7 Best Boat Insurance Companies

1. Best for Policy Discounts

   Progressive

   Our Partner

   • Company Highlight:

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

   • Discounts:

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

   Get Started

2. Best for Membership Benefits

   BoatUS

   Our Partner

   • Company Highlight:

     Its membership program features valuable discounts on boating stores, towing services and more.

   • Discounts:

     Safety courses, multi-policy

   Get Started

3. Best Insurance Packages

   Foremost Insurance Group

   Our Partner

   • Company Highlight:

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

   • Discounts:

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

   Get Started

4. Best for Yacht Insurance

   Chubb

   Our Partner

   • Company Highlight:

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

   • Discounts:

     N/A

   Get Started

5. Best for Boat Rental Insurance

   State Farm

   Our Partner

   • Company Highlight:

     Offers optional liability protection for rented boats.

   • Discounts:

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

   Get Started

Boat insurance helps cover repairs due to accidents, theft, fire, storms and other perils. It also offers liability protection in the event your watercraft injures someone or damages someone else’s property.

Even if you don’t use your boat regularly, insurance can provide peace of mind in case of unexpected events. To help you find the policy that best fits your lifestyle, check out Money’s guide to the best boat insurance companies for 2023.

Our Top Picks for Boat Insurance

• Progressive – Best for Policy Discounts

• BoatUs – Best for Membership Benefits

• Foremost – Best insurance packages

• Chubb – Best for Yachts

• State Farm – Best for Covering Boat Rentals

• Markel Insurance – Best Insurance for Businesses

• National Boat Owners Association – Best Insurance Agency

Whether you’re exploring the open seas or cruising along a river, Travel Insurance can provide valuable protection

Travel Insurance can help cover unexpected expenses such as trip cancellations, lost or stolen belongings, and medical emergencies while you’re on the water. With the right coverage in place, you can enjoy your boating journey with greater peace of mind.

Get Started

Best Boat Insurance Reviews

Pros

• Wreckage removal and fuel spill cleanup included

• Offers accident forgiveness and disappearing deductibles

Cons

• Coverage limitations for expensive watercraft, and for big boats in hurricane-prone states

Why we chose this company: Progressive offers an extensive list of discounts. You could lower your monthly premiums by paying your policy upfront, completing boat-safety bourses and more.

Insurance companies generally offer discounts if you insure multiple boats or combine your boat insurance policy with homeowners or auto insurance. Progressive provides those and more for a total of more than 10 discount options that might help you lower your boat insurance cost.

You can get discounts for being the boat’s original owner, not having motor vehicle violations or accidents on your record for the last three years, making timely payments and more. Being a member of the Coast Guard Auxiliary (USCG), United States Power Squadron (USPS) or United Services Automobile Association (USAA) can also lower your premium.

Progressive’s policies include accident forgiveness, which keeps rates from increasing if your claims are for $500 or less. Boaters who’ve been Progressive customers for at least four years and remained accident-free for three are exempt from rate increases for any accident, regardless of the claim amount.

For an additional cost, you may include a “disappearing deductibles” policy that deducts 25% from your deductible amount for every claim-free period on your boat policy — until it reaches zero.

Note that Progressive has more limitations than some insurers on the vessels they insure. Personal watercrafts, such as jet skis, worth over $27,000 are not covered. In hurricane-prone states, insurance is not available for boats over 35 feet in length or that are worth more than $175,000.

Additional coverage options:

• Total-loss replacement

• On-water towing

• Fishing equipment

• Personal effects

• Mechanical breakdown

• Medical payments

• Trip interruption

• Uninsured/underinsured boater

• Comprehensive coverage

Progressive policy discounts:

• Multi-policy

• Responsible driver

• Original owner

• Transfer from another company

• Association member

• Multi-boat

• Advanced quote

• Pay in full

• Prompt payment

• Safety course

• Small accident forgiveness

• Large accident forgiveness

• Disappearing deductibles

Pros

• Free boater safety and education programs to earn discounts

• Extra-cost towing and emergency assistance plans available

• Geico auto insurance policyholders may get a discount

• Option to extend your coverage to Alaska, Bahamas, Mexico and the Caribbean

Cons

• Not all policy options available in every state or vessel type

• Does not offer replacement-cost insurance

• BoatUS membership required to sign up for unlimited towing benefits

Why we chose this company: BoatUS has several policy options and coverage add-ons, but it also has a membership program that features valuable discounts on boating stores, towing services and other more.

