Boat Insurance: Which Companies Offer The Best Coverage?

If you're a boat owner, you'll likely need some form of insurance coverage for your vessel. While only Arkansas and Utah require boat insurance, it can be useful to have coverage in case your boat is damaged, stolen, or injures someone or their property.

- Progressive

- BoatUS

- Markel

- National Boat Owners Association (NBOA)

- State Farm

- Foremost

- Chubb

- Geico

- Allstate

- Nationwide

- USAA

- American Family

Companies with the best discounts

Progressive is a strong choice for its boat coverage, offering a wide 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
• Discounts for completing a safety course
• Discounts for getting quotes in advance
• Discounts for bundling with a Progressive car, RV or homeowners policy

Foremost also offers multiple discounts to customers, including a discount for paying in full. Foremost is a specialty insurer for its parent company Farmers, one of the country's largest insurance providers.

State Farm offers a safety course discount if you complete an approved course from a provider such as the U.S. Coast Guard Auxiliary or the U.S. Power Squadron. State Farm is the country's largest insurer, making it an obvious option when it comes to boat insurance.

Markel offers a discount for mature operators (over 40) and experienced drivers (over five years of experience). Markel is a specialty boat insurance provider that's a particularly good choice for serious boaters and fishing professionals.

Allstate offers a boating education discount when you complete a safety education course approved by the United States Coast Guard Auxiliary, United States Power Squadron or a watercraft enforcement agency of any state.

Companies with the best insurance packages

There are several companies that offer boat insurance packages with varying benefits. Here are some of the companies with the best insurance packages:

Progressive

Progressive is one of the most well-known boat insurance providers and offers a wide range of coverage options. They serve all 50 states and have over 35 years of experience in the industry. They provide coverage for various boats, including jet skis, speed boats, pontoon boats, fishing boats, sailboats, and yachts. Their standard policy includes liability protection and covers events like sinking, fire, theft, and collisions. They also offer several optional coverages, such as on-water towing and fishing equipment coverage. Progressive also has multiple discount options, including multi-policy and safety course discounts.

BoatUS

BoatUS, also known as the Boat Owners Association of the United States, offers insurance in all 50 states and Washington, DC. Their policies cover a wide range of boats and scenarios, and they have several add-ons available, such as boat towing assistance and coverage for fishing equipment. They also offer discounts for completing boat safety courses. BoatUS is known for its expansive cruising areas, which is a significant perk for dedicated boaters.

Markel

Markel is a specialty insurance provider that offers coverage for a variety of specialty items, including boats. They have a wide range of coverage options and are particularly well-suited for serious boaters and fishing professionals. Markel offers coverage for fishing equipment, tournament fee reimbursement, and trailer and boat lift coverage. They also have several discount options available and provide commercial policies for those who use their boats for charters or excursions.

Foremost

Foremost is a subsidiary of Farmers Insurance and offers reliable coverage for a wide range of watercraft, from fishing boats to performance boats. They provide coverage in all 50 states and have multiple discount options available, such as a discount for paying in full. Foremost also includes emergency on-water assistance in many of its policies and offers pre-configured coverage packages curated for different types of boats and boaters.

Chubb

Chubb is known for insuring high-value properties and items, and their boat insurance offerings are no exception. They cater to high-net-worth clients and can cover luxury pleasure boats up to 35 feet in length. Chubb offers unique services such as complimentary background screenings for crew members and discounted rates on security services. Their policies include coverage for items like scuba gear, water skis, and high-end coolers.

State Farm

State Farm is the country's largest insurer and offers a range of coverage options for boat owners. They excel in commercial boating insurance and provide coverage for boats rented to and from others, which can be scarce among other providers. State Farm also includes emergency assistance and fuel spill liability coverage in their basic policies. While they have fewer advertised discounts, they do offer coverage for a wide range of boats and situations.

Companies with the best yacht insurance

Yacht insurance is a type of coverage designed to protect yacht owners and their personal property in the event of an incident on the water. When it comes to choosing the best yacht insurance, there are several companies that stand out for their coverage options, benefits, and customer service. Here are four to six paragraphs detailing some of the top companies for yacht insurance:

Chubb is a well-known insurer that offers boat insurance designed specifically for yachts. They provide coverage 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. Chubb's yacht insurance includes unique coverages such as longshore and harbor workers' compensation, boat show and demonstration coverage, and temporary substitute watercraft. They also offer global coverage and high coverage limits, making them an ideal choice for yacht owners seeking comprehensive protection.

