Best Boat Insurance
Based on In-Depth Reviews
A quick guide for understanding boat insurance and how to choose the right coverage.
Last Updated: April 12, 2024
- 200+Hours of research
- 50+Sources used
- 30Companies vetted
- 4Features reviewed
- 8Top
Picks
Our Team of Researchers:
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What you need to know
Boat Insurance
- There are coverage options for most boat types and boat owners’ needs.
- Policy cost will depend on the boat owner’s age, boat size, use, storage location, etc.
- Get multiple quotes to evaluate the policies’ cost range.
- Search for companies that offer discounts—multi-policy or others.
Our Approach
How we analyzed the best Boat Insurance Companies
Coverage & Benefits
Since there’s no such thing as a standard boat insurance policy, we picked insurers offering comprehensive coverage options available for a variety of boat types.
Discounts
It’s possible to find popular discounts in most boat insurance companies, including savings for multi-policy, age, driver experience, and for taking a boating safety course. We favored companies with a wide range of discounts.
Customer Experience
We looked for companies with 24/7 assistance, online chat, and easy ways to get a quote.
Financial Strength & Reputation
We chose insurers with excellent financial strength to ensure they have the capacity to meet their insurance obligations.
170 People found this helpful.
We receive compensation from these partners, which impacts the order they appear on the page. That said, the analyses and opinions on our site are our own and we believe in editorial integrity.
Our Top Picks: Boat Insurance Reviews
BoatUS review
Best for Broad Navigational Limits
Boat Owners Association of the United States (BoatUS) has been supporting recreational boaters for over 50 years.
Screenshot Boatus.com, June 2020
BoatUS insurance options include agreed value, actual cash value, and liability-only policy. They cover onboard injuries up to $10,000 per person, liability expenses up to $500K, fuel spill, and the cost for haul-out up to $1,000, for NOAA-named storms.
But what BoatUS really offers is a broad cruising area. Their policies include protection in both U.S. and Canada’s inland and coastal waters. Plus adventurous boat owners who desire to explore other waters can add extended services to Alaska, Bahamas, Mexico, and the Caribbean.
Chubb review
Best for Yachts
Chubb is a premier yacht insurance provider and one of the largest publicly traded property and casualty insurers in the world with locations in 54 countries. They provide all-risk protection for yachts between 36-70 feet in length. 
Screenshot Chubb.com, June 2020
Their yacht policy offers up to 120% in replacement coverage, protection against fines and penalties related to marine environmental damages, coverage for trailers, and up to $5,000 to charter temporary substitute watercraft. Yacht owners can also include unique add-ons such as coverage for marinas as additional insureds and liability for any employed crew member aboard your yacht if they are within the jurisdiction of the Longshore and Harbor Workers Compensation Act (LHWCA).
National Boat Owners Association review
Best for Memberships
National Boat Owners Association is a nationwide boat insurance company that offers boat owners access to their membership club program and to insurance options from top-rated marine underwriters.
Screenshot Nboat.com, June 2020
NBOA’s coverage options include liability with limits from $100K onwards, agreed value, pollution liability, and with select insurance carriers, total loss replacement. Customers can also choose from inland lakes and rivers to coastal U.S. waters or extend their policy coverage to other areas such as the Bahamas.
Anyone can purchase their insurance policies, whether or not they are members of the NBOA. Nonetheless, boat owners who enroll in any of the two membership programs enjoy additional benefits. Among them, unlimited water towing, road assistance for trailers and discounts in boating safety equipment, marine retailers, marinas and car renting from national companies.
SkiSafe review
Most customizable
Skisafe offers the boating community customizable boat insurance policy for different types of personal watercraft, boats, and yachts.
Screenshot Skisafe.com, June 2020
Since they’re exclusively a boat insurance provider, policies are tailored to meet the needs of each boat owner. Their insurance coverage options include all-risk coverage for boats and trailers, liability coverage with towing, roadside assistance, medical payments up to $25,000, and water sports liability.
Progressive review
Most Comprehensive
Although well-known for their car insurance products, Progressive also offers comprehensive boat insurance for different types of boats—fishing boats, pontoon boats, powerboats, personal watercraft, and sailboats.