BoatUS is one of the largest membership-based organizations for recreational boat owners. While a membership isn’t required to get a BoatUS insurance quote, buying one entitles you to benefits much like those offered by AAA or other auto clubs for your car. These include BoatUS safety courses (free to all, regardless of whether they have BoatUS insurance), the completion of which can earn you discounts on your boat insurance.

The company is owned by Geico and offers agreed value, actual cash value and liability coverage policies for most types of boats — though not replacement cost coverage, which many insurers offer.

The Membership program offers discounts on charter cruises, towing, fuel, boat supplies and fishing stores, watercraft storage, repairs and other services. There is also towing assistance, which varies by the membership level you choose.

The four membership plans cost between $25 and $179 per year. Each plan includes 24/7 towing assistance, jump-starts, fuel delivery and soft grounding. As you move up a price tier, the plans may cover up to 100% of emergency tows and reimburse up to $3,000 for tows not provided by the BoatUS towing network.

Also, do note that since BoatUS is a subsidiary of Geico, they offer the same policy. In fact, the Geico boat insurance quote process redirects you to the BoatUS website.

Not every insurer allows you to buy extra-cost coverage for countries other than the U.S. from them or facilitate buying it from their partners. BoatUS allows you to extend your coverage to Alaska, Bahamas, Mexico and the Caribbean — all of which are rarely or ever included in standard boat insurance.

Additional coverage options:

• Dock contract liability

• Fishing guide

• Ice and freezing

• Lifetime repair guarantee

• Lower deductible for dinghies

• Lower deductible for electronic issues

• Mechanical breakdown

• Personal effects coverage

• Medical payments

• Unlimited towing

• Trailer coverage with roadside assistance

BoatUS policy discounts:

• Safety courses

• Multi-policy

Pros

• Eight packages by boat type

• Multiple discounts, such as those for boaters 55 years or older

• Bahamas and Mexico navigation included with Elite package

• Specialized insurance options for USAA members

Cons

• May not cover boats over 50 feet in length or $500,000 in value

• Some coverage options only available with the Elite package

Why we chose this company: Insurance companies usually offer a base policy that boaters can customize by adding optional coverage riders. Foremost does this, but it also offers more than five insurance packages tailored to boat type, age or coverage level, which can simplify choosing policy features you need.

Foremost has three main packages: the Saver, Plus and Elite. The Saver is an inexpensive insurance option that provides actual cash value settlements which take depreciation into account.

Upgrading to the Plus allows you to add total loss replacement settlement, which pays to repair your boat to the condition and with the same materials as before an accident, rather than only to a depreciated amount.

The Elite is the most comprehensive choice, adding pollution (spill) liability, navigation across the Bahamas and Mexico, towing services and more.

There are also packages for pontoon boats, boats that are more than 25 years old, speedboats that reach speeds of 77 mph or greater and personal watercraft such as jet skis.

Every plan can be customized with extra coverage options for medical payments, personal property, the boat’s transport trailer and more.

Additional coverage options:

• Personal Liability

• Uninsured Watercraft

• Medical Payments

• Towing and Roadside Assistance

• Trailer coverage

• Personal property

• Trip interruption

Foremost insurance discounts:

• Lay-up

• Policy paid in full

• Boat features protective devices (fire extinguishers, monitoring systems, etc.)

• Safety course

• Multi-unit

• Multi-policy

• Loss free renewal

• Prior insurance

• 55 years or older

• Affinity and alliance

Pros

• Covers an unusually wide variety of watercrafts, including yachts, kayaks and canoes

• Optional coverage for rented boats

• Lay-up discount available if you don’t use the boat year-round

Cons

• No actual cash value coverage available

Why we chose this company: Like many other insurers, State Farm pays for damages your boat causes to others’ property, such as to another boat or a dock, and injuries to others during accidents. But State Farm also offers an optional add-on liability protection for rented boats, a rarer feature of boat policies.