PURE Insurance is another excellent option for yacht insurance, especially for high-net-worth individuals. PURE is a member-owned insurer that provides agreed value protection and a range of coverages, including medical, uninsured/underinsured boater, liability, and personal property. They also offer coverage for tenders, emergency towing, damage while on land, and even search and rescue. PURE's Member Advocates provide a luxury experience, offering advice, weather guidance, and assistance with background checks. Their high coverage limits and international coverage make them a top choice for yacht owners.

Geico Marine, backed by financial giant Berkshire Hathaway, has been in the boat insurance business since the 1980s. They offer insurance for boats up to 50 feet in length and valued up to $2.5 million, with the exception of wooden or composite boats. Geico Marine provides a wide range of coverages, including liability, watercraft and equipment, uninsured/underinsured boater, and replacement cost settlement. They also offer 24/7 assistance and give policyholders access to the BoatUS Catastrophe Team, which provides resources for vessel recovery and salvage after natural disasters.

Markel is a specialty insurer known for covering niche products like boats. They offer a variety of coverages, including theft, wreckage removal, and emergency towing. Markel also has special coverages geared towards fishing enthusiasts, such as protection for rods, reels, and other fishing equipment. They offer tournament fee reimbursement and trailer and boat lift coverage. Additionally, Markel provides commercial policies for those who use their boats for charters or excursions. However, they have limited opportunities for bundling with other types of insurance.

Progressive, with over 35 years of experience, is a reliable choice for yacht insurance. They serve all 50 states and offer a range of coverage options for yachts and other watercraft. Progressive's standard policy includes physical and liability protections for events like sinking, fire, theft, and collisions. They also have several optional coverages, such as total loss replacement, uninsured/underinsured boater, on-water towing, and fishing equipment coverage. Progressive stands out for its multiple discount options, including safety course discounts, multi-policy discounts, and accident forgiveness.

Global Marine Insurance Agency is a specialist in boat and marine insurance, serving boaters since 1989. They offer coverage for property, general liability, protection and indemnity, and umbrella options. Global Marine's policies typically include coverage for the boat's hull, engine, and navigation equipment, usually at an agreed value. They also provide general liability and protection for services rendered and products sold. With locations across the US and a range of discounts, Global Marine is a good choice for those seeking specialized coverage for their yachts.

Companies with the best boat rental insurance

When it comes to boat rental insurance, State Farm stands out as the best option. State Farm offers an unusually wide variety of watercraft coverage, including yachts, kayaks, and canoes. They also provide optional coverage for rented boats, which is a rare feature in boat insurance policies. State Farm's base policy includes emergency service insurance and wreck removal coverage, and they offer a lay-up discount if you don't use your boat year-round.

Another company that offers boat rental insurance is Foremost. Foremost is a specialty insurer that provides tailored coverage packages for different types of boats and watercraft. They offer optional liability protection for rented boats and have a range of discounts available, such as for boaters over 55 years old.

In addition to State Farm and Foremost, several other companies offer boat insurance with various benefits. Progressive, for example, has a wide range of coverage options and discounts, while BoatUS provides membership benefits such as free boater safety programs and towing and emergency assistance plans. Markel is a good choice for commercial boat insurance, as they cover watercraft used for business purposes, and Chubb specializes in insurance for high-value boats and yachts.

Companies with the best commercial boat insurance

When it comes to commercial boat insurance, State Farm is a solid choice. As the country's largest insurer, State Farm offers a wide range of commercial boating insurance options. This includes coverage for boats rented to and from others, fishing-related coverage, and rental boat coverage, making it a versatile option for boat owners who work on the water.

State Farm's standard boat insurance typically includes emergency services, wreck removal coverage, fuel spill liability coverage, and first aid expenses coverage. Additionally, they offer fishing tournament fee reimbursement and coverage for boats rented to others for personal use.

Another option for commercial boat insurance is Markel. Markel is known for insuring niche products and offers commercial liability coverage for fishing and other boat-based businesses. Their policies include coverage for fishing equipment, tournament fee reimbursement, and trailer and boat lift coverage.

Progressive, BoatUS, the National Boat Owners Association (NBOA), and Foremost are also worth considering for commercial boat insurance, as they offer a range of coverage options and have received positive reviews.

Frequently asked questions