with an Agent
• Agent Directory by State

Find an Insurance Company

• Get Matched with a Company
• Company Directory by State

What type of insurance do you need?

• Business Insurance
• Home, Auto & Personal Insurance
• Life & Annuities

By Coverage Type

• Commercial Auto Insurance
• Professional Liability Insurance
• Small Business Insurance
• Business Umbrella Insurance
• Workers' Compensation Insurance
• Commercial Property Insurance
• Business Owners Policy
• Builders Risk Insurance
• Cyber Liability Insurance
• Surety Business Bonds
• Inland Marine Insurance
• Employers Liability Insurance
• Employment Practices Liability Insurance
• Environmental Liability Insurance
• Errors and Omissions Insurance
• Insurance Coverage & Advice by State  
• See more ...

By Business Type

• Retail Store
• Agriculture & Forestry
• Construction
• Manufacturing
• Wholesale Trade
• Retail Trade
• Transportation & Warehousing
• Information Industry
• Finance & Insurance
• Real Estate
• Scientific & Technical Services

Auto & Vehicle Insurance

• Car Insurance
• Motorcycle Insurance
• Boat Insurance
• RV / Motorhome Insurance
• ATV Insurance
• Snowmobile Insurance
• Personal Watercraft Insurance
• Collectible Auto Insurance
• Umbrella Insurance

Home & Property Insurance

• Homeowners Insurance
• Condo Insurance
• Farm Insurance
• Landlord Insurance
• Renters Insurance
• Mobile Home Insurance
• Contents Insurance
• Vacant Land Insurance
• Flood Insurance

Other Insurance

• Life Insurance
• Long Term Care Insurance
• Disability Insurance
• Health Insurance
• Special Event Insurance
• Short-term / Sharing Insurance

Insurance Solutions & Resources

• Compare Car Insurance
• Compare Home Insurance

We'll Help You Find the Best Boat Insurance in Minutes

Our nationwide network of local independent agents is ready to help you find the perfect coverage at the best rate..

TrustedChoice.com Article

How will this quote help me?

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

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

Do you have to have boat insurance on a boat?

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

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

How much is boat insurance?

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

Do I need to insure my boat trailer?

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

Does boat insurance cover passengers?

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

Does boat insurance cover theft?

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

Does boat insurance cover hurricanes?

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

Does boat insurance cover engine damage?

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

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

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

Does boat insurance cover me if I hit a rock?

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

Does boat insurance cover a blown engine?

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

BOAT INSURANCE

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

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

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

What Is Boat Insurance?

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

Do You Have to Have Insurance on a Boat?

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

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

Most often, boat insurance is purchased for:

• Utility boats
• Fishing boats
• Pontoon boats

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

Best Boat Insurance Companies

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

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

Do I Need Boat Insurance?

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

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

Most Common Types of Boating Accidents

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

How Much Is Boat Insurance?

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

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

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

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

What Factors Influence Boat Insurance Costs?

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

The make, model, and value of your boat

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

Your boat's length

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

Your boating records

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

Your location

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

How you use your boat

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

How often you use your boat

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

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

What Discounts on Boat Insurance Exist?

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

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

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

What Does Boat Insurance Cover?

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

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

The following coverages are commonly added to standard boat insurance:

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

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

Important Additional Coverages for Boats

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

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

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

What Is Boat Rental Insurance Coverage?

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

What Boat Insurance Will Pay For

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

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

Finding Discounts and Savings on Boat Insurance

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

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

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

Why Choose an Independent Insurance Agent?

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

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

More Choices

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

Better Prices

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

Local Services

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

What our customers are saying

Work Done For Me

I looked at different individual companies, but it was so time-consuming to fill out each individual application and keep track of them all. Trusted Choice got back to me quickly and gave me an option that worked. I ended up with Travelers, which has a great price. The online process was pretty easy. Plus, they did the legwork for me. It was a great experience.

Multiple Options

I tried finding insurance myself but I wasn't coming up with very much. I contacted Trusted Choice and they looked at various options and presented it to me. Everything with the agent went very smoothly... He knew exactly what we wanted and searched accordingly. I was able to choose the one that I thought was best so it worked out for me. I'm happy that I did it that way.

I needed insurance for the home that I was buying and based on the pricing, I went with Trusted Choice. The process was all done online and I didn't really have to do too much. The website was also easy to use and navigate and it was not overly intimidating. Everybody that I've dealt with also seemed good and professional. It was a positive experience.

One-On-One Attention

Every year I search for insurance to make sure that I’m getting the best bang for my dollar. I went with an independent agent because if I go through them, I get that one-on-one instead of being just a number.... The experience was great.

