Whether you have a speedboat, small fishing boat, yacht, sailboat or other type of watercraft, if you’re a boat owner, chances are that you need some sort of insurance coverage for your vessel.
While only two states (Arkansas and Utah) require boat insurance, having coverage can help protect you financially if your boat is damaged, stolen or injures someone — either in the water or on land. You also may be required to carry boat insurance by your marina, or your lender if you have a boat loan.
A homeowners insurance policy may cover some damage to a boat, but it will likely not be sufficient coverage for many larger boats.
Here, CNBC Select rounds up the five best boat insurance companies based on coverage, availability and ease of use (see our methodology for more information on how we made this list).
Best boat insurance companies
Best overall
Geico Boat Insurance
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Cost
The best way to estimate your costs is to request a quote
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Policy highlights
Geico has teamed up with BoatUS (Boat Owners Association of the United States) to offer insurance to recreational boaters in all 50 states and Washington, DC. Its standard policies include options for both agreed hull value and actual cash value, as well as liability only policies.
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App available
Pros
- Wide variety of coverage options with additional add-ons available
- Available in all 50 states and Washington, DC
Cons
- Few discounts listed online
Geico offers boat insurance policies through BoatUS that cover many types of boats and scenarios. Its policies include helpful features like discounts for completing boat safety courses and optional add-ons like boat towing assistance, disappearing deductibles and coverage for your fishing equipment. Geico is rated highly for customer satisfaction and financial strength, also taking top spots in CNBC Select’s rankings for best car insurance and best home and auto insurance bundles.
Runner-up
Markel Boat Insurance
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Cost
The best way to estimate your costs is to request a quote
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Policy highlights
Known for insuring niche products like boats, Markel’s boat insurance is a strong option for the breadth of boats covered by its policies and the depth of coverage available. Markel policies include protection against theft, wreckage removal and emergency towing. It can also include coverage like tournament fee reimbursement and trailer and boat lift coverage.
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App available
Pros
- Specialty coverage for fishing, including equipment coverage and tournament reimbursement
Cons
- With few other policies available, limited opportunities for bundling
Markel offers coverage for a variety of specialty items, including boats. Its coverage is an especially strong option for those who use their boats for fishing, with some unique perks and coverage for things like tournament fees and fishing equipment. Markel has several discounts available to customers and offers special policies for personal watercraft and yachts. It also offers commercial policies if you use your boat for charters or excursions.
Best for discounts
Progressive Boat Insurance
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Cost
The best way to estimate your costs is to request a quote
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Policy highlights
Progressive covers a wide variety of boats under 50 feet long and at or below $500,000 in value. It also offers several discounts for those who bundle their policies, take a safety course or are the watercraft’s original owner.
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App available
Pros
- Affordable on-water towing coverage is available
- 10 discounts for boat owners
Cons
- Many age, value and material resctrictions on boats covered
Progressive is a strong choice for its boat coverage, covering a variety of boats valued under $500,000 and up to 50 feet long. Progressive stands out for offering competitive rates with 10 different boat insurance discounts, including discounts for paying in full, completing a safety course and getting quotes in advance. Optional policy add-ons include replacement cost coverage, hurricane haul out and Sign & Glide, which covers emergency services like on-water towing and jump starts.
Best for high-value boats
Chubb Boat Insurance
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Cost
The best way to estimate your costs is to request a quote
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Policy highlights
Chubb is known for its coverage of high-value property and items and its boat insurance offerings are no different. Chubb offers boat coverage for pleasure boats up to 35 feet. Boat insurance coverage through this insurer caters to high-net-worth clients, and includes coverage for things like scuba gear and water skis and even high-end coolers.
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App available
Pros
- Coverage for most watercraft up to 35 feet
Cons
- May not be a good fit for those looking for a basic policy
Chubb is ideal for those insuring large or expensive boats or yachts. Creating policies to cater to those with higher-value properties and items, this insurer can cover luxury pleasure boats 35 feet and less. Chubb’s unique, tailored coverage could be a good fit for clients who have an expensive boat with high-dollar items on board. It also offers unique services for yacht owners like complimentary background screenings on crew members, travel briefings and discounted rates on security services.
Best for a wide variety of boats
Foremost Boat Insurance
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Cost
The best way to estimate your costs is to request a quote
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Policy highlights
With Foremost boat insurance, you get the same reliable coverage you would get through Farmers. Foremost offers coverage for a wide variety of watercraft, from fishing boats to cruisers. It also offers several discounts to customers, including a discount for paying in full.
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App available
Pros
- Variety of boats are eligible for coverage
- Several discounts available
Cons
- Online quotes take two to three business days
As a Farmers Insurance company, Foremost offers coverage with the same great strength as its name-brand parent company. Foremost’s boat insurance serves a wide range of boat types, from fishing boats to performance boats. With coverage available in all 50 states, it is a strong choice for many boat owners. Foremost also has multiple discounts available, such as for boat owners over 55, as well as special coverage options for USAA members.
FAQs
What does most boat insurance cover?
Boat insurance generally covers the following:
- Liability coverage that can pay for damages that you’re found responsible for
- Uninsured/underinsured boaters
- Medical payments for you and your passengers
- Specialty equipment or personal property onboard a boat
However, every policy is unique so it’s important to review your policy to see what exactly is and is not covered.
Does boat insurance cover hurricanes?
Boat insurance can cover damage sustained from weather-related events, such as hurricanes, but it’s not always included by default — it may be an optional add-on to your policy. Some insurers will also help cover the cost to move your vessel out of danger during a hurricane advisory.
How much is boat insurance?
The average boat insurance premium is about 1.5% of the boat’s insured value according to Bankrate. However, other factors like your credit score and location (and the length of the boating season there) can affect the amount you pay, too.
What are the three main types of boat insurance?
There are three types of boat insurance: actual cash value insurance, agreed value insurance and total replacement value insurance. Actual cash value policies pay for replacement cost minus depreciation if you have a claim, and are generally the most affordable. Agreed value insurance has an agreed-upon amount that the owner will receive if the boat is considered to be a total loss. Meanwhile, total replacement value insurance replaces damages with new items without considering depreciation.
Is it worth getting boat insurance?
Boat insurance can repair or replace a boat, and could be a useful tool for those with larger, powered boats. While smaller boats like a canoe or kayak may be covered under a homeowners insurance policy, a boat insurance policy can protect a larger and more expensive vessel, and make sure your finances aren’t impacted if you’re found liable for damages.
Bottom line
While boat insurance isn’t required in every situation, having coverage can help ensure smooth sailing for you in a number of ways. Boat insurance can protect both your investment in your watercraft and your finances if you’re involved in an accident. To find the best deal for you, it’s important to get quotes from several insurers and compare them.
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Our methodology
To determine the best boat insurance companies, CNBC Select analyzed dozens of U.S. insurance companies with policies for boats that suit a variety of needs.
When narrowing down and ranking the best boat insurance companies, we focused on coverage, availability, unique features and ease of use. We considered the number of states where coverage is available, the variety of vessel types and sizes covered, financial strength ratings from AM Best (which measures a company’s ability to pay on debts), and the number of discounts available.
From there, we sorted our recommendations by the best overall and the best runner-up, the best for discounts, best for high-value boats, and best for a wide variety of boats.
Note that the premiums and policy structures advertised for motorcycle insurance companies are subject to fluctuate in accordance with the company’s policies.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.