State Farm provides liability protection when you rent a boat during a vacation or while yours is being repaired. They may also reimburse part of your rental costs if you rent a boat while yours is in the shop. And if you rent your boat to someone, State Farm may also help pay for damages to your boat caused by the person who rented it.

Your base policy will include emergency service insurance, which pays for expenses you might incur for assistance with your boat, motor or trailer. This coverage is usually an optional rider and covers only vessel towing. State Farm policies also cover wreck removal when an accident is caused by an insured loss and removal is required by law.

Additional coverage options:

• Fishing tournament fee reimbursement in the event you can’t participate due to boat damage or loss

• Incidental commercial fishing coverage

• Uninsured/underinsured watercraft coverage

State Farm insurance discounts:

• Taking safety course

• Lay-up discount if you don’t use the boat year-round

• Boating in fresh water instead of salt water

Pros

• Covers especially large and/or expensive yachts

• Complimentary background screenings, travel briefings, and discounted rates on security services

• Consultations on local laws and customs

• No deductions for depreciation on most partial loss claims

Cons

• No information on website about policy discounts

Why we chose this company: Insurance companies typically cover boats up to 50 feet in length and up to $500,000. Chubb, on the other hand, has two insurance plans tailored for pleasure yachts that are between 36 and 70 feet in length and valued at up to $3 million. Coverage is also available for captained vessels of 70 feet or longer and valued at $3 million and up.

The two yacht insurance policies include standard coverage options such as agreed value coverage, emergency towing and assistance and liability protection. However, Chubb’s policies go further to cover costs incurred to haul or dock the vessel due to an incoming storm, coverage for the marina where the yacht is stored, liability protection for the boat’s crew and more. They may also pay up to $25,000 to cover the cost of fines and penalties as a result of marine environmental damage and more.

Yacht owners may also benefit from a lack of deductions for depreciation on most repairs, and coverage of up to $10,000 to charter a boat if your own vessel can’t be repaired within 72 hours. There is similar coverage for renting a watercraft in the event your own is unavailable.

Additional coverage options:

• Pet injury coverage

• Replacement-cost coverage for dinghy and tender

• Optional higher limits for emergency towing and assistance

• Marine Environmental Damage coverage

• Temporary Substitute Watercraft coverage

• Optional higher limits for trailer coverage

Pros

• Insurance coverage for watercraft used for commercial purposes

• Covers liability for damage to the vessel’s storage facilities

• Diminishing deductible program

Cons

• Few physical branches nationwide

Why we chose this company: Where most boat insurance companies cover boats and watercraft used recreationally. Markel offers insurance policy that covers for business purposes, including commercial fishing, boating classes, renting and chartering.Its marine insurance policy also covers liability for any damage the vessel causes to the rental facility where it is stored.

Markel covers several types of boats, whether it be a yacht chartered for sightseeing or a boat you own and operate for marina cleanups. Several insurance options are available such as coverage for damaged equipment and liability coverage for property damages, bodily injury, pollution (including fuel spills) and the crew.

Markel also offers policies for boats meant for personal use, with rates as low as $100 per year.

The company is also among a few boat insurers that reduce your deductible for each year you don’t collect on a claim. The deductible drops by 25% each year. After four years of being claim-free, it’ll reach zero.

Additional coverage options:

• Business interruption

• Boat towing

• Boat lifts

• Fishing equipment

• Tournament fee reimbursement

• Premises liability

• Slip and mooring liability

• Emergency expense reimbursement

Markel insurance discounts:

• Diesel engine

• Primary operator age 40 and over

• Insuring more than one boat

• Boating experience of five years or more

Pros

• Pairs you up with the best providers for your needs

• No membership needed, but members get benefits such as emergency towing and discounts at marine retailers

• Provides financing to buy new or used vessels

Cons

• Must go through quote process to get more information on coverage options

Why we chose this company: If you’re unsure as to the boat insurer that’s best for you, you may want to go for a boat insurance agency. The National Boat Owners Association (NBOA) connects you with insurers for all types of boats including speed boats, sailboats, fishing boats, catamarans, and yachts, as well as watercraft such as jet skis.