Really Helpful

TrustedChoice.com was real helpful when I needed to get insurance. The agent gave me the basics of what I'd be getting if I got insurance with them.

Multiple Agents

I needed a different independent agent to get insurance and I went with Trusted Choice. Their website was helpful in connecting me to two or three other agents that I was able to speak to. Their site did what I needed.

More Coverage

Trusted Choice's online process is super easy. They pulled most of the information and I ended up going with one of their recommendations. Aside from them, everybody else was too expensive. Plus, the Trusted Choice agent offered more coverage.

Great Match

Everybody at TrustedChoice.com was helpful and pleasant. They set us up with a great match and gave us our best option and price.

Best Coverage and Rates

I did a lot of searching for insurance and I went with a Trusted Choice agent because they provided the best rates and coverage. I haven't had a claim but I know I'm covered and that's good news. I would recommend Trusted Choice.

Yacht In s urance

The best yacht insurance rates.

From America's boat insurance experts since 1984

Get a Quote

• Marine Insurance
• Boat Insurance Quote
• Company Information
• Testimonials
• Boat Safety
• Boat Towing
• Boat Insurance Guide
• Yacht Insurance
• Insurance Glossary
• Report A Claim
• California Boat Insurance
• Maryland Boat Insurance
• Michigan Boat Insurance
• Texas Boat Insurance
• North Carolina Boat Insurance
• New York Boat Insurance
• Florida Boat Insurance
• Minnesota Boat Insurance
• Louisiana Boat Insurance

The Differences between Boat & Yacht Insurance

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

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

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

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

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

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

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

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

Get Your Insurance Quote

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

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

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

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

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

CELEBRATING 35 YEARS AS ONE OF THE NATION'S TOP INSURANCE PROVIDERS!

• 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 Personal Loans
• Best Fast Personal Loans
• Best Debt Consolidation Loans
• Best Personal Loans for Bad Credit
• Best Home Equity Loan Rates
• Best Home Equity Loans
• What Is a HELOC?
• HELOC vs. Home Equity Loan
• Best Free Checking Accounts
• Best High-Yield Savings Accounts
• Bank Account Bonuses
• Checking Accounts
• Savings Accounts
• Money Market Accounts
• Best CD Rates
• Citibank CD Rates
• Synchrony Bank CD Rates
• Chase CD Rates
• Capital One CD Rates
• 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.

More on boat insurance

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

Yacht Insurance

Protect your superior watercraft with superior protection from Chubb.

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

Masterpiece® Yacht Policy Highlights

Agreed Value Coverage

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

Liability Protection

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

Replacement Cost Loss Settlement

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

Uninsured/Underinsured Boater Coverage

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

Medical Payments

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

Search & Rescue

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

Longshore and Harbor Workers’ Compensation Act (LHWCA)

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

Personal Property & Fishing Equipment Coverage

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

Coverage for Marinas as Additional Insured

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

Trailer Coverage

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

Emergency Towing & Assistance

Our policy includes this coverage with optional higher limits available.

Boat Show & Demonstration Coverage

We automatically provide this coverage, at no additional charge.

Precautionary Measures

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

Bottom Inspection

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

Oil Pollution Act of 1990 (OPA) Coverage

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

Temporary Substitute Watercraft

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

Marine Environmental Damage Coverage

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

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

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

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

Masterpiece Yacht Preference

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

No depreciation applies on the following items

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

Emergency Towing Service

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

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

Marina as Additional Insured

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

Captain and Crew Coverage

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

Defense Costs

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

Mooring or Slip Rental Agreement Waiver

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

Masterpiece® Recreational Marine Insurance Brochure

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

Related Coverage

We provide exceptional boat insurance with tailored protection.

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

12 safety tips for recreational boaters

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

Understanding boat insurance

A comprehensive guide to finding the right boat insurance coverage.

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

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

How to Celebrate St. Patrick's Day on a Boat

St. Patrick's Day is just around the corner, and you know what that means – time to celebrate! Looking for a way to do something a little different this year? How about a St. Patrick's Day boat cruise? We don't know about you, but we're always looking for an excuse to hit the water.

Women in Boating: 6 Women Making Waves in the Boating Industry

In honor of Women's History Month, we want to highlight some remarkable women boaters making their mark in the marine industry. From owning successful businesses to running educational programs, countless females are shaping the boating world. 

I Bought a Boat at a Boat Show: Now What?

Congratulations, you're a proud new boat owner! But with the excitement might come some questions – what's next? Don't worry; we're here to guide you through the post-boat show process. 

Join Our Newsletter!

