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What Should I Look For When Shopping For Boat Insurance

There are many factors to consider when shopping for boat insurance. For starters, youll need to decide if you want a policy that uses an agreed value policy or an actual cash value policy. ACV policies are typically cheaper, but they provide less payout in the event of a total loss.

Furthermore, youll want to look for exclusions and restrictions to boat coverage. For example, some companies will only insure boats up to a certain size, whereas others will not insure boats used for commercial purposes. Knowing the specifics of your boat and what youll use it for can really help you find the best policy to fit your needs.

Once you find several companies that will cover your boat, read the entire list of standard coverage inclusions and compare. Where one company may offer towing as a standard feature, another company may only offer it if you pay an extra monthly fee. Noting these small differences could really save you money.

Finally, consider a companys reputation and the attention it gives to its boat insurance. Some specialty insurance companies focus solely on coverage for boats and other recreational vehicles, while other companies just offer boat insurance as an extra to attract more customers. Noting this can help you get the best coverage from experts who know what theyre doing when it comes to boats.

Progressive: Best For Cheap Boat Insurance

  • Rates as low as $100 per year

  • Wide array of coverage

  • Restrictions on types of boats covered

  • Strict coverage limitations in areas with hurricane risk


As expected from one of the industry leaders in personal property insurance, Progressive offers all of the major coverage and more, including:

  • Bodily injury and property damage liability
  • Comprehensive coverage
  • Propulsion Plus mechanical breakdown coverage
  • Sign & Glide on-water towing
  • Fishing equipment or carry-on items
  • Water sports injury coverage
  • Fuel spills and wreckage removal
  • Roadside assistance and trip interruption
  • Full replacement cost


You can potentially save even more with Progressive by qualifying for some of the following discounts:

Additionally, Progressive offers these perks that help customers save on their boat insurance over time:

  • Small Accident Forgiveness This prevents your rates from increasing if you end up in a boating accident with a claim under $500.
  • Large Accident Forgiveness This prevents your rates from increasing after an accident if youve previously remained accident free for three years.
  • Disappearing Deductible Your deductible lowers by 25% for each period you remain claim free until it finally reaches zero.


Progressive boat insurance is only available for boats up to 50 feet in length, and in some states that experience higher hurricane risks, the limitations are 35 feet and $175,000 in value.

Additional Perks

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Does Boat Insurance Cover Vandalism

Boat insurance will cover damages caused by vandalism for your boat if you have comprehensive coverage in your boat insurance policy. Otherwise, you cant claim your insurance for damages related to non-collision like vandalism, theft, storm, hurricane, and other damages.

A standard boat insurance plan will mostly have comprehensive coverage if not, you can add it as additional coverage. The total amount you may get depends on your value plan . With that, you can cover all the damages caused due to vandalism, theft, and others that are not related to boat collisions.

Comprehensive coverage will cover motors, sails, hull damage, safety equipment loss, etc., damages and losses.

What Does Boat Insurance Cover

New Hampshire Boat Insurance

Boat insurance can cover physical damages to your watercraft as well as any injuries or damages you cause to others while boating. Here are some common coverages available on a boat insurance policy:

  • Liability: Pays for any damages or injuries you cause to others while boating, up to the limits of your policy.
  • Physical damage coverage: Physical damage coverage includes both comprehensive and collision coverage, and includes coverage for damages from events outside of your control, such as weather, theft or fire. Coverage also extends to damages sustained in a collision with another watercraft or object, regardless of fault, including if your boat capsizes.
  • Uninsured/underinsured boater : Pays for your injuries if you’re hit by a boater with little or no insurance.

If physical damage coverage is included on your policy, the hull, furnishings, fittings, and other components such as motors, anchors, fuel tanks, batteries, and onboard safety equipment are typically covered if damage occurs due to a covered incident. A standard boat insurance policy will also commonly cover fuel spills and wreckage removal if your boat sinks.

Learn more about boat insurance coverages including those you’ll only find at Progressive.

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How Does Boat Insurance Cover Trailers

A boat insurance policy can typically cover damage to your boat trailer if it’s added to your policy, even if your boat isn’t on the trailer at the time of the incident. Boat insurance won’t pay for injuries or damages you cause while towing your boat trailer that’s where your car insurance policy comes into play.

