Best For Affordability: Allstate
- No. of Policy Types: 3+
- Coverage Limit: Varies
Allstate is an insurance powerhouse that offers affordable boat insurance, multiple discounts, and additional boating resources on its website.
Need to speak to agent for policy details
Doesnt specialize in boat insurance
May not get personal attention of a smaller company
Allstate is one of the biggest personal insurers in the United States, consistently drawing high financial strength and customer service ratings from a variety of rating institutions, including A+ from AM Best. Allstate advertises its boat insurance as being affordable for a variety of boat types and coverage options, with some policies available for as low as a $25 monthly premium. The company offers a variety of payment options to fit your financial situation, including Allstate’s Easy Pay Plan where you can save 5% by having your boat insurance premium automatically deducted from your checking account. Or, if you opt to pay in full, you can save up to 10% on your policy premium. If you already have other policies through Allstate, it makes sense to check into their boat insurance coverage since you can save up to 20% on your policy premium by combining it with a home policy. Allstate also offers a 10% discount on boat insurance to all home owners.
What Is The Best Type Of Boat Insurance
The best type of boat insurance is insurance coverage that adequately meets your legal and contractual obligations and allows you to feel comfortable about your exposure to risk. Because each individual situation is different, it is important that you determine what coverage factors matter most to you and your family. Spend time researching your options and speak with multiple insurance brokers or agencies. Allthingsboat.com has an excellent review of boat insurance providers.
How Does Boat Insurance Work
Boat insurance works similarly to car insurance, but it covers the financial loss of large boats instead of automobiles. You generally pay a set monthly fee for coverage on your boat, and in exchange can place claims against financial loss or damage for things related to your boat. When the claim is received by the insurance provider, they will investigate to determine the fault of any accident, what the damage costs are, and how much should be covered. Once that is complete, the insurance carrier will send you a check for the amount of coverage you are entitled to for whatever claim you submitted.
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More Insight Into Our Methodology
Shopping for boat insurance is somewhat similar to getting car insurance, with one major difference: theyre not standardized. First because boat insurance is not required in all states, except for the three statesArkansas, Utah, and Hawaiiwhere 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 theres 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:
What Other Factors Affect Your Boat Insurance Cost
Besides where you live, several factors play into boat insurance rates, including:
- Type of watercraft: Fishing boats, pontoon boats, sailboats, and other personal watercraft all have unique features that may affect the cost of your policy.
- Safety measures:Completing a boating safety course may lower your rate.
- Boats horsepower: Boats with stronger engines, like powerboats, often have higher rates.
- Boat’s 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.
You may be able to lower the cost of boat insurance by qualifying for discounts, including multi-policy, multi-boat, and responsible driver. Learn more about boat insurance discounts at Progressive.
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What Does Boat Insurance Protect
Boat insurance protects your boat, everyone riding in it, and the risk of injury to others from covered claims. Boat insurance is similar in many ways to auto insurance policy. Some of the more common coverages include:
Liability Insurance: This part of boat insurance covers your obligations to others resulting from an accident and can be subdivided as follows:
Property Damage Liability This is the maximum amount that your policy will pay for damage to the property of others either another boat or other property, such as a dock or waterfront home. Typical limits for this coverage range from $25,000 up to $100,000.
Bodily Injury Liability This coverage will pay for injuries suffered by others by accidents caused by the policy holder. Your policy will set parameters for how much can be paid to each person injured and a total for the entire accident.
Collision Insurance: Collision coverage provides for the repair or replacement of your boat after an accident. You may require additional coverage for the cost of cleaning up wreckage or this will be a out of pocket expense.
Comprehensive Insurance Optional comprehensive coverage provides protection in the event of theft, vandalism, natural disaster, or other events outside of collisions.
Is Boat Insurance Required in Texas?
What types of boats can be covered?
We can help you protect any boat you may have. Here are just a few examples of boats we cover:
- Fishing boats
- Many more!
How much is Boat Insurance in Texas?
Which Comes First: The Boat Or The Boat Insurance
If you are in the market for a boat, it’s a good idea to consider shopping for insurance first before signing your boat purchase paperwork. Insurance rates can vary, so you may want to factor in the cost of your coverage as you determine which boat you can reasonably afford.
Try narrowing your purchase choices down to two or three boats, and then take information about their specifications to a local independent agent.
Your agent will get quotes from several insurance companies for you on your potential purchases. You can then determine for yourself which boat will ultimately be better for your needs and budget.
An independent agent in your area can help you evaluate boat insurance rates and options so you can enjoy the water and have peace of mind. If youre thinking about getting a boat, contact a local agent today and get the vital information you need for your best protection.