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

Log in to Markel

• US Broker Agent

US customer login

Log in to make a payment, view policy documents, download proof of insurance, change your communication and billing preferences, and more.

Log in to access admitted lines for workers compensation, business owners, miscellaneous errors and omissions, accident medical, general liability, commercial property, farm property, and equine mortality.

Markel Online

Log in to access non-admitted lines for contract binding property & casualty, excess, and commercial pollution liability.

MAGIC Personal Lines portal

Log in to access personal lines products including marine, specialty personal property, powersports, bicycle, and event insurance.

Markel Surety

Log in to access Markel's surety products.

Yacht insurance

The marine insurance leader for over 45 years.

Find a Markel marine agent and get a free, no-obligation quote today.

If you love your yacht, you’ll love our insurance.

We’ve been the yacht insurance leader for over 45 years because we provide coverages that fit your yacht and your lifestyle. Markel yacht insurance can offer distinct advantages in coverage features, options, knowledge and experience.

Why do you need yacht insurance?

Whether you own a yacht or a houseboat, we understand it’s not a typical boat and shouldn’t be covered by a typical boat insurance policy. That’s where we come in—each Markel yacht insurance policy can be customized to fit your yacht, your needs, your budget and your style.

Still not sure?

Here’s a few of the potential advantages to insuring your yacht with us:.

More complete coverage than any other carrier at no additional cost.

Experienced yacht underwriters and marine claims specialists who provide prompt, responsive service.

Discounts and cost-effective coverage options to save you money.

Flexible payment options.

Save money by customizing your yacht insurance

Actual cash value coverage (ACV) Reduce your coverage to ACV, which factors in depreciation of your yacht should you have to file a claim.

Lay-up option We’ll discount your yacht insurance premium during the winter months when your yacht is not in use.

Higher deductibles If you can manage minor repairs to your boat on your own, selecting a higher deductible will reduce your premium.

Windstorm exclusion Live in an area that isn’t at risk for a hurricane? You may consider removing windstorm coverage from your policy.

Liability only Coverage in case you damage another yacht and/or person (doesn’t require a survey—even for older boats).

What we offer

We offer coverage for a variety of watercrafts over 26 feet in length, including:.

• Sport fishing boat

Our coverages can include:

• Coverage for your yacht
• Coverage for you
• Optional coverages

Hull and equipment insurance protection including:

• Protect and recover can cover reasonable costs incurred when trying to protect your yacht from further damage after an accident
• Consequential damage for non-wood yachts–normal wear and tear and deterioration is not typically covered under a yacht insurance policy. However, if your yacht suffers damage from fire, explosion, sinking or collision because of one of these conditions, you may be protected
• Ice and freezing damage coverage if you contracted with a commercial marina or repair facility
• Agreed value for total loss
• Deductible waived on most total losses
• No depreciation on most partial losses
• Automatic tender coverage

Windstorm extra expense If there is a named storm, watch or warning, we will share the expense with you to help protect your yacht before the storm makes landfall.

Personal effects coverage For all the “extras” you physically bring onto your yacht. (i.e., smart phone, camera, etc.)

Emergency towing and assistance Coverage for towing expenses if your yacht happens to get stuck in or out of the water, including the delivery of gas, oil and parts.

Rental reimbursement coverage Coverage for when your yacht is being repaired from a covered loss.

Uninsured boater Unfortunately, not all boaters on the water have insurance. This coverage helps protect you and your family members if you are injured in an accident caused by an uninsured boater. Coverage is automatically included if watercraft liability is purchased.

Pollution liability Pollution coverage helps protects you if you are held legally liable due to an oil pollution leak or spill.

Medical payments Coverage for injuries suffered during an accident on your yacht.

Paid crew (Jones Act) Protection for you if you are legally responsible for injuries to a paid captain or crew member while on your yacht.

Protection and indemnity Coverage in the event that you are responsible for injuries to another person, or damage to their boat or property. Wreck removal is included with purchase of hull coverage.

• Boat trailer coverage
• Boat lift and boat house coverage
• Fishing tournament reimbursement for fishing boats
• Fishing equipment protection
• Transit and storage coverage
• Trip coverage
• Trip interruption reimbursement
• Personal liability coverage if you live aboard your yacht

Frequently asked questions about yacht insurance

General questions.

How much coverage do I need? Each boat, person, location and situation is different. There isn't a good way to give a "ballpark" figure for how much coverage you need. It’s best to evaluate your comfortable level of risk when protecting your boat, assets and passengers. Your best option is to call our boat specialists at +1.800.236.2453 to discuss the best coverage for you.