What Does Boat Insurance Typically Not Cover

What a boat insurance policy does not cover in relation to a boat is generally called an exclusion. These exclusions almost always include:

  • Wear and tear of the boat
  • Damage done by marine life such as sharks
  • Faulty machinery such as an engine going out
  • Infestations with bugs or rodents
  • Accessories that break

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How To File An Insurance Claim For Boat Damage

To help get your life back on track quickly and as stress-free as possible, we try to make the claims process uncomplicated. If you need to file an insurance claim for boat damage, you have options:

1.File your claim with your agent, online, through My Account or give us a call at 1-800-MYAMFAM

2.Youll want to have this information on hand:

  • The date and time of the event.
  • A brief description of what happened.

3.After you file a boat insurance claim, our on-call team of experts will be on site as quickly as possible, inspecting the damage and making sure you have everything you need to keep your life moving forward.

Boat Insurance Coverage Faqs

Boating Insurance 101 with Bishop Skinner Marine – What is Boat Insurance? Why get boat insurance?

Small Boat 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” 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?

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?

Large Boat Insurance

What are the differences between boat and yacht insurance?

What should I look for in a yacht policy?

What is a normal deductible?

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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 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 insurers complaint trend report from the National Association of Insurance Commissioners .

How Does Boat Insurance Cover Engine Damage

If your insurer agrees to cover it, how you get reimbursed for your engine depends on the coverage outlined in your policy. With actual cash value protection, youll always receive less than what you paid for your engine due to depreciation. The older the engine is at the time of its failure, the less youll get for it.

With an agreed-upon value or hull value policy, your insurer may pay to replace a new one without accounting for depreciation if its within a few years old. The cut-off for deducting appreciation varies by company its usually between 3 to 7 years. For instance, one insurer may replace your 5-year-old engine without deducting depreciation, while another one may.

Your provider also might have certain limits when replacing your engine. For example, Progressive will cover engines up to 700 HP for single engines or 1,400 HP for twin engines on cruisers, motor yachts, and ski/wake boats with inboard or inboard/outboard engines.

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Does Boat Insurance Cover The Motor

Typically, your boat motor is covered by your policy, but again, it has to be a covered event. For instance, if your boat collides with another boat and takes out your engine, youll likely be covered. But it doesnt cover you if you simply dont maintain your motor and it breaks down.Your agent can help you better understand the specifics on how your coverage protects your boat from the unexpected.

Do You Need Boat Insurance


In order to determine if you need boat insurance, you need to assess your needs and keep the costs in mind. Typical boat insurance policies can cost 1-2% of the boats value over the course of a year. These payments are typically split up into monthly payments.

If your livelihood depends on your boat, such as a boat charter business, youre a fisherman, or offer boat tours then you should definitely get boat insurance. Its also recommended for recreational boat users because boat repairs add up and you dont want the headache and out-of-pocket costs, not to mention liability, if youre in an accident or your boat is damaged in a storm.

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Your Car Gets Repaired

Let’s say you have a $1,000 deductible. You’d pay the $1,000, and your insurer will pay the remaining $4,000.

Comprehensive includes a deductible, which is the amount you pay out of pocket. Keep in mind that at Progressive, if you use a repair shop in our network, we offer guaranteed repairs for as long as you own or lease your car.

See expert tips for choosing the right car insurance deductible. Our car insurance estimator is also a good starting point for finding the right deductible for you.

Need an exact comprehensive insurance price? Get an auto insurance quote online, and you can find out in minutes exactly how much comprehensive will cost you.

Insurance Companies That Cover Fuel Contamination

State Farm absolutely will cover contaminated fuel if you have COMPREHENSIVE on your policy.I specifically ask every year:What if some one puts gas in the tank? CoveredWhat if someone puts DEF in the fuel tank? CoveredWhat if I get contaminated fuel with water or gasoline in it from the station?CoveredWhat if I’m launching the boat, forget to put it in park, slip on the ramp, get knocked unconscious, and the truck rolls into the lake?SIGH…. basically if you pay the $100 deductible and its damaged from a rock, fire, flood, tree, bird strike, meteorite, or pretty much anything beyond your control it’s covered.If your pump just plain wears out and sends shrapnel into your injectors, that would be on you, or your warranty.

Good Morning David,There is first party coverage for putting the wrong gas into the vehicle, it would be handled under comprehensive coverage.For the defective gas, they indicated that would have to be a claim filed against the gas station supplying the gas as it would be their liability. Hopefully this helps!