The insurance companies NBOA works with offer a wide range of coverage options such as liability protection with limits from $100,000 to over $1,000,000, towing services and personal property reimbursement. Some insurers also offer total loss replacement coverage which replaces your boat with a new one of the same make and model, or similar, in the event of a total loss.

A membership isn’t necessary to get insurance but does get you benefits including emergency dispatch services, towing coverage, marine financing, industry discounts and more. NBOA offers two membership plans, costing $35 or $75 per year.

Other companies we considered

Allstate Insurance

Pros

• Offers premiums as low as $25 per month

• Discount if you own a home, even if it’s not insured under Allstate homeowners insurance

Cons

• High ratio of complaints filed with the National Association of Insurance Commissioners (NAIC)

Allstate offers policies starting at $25 per month and several discounts, including one for being a homeowner, even if it’s not insured with the company. However, Allstate has a higher ratio of complaints with the National Association of Insurance Commissioners (NAIC) than our other picks.

Nationwide Insurance

Pros

• Insurance packages ideal for fishing trips

• Pollution liability coverage and wreckage removal are included

• Roadside assistance included if you insure your boat trailer with Nationwide

Cons

• Limited coverage add-ons available

• Scored below average on several J.D. Power customer satisfaction study

Nationwide offers six insurance packages that are ideal for fishing trips. The company also includes roadside assistance at no additional cost if you purchase boat trailer insurance as well. However, the company scored below average on several J.D. Power customer satisfaction studies compared to our main picks.

United Services Automobile Association (USAA)

Pros

• Members get a 5% discount on coverage for most watercraft valued under $150,000

• Discount for being claim-free

• Insures most types of boats

Cons

• USAA boat insurance only available to military families.

USAA consistently scores high on J.D. Power customer satisfaction studies, and the company covers many types of watercraft, including yachts and boats over $150,000. However, its plans are only available to military families.

American Family Insurance

Pros

• Coverage for a wide range of vessels, including property liability and physical damage

• Coverage for kayaks, canoes, dinghies, row boats, stand up paddleboards and more

• Additional policies for personal watercraft, houseboats, sailboats, bass and fishing boats, yachts and speed and power boats

• Multi-policy discount

Cons

• Policies available only in 19 states

American Family has coverage plans for various vessels, including kayaks, canoes, dinghies, row boats, and stand-up paddleboards. But the company only operates in 19 states.

United States Power Squadrons (USPS)

Pros

• Membership includes discounts on BoatUS insurance policies

• USPS safety course graduates get a one-year complimentary membership with BoatUS

Cons

• Insurance program only available to members

• Membership entails an additional cost

The United States Power Squadron (USPS) is not an insurer. Instead, it’s a non-profit boating organization that provides maritime safety classes. Members get discounts on BoatUS insurance policies, but membership requires an additional cost of $109 for individuals and $150 for families.

Boat Insurance Guide

Boat insurance works similarly to car insurance by providing financial protection against damages to your vessel and others, as well as paying medical expenses to you or your passengers and covering other liability claims.

Unlike with cars, most states don’t require that boats be insured — although some marinas might ask for insurance to rent a dock. Lenders might also demand it to finance a vessel. However, even if these requirements don’t apply to you, insuring your boat might be a good idea.

What boat insurance covers

Policies vary between insurers but coverage typically includes:

Property damage coverage

Property damage coverage insures against damages or loss of your vessel caused by collisions with other boats or objects (such as a dock or buoy), theft, sinking, fire, storms and other risks. The property covered may include the hull, motor, fittings, furnishings and other equipment. This coverage is also known as comprehensive and collision coverage.

Liability coverage

Bodily injury liability helps pay legal expenses and settlements if you’re found at fault for someone’s injuries during a crash, for example. Property damage liability, on the other hand, covers damages to others’ property, such as a boat or dock you collide with.

What boat insurance doesn’t cover

Unless it’s stated otherwise on your policy, most policies don’t cover:

• Wear and tear

• Deterioration

• Marring

• Denting

• Damage from animals

• Manufacturing defects

• Corrosion

• Mold

• Servicing and maintenance

• Renovations

• Freezing

Other exclusions may include accidents that take place while boating outside your policy’s navigation limits or during a lay-up period.