Can I insure my yacht for liability only? Yes, we offer protection and indemnity (liability only) coverage to help protect you in case you are responsible for injuries to another person or damage to another boat or property. Many carriers do not offer liability-only policies for yachts, or if they do, require a survey. However, Markel’s protection and indemnity coverage does not require a survey, so you’re able to do what you love without worries out on the water.

Will my policy cover normal wear and tear of my yacht? Most insurance policies will not cover normal wear and tear of your yacht and the deterioration or the resulting damage. However, if your yacht is damaged from fire, explosion, sinking, collision or stranding, you may be protected under our consequential damage coverage.

Can I use my yacht for chartering? We know that sometimes yacht owners charter their yacht for sightseeing tours or even sport fishing to help offset some of the costs of owning a yacht. Markel offers an optional limited charter coverage for these situations provided the captain of the watercraft has a minimum of 2 years loss-free experience of yachting. Additional restrictions may apply.

I live on my yacht. Am I covered? Markel provides live aboard coverage. Be sure to disclose that you live aboard to your agent.

My yacht is in a corporation's name. Can I still insure it with Markel? Our yacht insurance policy can cover corporately titled boats for both personal use and client entertainment. We do require all corporately titled boats designate a designee of the watercraft. Contact your agent to learn more.

Do I need to insure my yacht in the winter? It may seem that since you don't use your yacht in the winter you don't need to insure it. This is a risky way of looking at insurance and one that we have seen cost far too many people far too much money. Your yacht is at risk for damages at all times of the year, not only when it's on the water. For example, if your yacht is placed in storage for the winter and is damaged, you will not have any assistance in paying for those repairs without an active insurance policy.

Do you cover unique boats? We offer coverage for various kinds of boats that other insurers may shy away from, including: high performance boats, airboats, hovercraft, etc. Not sure if your watercraft will be covered? Give us a call at +1.800.236.2453 to speak with one of our marine insurance specialists.

What kind of fishing equipment is covered? Your rods, reels and tackle are automatically covered under your personal effects coverage up to the limit purchased. If that coverage isn't sufficient, our fishing equipment coverage provides insurance protection at replacement cost. Please contact one of our marine insurance specialists at +1.800.236.2453 to find out more.

Claims questions

How do I file a claim? We understand that no one wants to file a claim. That's why we do everything we can to make the process as painless as possible. You can report your yacht insurance claim by calling our office at +1.800.236.2453 or submit your claim online and we'll take it from there.

How long will it take for my claim to be processed? We are committed to investigating, evaluating and resolving marine insurance claims in a timely manner.

Is there anything I can do to help speed up the claim process? Yes, you can help streamline the claims and settlement process and avoid delays by providing the following information when you file your claim:

• Policy number
• Date, time and location of loss or damage
• Description of loss or damage
• Digital photos (if possible)
• Phone number to reach you

Additional resources

Related articles.

From boat safety tips to breaking down yacht insurance, find the information, advice, and resources you’ll need all in one place.

Warrior Sailing

Markel is a proud supporter of Warrior Sailing, an organization dedicated to healing and strengthening the lives of veterans through sailing. Visit warriorsailing.org to learn about Warrior Sailing and how you can donate to the program so they can continue to help the lives of wounded veterans.

Related products

Specialized coverage designed specifically for boats 26 feet or less, such as pontoons, runabouts, fishing boats and more.

High performance boat

Insure your high performance watercraft with a high performing policy for all your specific needs.

Personal watercraft

Fit your budget and boating style with affordable and customizable coverage for your personal watercraft.

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.

How Much Does Yacht Insurance Cost? (4 Examples)

Before you get a yacht, you need to know all the associated costs, and the insurance part plays a significant role.

In this post, we tell you everything you need to know.

Owning a luxury yacht is a lot more than having millions of dollars to spend and then setting sail.

When it comes to owning any watercraft, luxurious or not, the owner must take a lot of responsibility into account. One of those responsibilities is insurance.

How much does it cost to insure a yacht?

The generally agreed rule is that you will pay about 1.5% of your boat’s value in annual rates for insurance – this is subject to change depending on the value of coverages and your insurance company, though. We’ve used this calculation method to generate our chart above.

When it comes to pricing out insurance – without getting an insurance quote directly from an agent – pinning down an exact number is very difficult.

This is because quoting a boat, car, or home depends on the person, their driving or claims incident record, history of sailing, the year- make, and the model of their specific boat or car.

Table of Contents

How are Yachts Categorized concerning Insurance?

A “boat” is any vessel that is 26′ and smaller. These will have basic coverages and feel more like auto insurance policies.

However, a yacht is classified as 27′ and larger, which will have broader, more specialized coverage. This is because yachts are more complicated, faster, bigger, and hold more stuff.