Screenshot Progressive.com, June 2020
Their collision and comprehensive coverage include full replacement cost, meaning that if you have an accident they’ll pay the cost to return your boat to its previous condition or better. They also provide coverage for bodily injuries, property damage, fuel spill, wreck removal, roadside assistance, and other optional services such as on-water towing, fishing equipment replacement, and medical payments. Additionally, boat owners are covered in any lake and river in the United States and in ocean waters within 75 miles of the coast.
Progressive provides popular saving options—discounts for multi-policy, multi-boat, and safety courses. There is also a discount for members of the United States Coast Guard Auxiliary (USCG), the United States Power Squadron, and the United Services Automobile Association (USAA). Boat owners who stay with Progressive can enjoy attractive rewards such as a 25% reduction of their deductible every time they renew without having issued a claim.
Markel review
Best for Operator’s Age Discount
Markel’s insured operator’s age discount might interest you if you’re a boat owner in your forties. Typically most companies apply this discount if you’re 55 years or older, but Markel sets it for boat owners who are 40 years or older.
Screenshot Markel.com, June 2020
Markel has over 30 years of experience offering marine insurance. They provide coverage for boats of up to 26 ft., personal watercraft, yachts, speedboats (over 65 mph), and commercial boats—i.e. rentals, boat schools, or charters. In addition, their fishing boat policy covers replacement costs for fishing gears and tournament fee reimbursement if you are unable to assist due to a covered accident or event.
Foremost Insurance Group review
Best for Ease of Use
Sometimes companies overwhelm clients with tons of general information regarding boat insurance, rather than describing their products. That’s not the case with Foremost. Customers can easily navigate their website and find on-point descriptions of their boat insurance packages without redirects to other windows or tabs.
Screenshot Foremost.com, June 2020
Foremost offers three insurance packages for most types of boats, and tailored coverages for pontoons, classic boats, and speedboats. Their basic, most affordable package includes actual cash value for loss settlements while their medium and premier packages include agreed value. Their premier also adds attractive features such as navigation to Mexico and the Bahamas, coverage for pets, and liability expenses for pollution.
Hagerty review
Best for Boat Collectors
Hagerty has over 30 years of experience providing coverage for those boat owners who enjoy vintage boats and the gratification of restoring their own classic boats. They provide insurance for a wide variety of classic boat types, including fiberglass boats, wooden boats, runabouts, cruisers, and sailboats.
This company offers boat collectors agreed value coverage for total loss, and boat restoration insurance in case of experiencing fire, theft, vandalism, or other losses during restoration, regardless of whether it is you or a professional facility. Additionally, boat owners can sail their boats without worrying about coverage as long as it is in US and Canadian territorial waters, and within 12 miles offshore.
Screenshot Hagerty.com, June 2020
Hagerty also offers discounts for boating club members. Some of their marine partners are The Antique and Classic Boat Society, Lyman Boat Owners Association, and Century Boat Club.
Our Research
More insight into our methodology
Shopping for boat insurance is somewhat similar to getting car insurance, with one major difference: they’re not standardized. First because boat insurance is not required in all states, except for the three states—Arkansas, Utah, and Hawaii—where boat owners are required to have some kind of liability coverage, and second because of boats themselves. While cars tend to have similar purposes and structures, and are only slightly different in size, boats have many purposes and come in significantly different sizes and styles. Additionally, boat owners face a wide range of risks in the water that car owners do not face on the road. This means that there’s not a suggested minimum coverage requirement, and that companies consider different factors to determine policy costs and boat owners risks.
In order to choose the best boat insurance companies we focused on the following factors:
Coverage & Benefits
The first thing you should consider when choosing boat insurance is whether you want an actual cash value or an agreed value policy. This is what influences the amount of money you will receive in case of a covered loss.
With actual cash value, the amount to be reimbursed will be calculated based on the value of your boat at the time of the accident, and takes into account how the parts have depreciated with time.
On the other hand, agreed value will provide coverage for repairs up to the amount agreed with the insurer at the moment of signing the contract. Typically this type of damage coverage is more expensive, because it doesn’t take into account depreciation.