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How Much Is Boat Insurance Ny

Boat Insurance Cost The average cost of a boat insurance policy is generally $200 to $500 a year, according to Trusted Choice, an association for insurance agents. Factors that determine a boatinsurance rate include: Value of the boat. Boat length, age and category.26 mar. 2021

Also, is boat insurance required NY? While boat insurance is not required in New York to register a boat with the DMV, its a good idea to get insurance in place for your personal watercraft. In New York you can purchase a Boat Insurance Policy with replacement cost value coverage for physical damage to your boat.

People ask , is boat insurance worth getting? As with any potentially hazardous activity, having an insurance policy can help offset the risks associated with operating a boat on the water. Typically, boats are a serious investment and can be a significant cost in the event of an unexpected repair or accident.26 jui. 2018

, how much is insurance on a $100000 boat? If you own a motorboat worth $100,000, you can expect to pay about $1,500 to insure it. And for the $2 million yacht, youre looking at around $30,000 a year.

, why is boat insurance so expensive? Boats horsepower: Boats with stronger engines, like powerboats, often have higher rates. Boats age: Newer boats are often more expensive to insure than older boats. Boating history: More experienced boaters may receive lower insurance rates than newer boaters with less experience on the water.


Best Boat Insurance Companies Of 2021

Boat Insurance Basics How to Get Cheap Boat Insurance with Great Coverage
Best for Policy Discounts Best for Covering Boat Rentals

Full replacement cost, Liability, Fuel spill, Wreckage removal, Roadside assistance, Watersports coverage

Agreed Hull Value or Actual Cash Value reimbursement, Liability, Medical payments, Salvage, Wreckage removal

Physical damage, Liability, Uninsured/Underinsured boater, Medical payments, Trailer, Personal property, Towing and roadside assistance

Agreed hull value, Liability, Replacement cost, Uninsured/Underinsured boater, Medical payments, Search and rescue, Personal property, Fishing equipment, Towing, Bottom inspection, Marine environmental damage

Physical damage, Comprehensive coverage, Liability, Medical payments, Wreck removal, Emergency assistance

A.M. Best Rating

Full replacement cost, Liability, Fuel spill, Wreckage removal, Roadside assistance, Watersports coverage

Agreed Hull Value or Actual Cash Value reimbursement, Liability, Medical payments, Salvage, Wreckage removal

Physical damage, Liability, Uninsured/Underinsured boater, Medical payments, Trailer, Personal property, Towing and roadside assistance

Agreed hull value, Liability, Replacement cost, Uninsured/Underinsured boater, Medical payments, Search and rescue, Personal property, Fishing equipment, Towing, Bottom inspection, Marine environmental damage

Physical damage, Comprehensive coverage, Liability, Medical payments, Wreck removal, Emergency assistance

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Kinds Of Boat Insurance Policies

  • Boat
  • 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 – These policies are very customizable and can cover items like travel to a tournament, equipment and more.

Does Boat Insurance Cover A Blown Engine

Boat insurance covers a blown engine under some circumstances. Check that with the insurance company issuing the policy. Many policies will cover a blown engine when the cause is a manufacturers defect, but not if is due to normal wear and tear.

Contact an independent agent for assistance with all of your boat coverage. Article | Reviewed byJeffrey Green

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Does Boat Insurance Cover The Trailer

Boat insurance wont generally cover trailers in their normal or standard boat insurance policy you need to add trailer coverage to the insurance plan to cover any damages caused to your boat trailer. So, unless if you use the boat trailer, dont take that additional insurance coverage.

Boat trailer coverage pays if anything happens to your boat trailer . For example, a progressive insurance company will pay your expenses if your trailer breaks down within 100 miles from home. They will reimburse you up to $500 to cover food, hotel, and other transportation costs.

Related post Do boat trailers need insurance? Check this article to know more about the insurance requirements for a boat trailer and to know whether your boat or homeowners insurance will cover the trailer or not.

Why You Need Specialized Boat Insurance Coverage

Does Boat Insurance Cover Ice and Freezing

Boat insurance is not required in all states. However, if you finance your boat or dock it at a marina, you may be required to have a specialty boat policy. Get more information on boat insurance requirements.

Off the water, you may be able to insure your boat on your homeowners policy. But homeowners policies typically cover small low-powered watercraft and offer few optional coverages. Thats why so many boaters choose Progressive specialized policies. With us, youll get all the coverages listed above .

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