Specialized Yacht Insurance

We’ll get into more basic coverages below, but you should know upfront that yachts are very special and particular in the event of accidents or issues.

One person or family will usually own a yacht, but the actual sailing of a yacht comes down to a hired crew – depending on the size.

That means that you will have ’employees’ on your yacht.

Because of this, those employees will need to be covered or protected in case of injury or fatalities during a voyage or docking.

Harborworker’s and Longshoreman’s coverage – as well as Jones Act coverage (for your crew specifically) – will be required for yachts that have crew or employees to help maintain, sail, or dock your yacht.

What Does a Yacht Policy Typically Cover?

Like auto and home insurance, Yacht policies are meant to cover physical damages to the boat, passengers on the boat and, liability expenses, and your personal property on the boat.

Liability and Lawsuits

There is a big difference between liability and medical coverage when it comes to insurance.

Liability is coverage if someone or something is damaged by your yacht and you are found at fault for the incident.

Medical coverage , or personal injury protection, is for you and your family if you were to get hurt. However , this is not automatically covered on all boat policies and may have to be added.

Let’s say you’re done after a long day of sailing and are pulling your massive, 50ft yacht into port. However, in a complete accident, you run into the dock and cause massive damage, which also sends one of your friends tumbling overboard.

Even though your yacht isn’t damaged, your friend has hurt their ankle, and the dock has been severely damaged.

This is where liability comes in.

Liability insurance covers any lawsuits or property damage that you, yourself, commit, whether it is an accident or intentional.  Medical coverage will pay for the friend’s expenses, if necessary.

If you have a great yacht or boatowners insurance policy, you should be covered for at least one million dollars worth of lawsuits for your friend and the dock – but that means your insurance will cost quite a pretty penny per year as well.  This may be called Protection & Indemnity coverage.

Related Article: How Much Do Yacht Club Memberships Cost? 5 Examples

Property Damage or Physical Damage

This is where damage to your yacht comes in.

Say you hit the dock when pulling into port – like above – only this time your yacht is severely damaged as well and needs to be repaired for thousands of dollars.

Having great insurance coverage on your yacht will protect you in this situation and will most likely take care of any damages you have – minus your deductible on damages, which can be as high as $1,000.

You always have to pay the amount of your deductible on boatowners insurance, regardless of fault or if it was an accident – so keep that in mind.

For example, if damages to your yacht are $30,000 and you have a $1,000 deductible, your insurance company will only pay you $29,000.  This is typically called Hull coverage.

Damage Values and Policy Types

Remember that insurance companies will rate the depreciation of your boat, age, wear, tear, and model when deciding payout on the damages.

This is called an “actual cash value” policy where depreciation is considered.

A new yacht may be worth $500,000, but that value could decrease exponentially after it ages ten or fifteen years.

In contrast, an “agreed value” policy for your boat will set the original value of the yacht in stone (or some other agreed value) and will be the maximum payout value in the event of an accident or total loss of the boat. However, this type of policy can be more expensive.

Personal Property or Personal Items

Personal property onboard your yacht is also protected under your insurance policy to a certain value limit that you and the insurer agree upon.  This is usually called Personal Effects coverage and has a separate limit and deductible from the Hull insurance.

This property includes furniture, clothes, electronics, swimming or boating gear, and anything that isn’t part of the yacht itself.

If you throw a party and one of your friends steals something – like a wine glass or television – you’ll be covered under your insurance after your deductible.

For example, if your deductible is $1,000 and someone steals $3,000 worth of stuff, or it burns or even if the whole boat sinks, you’ll only get $2,000 back from your insurance company in personal property value (they will pay for the yacht if it sinks or burns, don’t worry).

However, if someone steals your $10 wine glass, and you have a $1,000 deductible, you won’t get any money back from the insurance company because your loss does not exceed that $1,000 requirement.

Very special or expensive personal property (see under “Additional Coverage Options”) aren’t always covered under your policy and may need additional coverages or endorsements.

Related Article: How Much Do Boats Weigh? 11 Types (Numbers & Pictures)

• Comprehensive Insurance

If you have a car and someone steals it, if it burns, if a tree falls on it, or if someone spray paints it in a supermarket parking lot, you’ll be covered under comprehensive insurance.

This is the same for your boat, but every insurance company handles it differently.  These types of damages may be part of the Hull coverage.

For example, if your boat is stolen or an accidental fire onboard caused massive damage, your insurance company will cover it for those losses, according to the policy’s provisions.