Before making your decision, get at least three quotes from different companies and compare them. Consider the benefits that each company can offer you. Some companies may include services in their policies that others offer as additionals, such as coverage for your boat trailer, towing services, wreckage removal, or fuel spill coverage.
Discounts
Boat insurance can be pricey, especially if it’s a large boat. Nonetheless, there are a variety of discounts that companies can apply to help you lower policy costs. Popular discounts include savings for bundling multiple policies, taking a boating safety course, or installing protective devices in your boat.
Since not every company offers the same discounts, you should check each company's discounts section and/or ask their representatives which ones you qualify for.
Customer Experience
Another factor you should consider is companies’ customer service standards. You’ll want to make sure that you can count on a team of qualified experts available to respond and assist you throughout the process whenever you need to file a claim. We favored companies that offer 24/7 assistance over the phone, chats, free quotes, and other useful resources such as account management and options for filing claims online.
Financial Strength & Reputation
Before choosing an insurance policy, be it for cars, homes, or boats, you should verify if the company will be able to pay out claims in the future. The best way to ensure this is to look at their financial strength according to the rates they receive from credit rating agencies such as AM Best, Standards & Poor’s, and Moody’s.
Another thing that can guide your decision of whether or not to purchase a policy from a given company is checking their reputation among customers. You can do this by looking for patterns in complaints and at customers' overall satisfaction, ratings, and comments in customer review websites.
Helpful information about Boat Insurance
It’s every boat owner’s nightmare—what starts as a beautiful day in your boat with friends or family can take an unexpected turn, ending up in a collision with another boat, a reef, or a buoy. This could result not only in liability expenses and boat repairs, but in medical expenses if someone onboard gets hurt.
In 2019 the US Department of Homeland Security and the National Coast Guard reported a total of 4,168 boat accidents and an estimated $55 million dollars in property damage as a result of recreational boating accidents. The same annual report shows that the top five factors contributing to accidents had to do with operators' inattention, improper lookout, inexperience, excessive speed, and alcohol use.
Boat owners also encounter other non-accidental incidents in the water such as breakdowns, motor malfunctions, or even fuel spillage—events that may leave you stranded, and requiring specialized services that boat insurers can cover for you.
So while sailing is full of adventures, it also poses many hazards for you and your boat. Therefore, the matter in question is not whether you need boat insurance or not, rather what type and how much coverage you should get.
What does it cover?
Actual Cash Value vs. Agreed Value
Boat insurance providers offer physical damage coverage in two primary ways: actual cash value and agreed value. Out of the two, an actual cash value policy will be the least expensive, because it covers the current value of your boat at the time of the accident, minus any depreciation. Whereas an agreed value policy will cover the amount listed in your policy, as agreed with the insurer at the moment of purchase regardless of how the parts might have lost value over time.
Coverage Options
Policy coverage options vary depending on the insurer, nonetheless, companies usually feature services such as:
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Liability Coverage: Usually, the most basic coverage. It protects you from at-fault damages caused to another boat or property.
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Medical Payments: Medical coverage will pay out for medical expenses that you or any passenger onboard experience as a result of an accident.
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Salvage: Salvage coverage is also known as wreckage removal. Simply put if your boat wrecks in the water, the insurer will pay salvage costs.
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Pollution Liability/Fuel Spill: According to the Oil Pollution Act of 1990, polluters are responsible for the costs related to oil spill clean-ups and environmental damage. This type of coverage will protect you from expenses resulting from accidental contamination.
Additional Coverage Options
Most insurers also offer additional coverage options that may come handy in specific situations:
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In-water towing services for whenever you need to tow your boat back to land.
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Roadside assistance for whenever you experience problems on the road while hauling your boat, such as gas delivery or towing your vehicle and boat to a repair shop.
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Haul-out to cover haul-out expenses whenever you need to transport your boat to an event or a safer place before a storm.
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Uninsured/underinsured coverage to cover damages or injuries (to you or any person onboard) if hit by a boater without insurance.
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Personal equipment coverage in the event of theft, damage or loss of apparel, sports equipment and/or fishing equipment on your boat.
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Pet coverage so that in case you bring your four-pawed family members on board, they’ll be covered in the event of being injured in an accident.