Optional boat insurance coverage

Boat insurance companies may offer extra coverage options for:

Medical payments

Medical payments coverage pays for the treatment of injuries, like medications or X-rays, to you or passengers in a covered accident.

Roadside assistance

It covers part or the total cost of towing your boat trailer if it breaks down. Depending on the plan you choose, on-site labor to fix the vehicle may be available.

Wreckage removal

It helps cover the cost of removing your boat or any debris from the water after an accident or if your boat sinks.

Watersport injuries or damages

It pays for injuries directly related to water sports, like tubing, wake surfing, or water skiing.

Fuel spill cleanups

If your boat spills fuel or oil due to an accident or leaking tank, this coverage can help pay cleanup or legal costs.

Personal property

Also known as personal effects insurance, this coverage pays for the replacement cost of fishing equipment, scuba gear, clothing, electronics and more.

Uninsured/Underinsured boater

It covers injuries caused by a collision with a boater that has no (or not enough) insurance.

On-water towing

This add-on pays for towing if your boat leaves you stranded. It may also cover jump starts, soft un-groundings, and fuel delivery. Depending on your plan, you might have to pay a deductible per towing service.

Ice and freezing damage

This rider pays for damages to your boat’s engine or body caused by improper winterization. It may cover your boat while docked outside or if the storing facility’s heating system fails.

Hurricane haul-out

This endorsement reimburses the cost of moving your boat out of the water before a hurricane or other named storm is headed for your area.

Extending your navigation

Boat insurance typically only pays for losses and injuries that happen within designated geographical limits. You’ll have to purchase additional coverage to extend these navigational limits to other areas — like Alaska, Bahamas, Mexico or the Caribbean.

Types of boats covered

The types of watercraft covered vary across insurance companies but may include:

• Bass/fishing boats

• Pontoon boats

• Sailboats

• Cruisers

• Dinghies

• Bowriders

• Power/speed boats

• Jet boats

• Yachts

• Personal watercraft (PWC) such as jet-skis

Some insurers may also cover non-motorized watercraft such as kayaks, canoes or stand up paddleboards.

Agreed value vs. actual cash value policies

Companies offer one of two types of reimbursement: agreed value and actual cash value. The type of policy you opt for will determine your premium as well as the coverage limits.

Agreed value coverage

This pays the amount you and the insurer agree on when the policy is purchased. It doesn’t take into account the value of your boat at the time a claim is submitted. It provides the most protection since it pays to replace or repair your watercraft without deductions for depreciation.

Actual cash value coverage

This option takes into account the market value, age and condition of the watercraft at the time of the accident. The insurer pays for repair or replacement costs after accounting for depreciation. Actual cash value policies have cheaper premiums but provide less coverage in the event of total loss.

Some companies also offer replacement cost coverage. This type of coverage reimburses the full amount needed to repair your boat after an accident. In the event of total loss, the insurer pays to replace your watercraft with the same or a similar model.

Is my watercraft covered by my homeowners or umbrella insurance?

Homeowners insurance may cover your boat — as long as the watercraft meets the insurer’s size and speed restrictions.

Most policies cover small boats under 26 feet of length and with engines of 25 horsepower or less. However, note that coverage limits for physical damage are usually low — typically no more than $1,000 or $1,500 per item — so you may need to purchase an add-on “endorsement” to insure your watercraft to its full value. Also, coverage for medical payments, other personal property or liability may be excluded.

In other words, a homeowners policy may be enough for small, slow boats that are not used often. Serious boaters who are out on the water often or own a boat with a value that exceeds their homeowners policy limits should consider a comprehensive boat insurance policy.

Umbrella insurance may also cover your watercraft. However, the underlying policy covering your boat must first meet the liability requirements of your umbrella policy. For instance, an umbrella policy won’t cover legal fees and damages if it requires a minimum liability coverage of $500,000 and your boat or homeowners insurance caps at $300,000.

How much does boat insurance cost?

Your premium will depend on factors such as:

• Navigation area: boating inland (lakes or rivers), coastal regions or traveling to the Bahamas, Mexico and the Caribbean (sometimes also Alaska).

• Boat type: the model, year, size and speed of your watercraft.