TrustedChoice.com Article | Reviewed byJeffrey Green
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Best For Individualized Customer Service: United Marine Underwriters
United Marine Underwriters
- No. of Policy Types: 4
- Coverage Limit: $1 million
The provider offers personal attention to its customers, doesnt make them feel like a number, and each customer gets assigned a primary customer service agent.
Discounts for boat safety courses
Cant buy other types of insurance from them
Contact for pricing and policy details
As it emphasizes on its website, United Marine Underwriters is a specialty insurance company that writes insurance for just boats. It has been in business since 1990 and provides boat insurance in all U.S. states except New Mexico. Boat insurance navigation is also available to Canada, the Bahamas, and Mexico. Liability limits are available up to $1,000,000, with discounts available for completing one of several boating safety courses approved by the Coast Guard Auxiliary and Power Squadron and the National Association of State Boating Law Administrators, among others, according to its website.
One of the more unique things about United Marine Underwriters is its policy service. When you purchase a boat insurance policy through United Marine Underwriters, you are assigned a primary service person who takes care of all of your servicing needs. This company really cares about its customer service.
What Does Average Boat Insurance Cover
And now we get to perhaps the most important question here: What does boat insurance actually cover, anyway?
A lot of things, varying from policy to policy.
Take the time to customize your boat insurance plan to suit your needs. Carefully select what you and your family need, given your specific circumstances. To get you started, here are a few of the things covered by the average boat insurance policy, and that most boaters consider very important:
If someone is injured in a boating accident thats found to be your fault , then your boat insurance plan will likely cover a good chunk of the medical expenses associated with the boating injuries.
This is also true if you or someone on your boat is hurt in an accident thats someone elses fault. This is important, especially if the other parties involved made the poor choice to skip getting boat insurance!
After a boating accident, regardless of whether there were medical bills, there are often legal costs. These could be potentially ruinous if you dont have good boat insurance coverage in place.
If your boat is involved in an incident that causes property damage to another vessel, a dock or part of a marinaor even simply to itselfyoull be glad you have boat insurance when the repairs or replacements are covered by your insurer, and not your personal bank account.
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Boat Insurance: Not Mandatory In Ontario But A Highly Worthwhile Investment
Most consumers would likely admit, even if somewhat reluctantly, that there are specific services or amenities that simply must be included in their monthly budget regardless of the actual/individual costs. Public utilities would conceivably be foremost on their minds, while many people might also include their vehicle operating and maintenance expenses within their list of necessities.
Recognizing that these costs are essentially inescapable, it should not come as a surprise that people will look to save money elsewhere, in an effort to stretch their budgets as far as possible and perhaps gain a little room for some of lifes pleasures. Quite often, these decisions will revolve around the costs associated with extras or optional considerations viewed from a different perspective, are there any costs that they could avoid without surrendering any levels of service or having to abstain from any activity or activities?
That latter point is especially relevant for boating and personal watercraft enthusiasts in the province of Ontario, where it is not mandatory/law for owners of personal watercraft to have applicable insurance. This basically means that they can enjoy their time on the water without worrying about the added cost of boat insurance in their overall budget.
What Is Boat Insurance And Why Is It Important
Boat insurance is primarily designed to cover boats that have motors or sails. A new boat can cost tens of thousands of dollars, so for many, this coverage is well worth the investment.
The US Coast Guard reports that Texas boaters are involved in an average of 203 accident a year. In fact, in one recent year, boating accidents in this state resulted in 173 injuries, 59 deaths, and $2.2 million worth of property damage. Thats a lot of expensive losses for uninsured boaters in the Lone Star state.
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What Are Specialty Types Of Boat Insurance
Since your boat is quite different from your car, it has some specialty items you can add to your basic policy. You can have your expensive fishing equipment covered in Corpus Christi, TX and your personal property that you take with you on your boat, such as a cell phone or laptop. You can add roadside assistance to cover the towing fees if you break down and fuel spill or accident cleanup, which removes all the debris from a boating accident.
At Revolutionary Insurance Group LLC, we want to help you with all your boat insurance needs. Our experienced agents can help you in person at our Corpus Christi, TX office or on the phone to answer all your questions and help you choose the appropriate coverage for your peace of mind.
Consequences Of Operating A Boat Under The Influence
Alcohol use was the leading cause of fatal boat accidents in 2019, according to data from the U.S. Department of Homeland Security and the U.S. Coast Guard.