Additional Coverage Options

Additional coverage – or “endorsements” – are available for added costs and fees to include in your yacht insurance policy:

• You can ask that specific or “special” personal property (i.e., diamond engagement rings, super expensive fishing equipment, or Rolex watches) are covered for their full value. Note: these items are usually costly and have to be appraised by your insurance company to insure them, as they don’t qualify under personal property normally.
• You can add emergency towing service for your boat if it breaks down on the water and you need a lift back to shore.
• Oil spills or fuel spills can be covered if your boat accidentally emits toxic chemicals in the ocean or lakes.  This is often included for no additional cost.
• Consequential damages are ofter excluded, so you should ask your insurance professional about that.

There are many more little things to watch out for in insurance situations, so make sure to ask your insurance agent about any worries or specific needs you might have.

What are the Requirements for Insuring a Yacht in the U.S.?

To fulfill the requirements of ensuring a Yacht in the United States, you will need to start with the basics of boatowners insurance and go up from there.

Required Information for an Accurate Insurance Quote:

• Valid Driver’s License
• Personal Boating History
• Past Accidents or Claims History
• Boater’s Safety Certificate (not needed in all States)
• Year, Make, Model, Length, and Maximum Speed of Yacht
• Hull, Motor and Trailer Information of Yacht

Typical Coverages for Yacht Insurance:

• Personal Property and Effects
• Liability and Medical Payments Insurance
• Physical Damage or Collision Insurance

You can add additional coverages or endorsements as listed above.

Extra Yacht Requirements

Just as we’ve stated above, yachts require specialized insurance such as Harborworker’s and Longshoreman’s coverage – as well as Jones Act coverage.

This is to protect any employees, harbor workers, marina workers, or anyone else that may get harmed or injured while caring for your yacht.

Ensure you have the correct legal insurance required for your state, as some will vary.

Related Article: How Much Gas Do Boats Use? 5 Boat Types Explained

Can Car Insurance (or Home Insurance) Cover a Yacht?

Only yacht insurance protects the yacht itself.

The most important thing to remember is that buying a boat means most likely getting insurance.

There are too many factors and stipulations and laws surrounding boats that will require it, so trying to cover it a different way is never a good plan.

Home, Car, and Boat owners have a responsibility and duty to themselves and those around them to be insured, especially if the worst should occur.

Some people think it is okay to skip out on insurance – thinking that they will be safe and nothing will happen – but everyone must always think about the future, themselves, and anyone who might be on board their watercraft.

Auto & Renters Insurance Exceptions

However, auto insurance can stretch to the trailer that holds your boat while it is in transit, as well as damages that may be caused by your boat trailer if you take a turn too close.

Renters insurance also has the potential to protect your personal property – such as clothes, furniture, or other items – no matter where it is. If you were to be robbed on your boat, you could replace your belongings with a renters insurance policy.

Does AAA Offer Boat Insurance?

AAA does offer boat insurance just like any other insurance company.

They offer specialty policies for boats and personal watercraft, such as jet-skis. Ask your local AAA agent if they offer yacht-specific policy endorsements or options.

References:

Yacht Insurance Requirements

Click to share...

How Much Does Liveaboard Sailboat Insurance Cost?

Last Updated by

Daniel Wade

January 26, 2024

In most cases, liveaboard sailboat insurance costs a fraction of what you'd pay for auto, home, or renter's insurance.

In this article, we’ll cover the average cost of sailboat insurance, along with cost considerations, types of coverage, and how to find an affordable plan. We’ll also overview several ways to improve your sailboat to qualify for discounts.

Liveaboard sailboat insurance typically costs between $200 and $500 per year. Premiums vary based on how much coverage you need, the value of your boat, and personal factors such as accident history.

We contacted 3 of the largest and most well-known sailboat insurance companies (Geico, Progressive and USAA) to aggregate this data and determine a real average cost of liveaboard sailboat insurance in the U.S. We also used insurance company data to find the best ways to upgrade your boat to reduce your premiums.

Table of contents

Is Sailboat Insurance Mandatory?

Many people wonder if they're legally required to insure their sailboat. After all, most states require auto insurance, so it follows that boats also require it. However, in most places, you don't need insurance to own or operate a sailboat. That said, purchasing sailboat insurance is still the responsible thing to do.

Liveaboard vs. Standard Sailboat Insurance

Is there a difference between standard sailboat insurance and liveaboard sailboat insurance ? Generally speaking, no, but some insurance companies might have additional coverage requirements for people who use the coat as their primary residence.

This is primarily because liveaboards spend way more time 'using' their boats. When choosing a plan, be sure to talk to an agent to determine the insurance company's precise definition of 'use.' Doing so can help save time and money, as you may only be required to disclose how often you plan to actually sail the vessel.