• Your boating record: prior boating violations, accidents, claims or boating safety courses.

If insuring a used boat, underwriters might require a marine survey to determine your vessel’s overall value and condition. The surveyor inspects the boat for any underlying issues with its structure, machinery and onboard equipment.

Some insurers offer policies for as low as $25 per month or less but these usually only offer basic liability protection. These advertised prices go up as you add more coverage options to your plan.

How much boat insurance do I need?

The amount of insurance you need depends, of course, on the value of your vessel. For example, if you have $40,000 boat, you’ll want at least $40,000 worth of coverage. It also depends on where you dock, moor or store your boat. Some marinas require at least $300,000 in liability protection but it can be as much as $1,000,000.

How to save on boat insurance

An actual cash value coverage policy is the cheapest option, since your insurance company can factor in depreciation when paying for damages. Choosing a lower liability limit and a higher deductible can also lower your monthly premium. However, these options mean you could pay more out of pocket for damages, injuries or legal fees after an accident.

Insurers also have policy discounts that can help you save money on your premium. These commonly include:

• Insuring more than one boat under the same policy

• Bundling your boat, homeowners and car insurance policies

• Paying your insurance in full

• Taking safety courses

• Having claim-free periods

• Having no boating accidents on record

• Owning a diesel-powered boat

• Not using your boat during during certain months (lay-up)

• Installing safety devices such as fire extinguishers or a fume detector

Common reasons for boat insurance claims to be denied

Boat insurance only covers events that are explicitly stated on the policy declaration. However, a claim might get denied even if your policy provides coverage for it. Here are some common reasons that may be the case:

• You were operating a boat under the influence of alcohol or drugs

• Not providing proper maintenance to your watercraft

• Damages or injuries that exceed policy limits

• Making mistakes in filing a claim

• Failing to safeguard your boat before a storm

• Using your boat for commercial purposes (this usually requires marine insurance tailored for businesses)

Best Boat Insurance FAQ

What is boat insurance?

Boat insurance can help cover the cost of repair and injuries to you and others due to a collision with a dock, buoy or other boat. Theft, vandalism, fire, storms and other unexpected events may also be covered.

How much is boat insurance?

You should expect to pay between $200 and $500 a year for boat insurance, as a rule. Insurers calculate your exact premium based on the type of boat you own, any past accidents, whether you’ve taken safety or other boating courses and whether you use your boat mainly inland or in coastal regions. Additional coverage options you choose, such as wreck removal, fuel-spill cleanup, will increase the cost of your premium.

What does boat insurance cover?

The type of events and damages your policy covers depends on the policy you choose but may include physical damage to the boat due to a collision, damage to personal property, bodily injury, towing, liability protection and more.

Do I need boat insurance?

Boat insurance isn’t required in most states — although exceptions include Arkansas, Utah and Hawaii. Even if coverage is not legally required in your state, marinas and ports usually ask for insurance if you wish to dock or moor your boat at their facilities. Additionally, lenders might require insurance if you lease or finance your boat.

How We Chose the Best Boat Insurance

Here’s what we looked for when choosing the best boat insurance companies:

Coverage options and discounts
We looked for companies that offered a comprehensive selection of insurance packages, coverage add-ons and policy discounts.

Customer satisfaction
As we researched companies, we focused on those that receive mostly positive feedback on online review sites such as the Better Business Bureau (BBB) and customer satisfaction studies by J.D. Power.

Financial strength
We considered the financial strength of each company by looking up their rating from A.M. Best, a credit rating agency that focuses on assessing the creditworthiness of insurance companies. All our picks scored between A and A++.

Complaint index
We evaluated every insurer’s complaint trend report from the National Association of Insurance Commissioners (NAIC).

Summary of Money’s Best Boat Insurance of 2023

• Progressive – Best for Policy Discounts

• BoatUs – Best for Membership Benefits

• Foremost – Best insurance packages

• Chubb – Best for Yachts

• State Farm – Best for Covering Boat Rentals

• Markel Insurance – Best Insurance for Businesses

• National Boat Owners Association – Best Insurance Agency

© Copyright 2023 Money Group, LLC. All Rights Reserved.
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