Like drinking and driving, operating a boat under the influence of alcohol or drugs is illegal in every state. Also, federal law prohibits boating under the influence , which the U.S. Coast Guard enforces. This law prohibits all boaters from operating vessels while under the influence, even foreign boats in U.S. waters.
Penalties for drunk boating vary by state and jurisdiction of the waters but can include:
- Large fines
- Suspension or revocation of boat operator privileges
- Suspension or revocation of drivers license
- Jail time
In addition to facing state and federal penalties, you may get severe consequences from your insurance company. For starters, if you get into an accident as a result of operating a boat under the influence, your insurance company might only pay out a liability claim against you. It might not cover damage to your own boat. Your insurer could also decide to cancel your boat insurance coverage after a drunk boating accident.
If youre convicted of BUI with no accident, your insurer could still drastically raise your boat insurance rates or, worse, cancel coverage. While you might be able to find other boat insurance coverage after a cancellation, youll likely have to pay significantly more for a new boat insurance policy.
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How Much Is Boat Insurance Per Month
The amount you pay per month for boat insurance depends on how valuable your boat is, what insurance plan you choose, and a number of other factors. A basic liability plan can cost you as little as a $100 every year, while a comprehensive plan for a mid-range pontoon can cost as much as $45 a month.
If insuring your pontoon sounds a bit pricey, dont worry. Here are some ways you can reduce the monthly payment:
- Find a policy that suits your needs, and dont pay extra for things you wont use.
- Maximizing your boats safety features can reduce your monthly payment.
- Complete a boating safety course and show your agent the certificate.
- If your pontoon isnt getting a lot of use, lengthen the lay-up period.
When you show your insurance agent that youre serious about boat safety, you could end up getting a discount of 5% or more.
Boat Insurance Cost Factors
Many factors are used to set the cost of a policy, and they vary among insurers. Here are some items to consider:
- Cruising Area: Where you boat.
- Boating Safety Education: If you have been formally trained or certified.
- Good Driving Records: Both boating and driving.
- Liability Limits: The higher the limit the higher the cost.
- Deductible: The higher the deductible the lower the premium.
- Towing insurance requirements for offshore fishing .
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Look For Great Boat Insurance Rates Each Year
Once you have a boat insurance policy, dont just sit back and consider yourself done with the process beyond making payments.
Theres a reason why insurance companies run commercials and web ads all the time. They want you to switch plans and join them.
Many insurance companies will offer enticing rates and incentives for you to switch to their brand, so shop around from time to time.
You could save thousands of dollars over the years by always opting for the best available boat insurance plan.
What States Require Boat Insurance
As of right now, only two states have boat insurance lawsâArkansas and Utah. In Arkansas, all motorboats powered by engines of more than 50 horsepower, and all PWC, must be covered by a liability insurance policy. The policy must provide at least $50,000 of liability coverage, and it is illegal to operate the PWC without the required insurance.
In Utah, all motorboats and PWC are required to carry ownerâs or operatorâs liability insurance when operated on Utah waters. Motorboats equipped with engines less than 50 horsepower and airboats are exempt. It is illegal to operate a PWC on Utah waters without the required insurance.
Utahâs boat insurance policy requires the following minimum coverage limits per occurrence:
- $25,000 for bodily injury per person.
- $50,000 for total bodily injury if multiple people are hurt in the accident.
- $15,000 for property damage.
There are some instances of states requiring insurance for boats used in some state parks or kept in some state-operated marinasâcheck with your state marine board or alternative governing agency to see if you are impacted.
Is Boat Insurance Expensive
As is the case with almost anything you purchase, the more research and price comparison you doâthe higher likelihood that you will find the boat insurance quote that is right for you. Here are some tips to ensure that you are getting your moneyâs worth and keeping your costs down:
- Only buy what you need: There are lots of options out there for marine insurance and many of these policies are custom-written. Ensure that you know what you need so you can avoid paying for features that you donât require.
- Agreed value vs. Cash value: In an agreed value policy, you are paid a pre-determined value for the vessel in the event of a total covered loss. With agreed value, the insured and insurer agree on the value of the boat upfront. Most agents would recommend this option for a new or late-model boat. As the boat continues to age, look to potentially switch to a cash value option to save on premiums.
- Take a boater safety course: Almost all insurers offer a discount for boaters that have recently completed an approved boater safety course. Take an in-person class or get your boat safety certification online. Check with your insurance agent to see if a discount is offered for your specific policy.
- Spend on safety gear: Insurance companies may cut you an additional discount for having extra safety features onboard your vessel. Check with your insurance agent to see if you qualify for any additional savings.