Some indemnity companies don't require you to specify how often you use the vessel. In these cases, there should be no difference in the cost or coverage amounts.

Should I Buy Liveaboard Sailboat Insurance?

Many sailors wonder if it's worth purchasing liveaboard sailboat insurance. It's a good question to ask, as the majority of boat owners take a very passive (and frankly, careless) approach to sailboat insurance.

The fact of the matter is that most sailboats never get into a serious accident. That said, sailboats that do get into accidents often suffer a lot of expensive damage. Additionally, sailboats that cause accidents can be on the hook (along with their owners) for thousands of dollars. If someone gets injured, the costs multiply rapidly.

But what about insurance for coats that rarely ever leave the marina? Believe it or not, insurance is just as important for stationary liveaboard sailboats. The first reason that comes to mind is that you'll be covered if another boat causes damage to yours. If they're the dishonest type and leave the scene, you won't be on the hook for the damage they cause.

After weighing the facts, it's evident that the relatively low expense required to get liveaboard sailboat insurance is more than worth it, and it's an essential part of responsible boat ownership.

Benefits of Liveaboard Sailboat Insurance

What else does liveaboard sailboat insurance protect you from? As we discussed previously, sailboat insurance is an excellent way to protect your property and shield yourself from financial liability in the event of an accident.

But as every sailboat owner knows, accidents aren't the only thing that causes damage to sailboats. Another benefit of liveaboard sailboat insurance is protection from storm damage. After all, your boat is your home, and you'd want to keep it safe from storm damage costs just like your car.

Coverage for storm damage isn't necessary everywhere. In the San Francisco or Los Angeles area, where the weather is almost always mild, storm insurance isn't a huge priority or expense.

However, places with frequent thunderstorms and hurricanes (such as Florida and the Carolinas) are areas where liveaboards should consider getting extra storm coverage. Nothing ruins your day like a storm surge or a baseball-sized hail hole in your beautiful teak deck.

Liveaboard sailboat insurance is also useful in events such as fires or when an accident happens at the marina. For example, insurance may cover you if a component of a dock breaks or a cover collapses and causes damage to your boat.

Also, if somebody else's boat catches fire and the heat causes damage to your boat, you'll be covered. These situations do happen, which is why it's important to cover all of your bases.

Liveaboard Insurance Cost Considerations

What contributes to the cost of liveaboard sailboat insurance? Purchasing insurance for a sailboat is a lot like buying car insurance, except it's likely to be a lot less expensive when it's all said and done.

Insurance companies take several things into account when issuing you a quote. The first thing they consider is the size and value of your sailboat. Obviously, a 40-foot priceless classic schooner will probably cost more to insure than a fiberglass 1971 Catalina 22.

However, that's likely not the most important factor. Insurance companies also consider your deductible and how much coverage you need. In fact, these two factors are likely the most influential when it comes to determining your annual premiums,

Location is another factor considered by insurance companies. Some states have notoriously high insurance premiums. This is often due to a combination of state regulation and analysis of how often people wreck their coats in the area.

Some parts of the country are known for heavy boat traffic. Combine that with a proclivity for bad weather, and you're likely to encounter steeper insurance premiums.

The final consideration is your personal history and how often you plan to use your sailboat. As we discussed earlier, having a history of accidents can negatively affect your ability to find an affordable sailboat insurance plan.

Average Cost of Sailboat Insurance Plans

The cost of liveaboard sailboat insurance plans varies widely. For the sake of simplicity, we'll base our estimates off of the typical cost to insure an average liveaboard sailboat. The majority of people who live aboard do so on boats between 26 and 45-feet in length.

With that in mind, we estimate that the average semi-experienced liveaboard sailboat owner will pay between $200 and $500 per year. Compared to car insurance, sailboat insurance is actually quite affordable. However, your individual boat may cost more to insure. This is especially true if you sail a lot, long distances, or in hazardous areas.

How to Reduce the Cost of Liveaboard Sailboat Insurance

Reducing the cost of liveaboard sailboat insurance can be quite easy, especially if you don't plan to sail very often (or very far). The easiest way to reduce your premiums is to reduce your deductible. The same applies to car insurance, as most kinds of vehicle insurance work the same way; here are a few more ways to reduce your sailboat insurance premiums.

Take a Boater's Safety Course

In some states, you're not required to have a boater's license for a sailboat. These states seem to dwindle in number every year, but it's possible that you live aboard and have never been licensed. Many insurance companies offer discounts if you take a boater's safety course, so it's worth considering.