How much coverage do you need?
With the exception of Arkansas, Utah, and Hawaii, where some type of liability coverage is required, boat owners don’t need a minimum amount of boat insurance in most states. This means that finding the right policy for you will mainly depend on four factors: first, the type of boat you have, second, what you use it for—fishing, sports, recreation with family or friends, etc.—, third, how protected you want your boat to be, and fourth, how much are you willing to pay.
If your intention is purchasing a well-rounded boat insurance policy, it should at least feature some type of liability coverage, collision, and medical payments. These three options will cover damages caused to property, physical damages to your boat, and medical expenses for you or passengers. Adding extra coverage to your policy such as towing and roadside assistance can also come in handy. Keep in mind that sometimes companies include services in their policies that others offer for an additional cost. In order to find the best policy and price, you should at least get three quotes from different companies and compare what coverage and services they feature in their policies.
How much does boat insurance cost?
A variety of factors influence boat insurance rates; that includes type, length, speed, and age of the boat, as well as your age, boating experience, and credit history. Typically, depending on whether you are considered a high-risk or low-risk boat operator, insurers offer multiple ways to lower your policy rate.
Most common discounts
Just like car insurance companies reward experienced drivers with a clean driving record, insurers are more likely to reward boat operators who take the most safety precautions with their boats. Each company offers popular discounts that can help you keep money in your wallet. Most companies apply discounts for:
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Boating Education Course: insurers like it when you show them that safety comes first. That’s why holding any state-approved boating safety course certificate is the most popular discount. You can find a list of approved courses in the National Association of State Boating Law Administration.
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Protective Devices: installing safety equipment in your boat such as EPIRB, GPS, Radar, Depth Finder, or automatic fire extinguisher system can also reduce policy costs.
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Responsible Boat Operator/Driver: a clean boating or driving record increases your chances of getting better rates.
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Boat owner’s age: generally boat owners who are 55 years or older get better rates. However, it’s possible to find companies with a lower age limit.
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Multi-Policy Discount: bundling is an easy way to save money. Many companies give you a discount when you include your boat with your homeowners, life, or car policy.
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Multi-Boat Discount: having more than one boat listed in your policy can translate into another discount.
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Payment method: another way to save money is to pay in full or sometimes subscribing to automatic payment.
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Loss-Free Renewal: some companies may offer you discounts on your deductible every time you renew your policy without having filed claims.
FAQs about Boat Insurance
Am I required to buy boat insurance?
If by required you mean whether you’re legally obligated to have boat insurance, then it’ll depend on the state. Currently, only three states—Arkansas, Utah, and Hawaii— required boaters to have boat insurance. However, regardless of whether or not it is mandatory, every boat owner should get one, especially considering the many navigational hazards you can encounter on the water.
Is my boat covered by my homeowner's insurance?
Sometimes homeowners insurance policies include boat protection. Nonetheless, these policies often offer limited protection for your boat and treat it as any other personal property. Most likely it won’t offer the same specialized protection that a boat insurance policy provides.
Does boat insurance cover accidents outside of the water?
This will depend on the type of boat insurance you have. In most cases, insurers will cover physical damages that your boat or trailer (if duly insured) may have experienced as a result of an accident while hauling your boat. However, it probably won’t cover liability damages caused to another vehicle or person in an at-fault accident. a
Are passengers covered by boat insurance?
In most cases, insurance companies cover passenger injuries if your policy includes collision or medical payments coverage. Make sure to ask your agent before signing on the dotted line.
Our Boat Insurance Review Summed Up
| Company Name | Best for |
|---|---|
| Progressive Boat Insurance | Most Comprehensive |
| BoatUS Boat Insurance | Best for Broad Navigational Limits |
| Markel Boat Insurance | Best for Operator's Age Discount |
| Foremost Insurance Group Boat Insurance | Best for Ease of Use |
| Hagerty Boat Insurance | Best for Boat Collectors |
| Chubb Boat Insurance | Best for Yachts |
| National Boat Owners Association Boat Insurance | Best for Memberships |
| SkiSafe Boat Insurance | Most Customizable |
We receive compensation from these partners