Buy a Newer Boat

Insurance companies often offer discounts for newer boats. That said, newer boats tend to be costlier, so there's a point at which the insurance savings from owning a newer boat don't make up for the additional purchase price. If you already have a newer boat, inquire about possible discounts.

Install Safety Systems

Advanced safety and navigation systems reduce the risk of an accident. As a result, insurance companies often offer discounts to people who install systems such as radar, fume detectors, and automatic fire suppressors.

Additional safety and navigation systems, such as GPS systems, locator beacons, depth finders, smoke/CO detectors, and EPIRBs, can also reduce your rates.

Choose a Sailboat with a Diesel Inboard Engine

So, how can having a diesel engine save you money on your insurance premiums? Unlike gasoline, diesel is usually not explosive, and its fumes don't prevent as big of a fire hazard.

This applies only to vessels with an inboard engine. There aren't any widely-available diesel outboard engines, and some sailboats have no engine at all. Explosions and gasoline fires are more common on boats than most people expect, and insurance companies are particularly risk-averse when it comes to fuel.

Inspect and Repair Engine Safety Systems

Similarly, you can reduce your insurance premiums by updating your engine safety and fume abatement systems. These systems prevent gasoline fumes from collecting in closed areas, which greatly reduces the risk of fire. Most states require these systems, and updating them is a good idea regardless.

Will My Driving Record Affect My Premiums?

Many people wonder if their driving records will impact their sailboat insurance premiums. In most cases, the answer is a resounding "yes." If you have a stellar driving record and lots of years on the road, you can expect to pay less than your younger or less experienced counterparts.

If you have a history of accidents, a DUI/DWI, or other issues, you'll likely pay more (at least for a while). The longer you stay safe and responsible, the lower your rate will be.

On a similar note, your age can have a significant impact on the price of liveaboard sailboat insurance. Younger people, specifically in their late teens and early 20s, usually have to pay higher premiums. This is because people in that age range (and younger people in general) are far more likely to cause an accident.

The best way to avoid paying more because of your driving record is to keep it clean, avoid alcohol, and take driver's or boater's safety courses whenever possible. A ticket can have a ripple effect across all of your insurance plans, so it's best to get them expunged with courses whenever possible.

Shopping for Liveaboard Sailboat Insurance

A prudent insurance buyer always shops around to find the best rates. Most major insurance companies now have free online quote tools, which we find are fairly accurate. You don't have to purchase anything to use them, and they can help you find the best rate in minutes.

Some insurance companies offer hefty discounts for loyalty. If you're currently insured in any way, contact your insurance agent and inquire about adding a boat to your plan. Companies that offer insurance "bundles" are incentivized to save you money in the long run if you continue to work with them.

Marine Insurance Companies

Your first inclination when shopping for sailboat insurance may be to work with a big-name auto indemnity company. And while it may turn out to be the best option, you should also consider working with a specialized marine insurance company. These companies, such as BoatUS and United Marine, offer services that aren't available through traditional insurance companies.

Chances are you've seen coat towing and repair vessels speeding around your local waterway at some point. These vessels work with marine insurance companies, and they're extremely useful for sailors. These insurance plans offer on-the-water services such as towing, engine repair, and parts delivery.

In some cases, working with a marine insurance company can provide these benefits and save you money too. If you ever run aground, break a stay, or need a new battery, these insurance plans have you covered. Emergency towing and repair on the water can be obscenely expensive without insurance, so it's smart to bundle it all together when possible.

Related Articles

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

by this author

Financial and Budgeting

Most Recent

What Does "Sailing By The Lee" Mean?

October 3, 2023

The Best Sailing Schools And Programs: Reviews & Ratings

September 26, 2023

Important Legal Info

Lifeofsailing.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon. This site also participates in other affiliate programs and is compensated for referring traffic and business to these companies.

Similar Posts

Best Bluewater Sailboats Under $50K

December 28, 2023

How To Choose The Right Sailing Instructor

August 16, 2023

Cost To Dock A Sailboat

May 17, 2023

Popular Posts

Best Liveaboard Catamaran Sailboats

Can a Novice Sail Around the World?

Elizabeth O'Malley

June 15, 2022

4 Best Electric Outboard Motors

How Long Did It Take The Vikings To Sail To England?

10 Best Sailboat Brands (And Why)

December 20, 2023

7 Best Places To Liveaboard A Sailboat

Get the best sailing content.

Top Rated Posts

Lifeofsailing.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon. This site also participates in other affiliate programs and is compensated for referring traffic and business to these companies. (866) 342-SAIL

© 2024 Life of Sailing Email: [email protected] Address: 11816 Inwood Rd #3024 Dallas, TX 75244 Disclaimer Privacy Policy