Who Has The Cheapest Boat Insurance

How Do I Get Cheap Boat Insurance

You dont necessarily want the cheapest policy because you might end up with something that doesnt protect you enough. But you can save money on boat insurance by demonstrating that youre a safe and effective captain.

• Have a storm plan. Insurance companies appreciate someone who knows in advance how theyd stay safe and minimize damage in a storm. Some companies will give discounts to boaters who follow storm plans others wont let you sign up without one.
• Keep to calm waters. If youre only going to be boating where the water is typically calm, ask your insurer if you can get a discount.
• Sail with the seasons. Some seasons bring harsher weather, so you can save on your premiums if you avoid boating during those times. Store your boat when youre not using it and save even more with the lay-up option or temporary insurance, which lets you pay for insurance only during seasons when youre using your boat.
• Keep a clean sailing record. You can save on your premiums by demonstrating to insurers that youre a good captain, both on land and water.
• Set sail in freshwater. Saltwater comes with additional challenges and causes more wear and tear to your boat over time. An insurance policy for a boat thats only used in freshwater should have lower premiums than an ocean vessel.
• Store your boat when youre not using it. You can usually save on insurance if you store your boat at a marina as opposed to mooring it. Plus, youll have the added benefit of reducing wear and tear.

Our Boat Insurance Review Summed Up

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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.

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The Difference Between Great Insurance And Bare Bones Is Less Than The Cost Of A Tank Of Gas

Are discounts available?

Discounts are available after you have responsibly owned your boat for three to five years, for being claims free, and if you have taken courses at Canadian Power and Sail Squadron or Sail Canada. Discounts are not available for holding the required Pleasure Craft Operator Cardthats like asking for a discount because you have a drivers license.

Is my boat insured even when Im not using it?

Yes, when you buy a years policy, your boat is covered in storage, in transit, on the water and over the winter. The risks dont stop when youre not using your boat – its more likely to sink when you are not there, and more electrical fires start in the cold months.

Can my insurance be voided?

Yes, if you are involved in any criminal act such as drinking illegally on your boat – your insurance is void.

What about my trailer?

ICBC requires a license plate, and liability insurance. Physical damage can be added to your boat policy for Agreed Value.

Take time to choose your insurance, Paul advises, to make sure you get everything you need.

He asks, Whats peace of mind worth to you?

Boat Insurance : To Insure Or Not To Insure

While insurance for your boat is not a legal requirement, a wise boater takes the time to get educated on the benefits of a policy that protects not only property but liability too. So we turned to a marine insurance veteran and former Boating BC board member Paul Mendham, CIP, President of Navis Marine Insurance, to teach us the basics.

Ive seen lots of crazy things, says Paul. Boats sunk and docks collapsed by a big wake, or damaged in heavy snowstorms. Many people think they dont need insurance because they are careful, or that nothing will happen to them. Well, stuff happens and then youre the one writing the cheque!

According to Paul there are two good reasons to insure your boat: to protect your asset, and your net worth arising from liability. If you get into an accident, and cause property damage or hurt someone, without insurance everything you own can be at risk.

What kind of insurance do I need?

That depends on what kind of boat you have. A canoe or kayak low value, no horsepower and little liability – can be easily added to your home insurance policy. But if you have a powerboat, or a larger sailboat you need a dedicated marine insurance policy. All risk policies cover you for most types of losses, but there are exceptions, so be sure to read the fine print.

Where should I buy my insurance?

What should I ask my broker?

Its great to be prepared, so heres what I would ask:

Why is liability insurance important?

When should I buy my insurance?

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Do You Need Some Comic Relief

Does your brain hurt from reading these boat insurance reviews and thinking about boat insurance cost?

Our good friend Captain Ray just typed up his all-time, tried and true, best-ever nautical joke. This would be the classic Red Shirt Captain joke

Well, if thats not enough for you, we have also built a boat name page that is pretty awesome.

Here at All Things Boat, we are all too familiar with the stereotypical boating personalities you find out on the water. Sowe decided to make a boat name page organized by all these classic boater types.

Enjoy!

to see our list of funny boat names.

If you have any questions or comments, dont hesitate to reach out.

You can message us here.

Best Boat Insurance Companies Of 2021

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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Find What You Should Be Paying For Coverage

Our independent agents shop around to find you the best coverage.

If having fun on the water appeals to you, then you might find yourself in the market to buy a boat. You could purchase a boat for fishing, speed boating or sailing, or a pontoon to float around casually. Just as you insure your car and your home, it’s a good idea to get adequate insurance coverage for your boat.

As you research your options for boat insurance, you might have some questions about the cost, what kind of coverage you should purchase, and what insurance company carries the best policies for your dollar.

An independent insurance agent can help answer your insurance questions and get you on the right track for saving on your boat policy. Contact an independent agent today to get started.

Save on Boat Insurance

Our independent agents shop around to find you the best coverage.

Where Do I Get Boat Insurance

The easiest way to get boat insurance is to work with an independent auto or homeowners insurance agent.

Our network of Endorsed Local Providers will compare policies from multiple insurers to find the best one for your boat. And our agents will go a step further: Theyll teach you how to actually understand your boat insurance policy so you can be confident youre getting the insurance you needwithout costly extras.

About the author

Ramsey Solutions

Ramsey Solutions has been committed to helping people regain control of their money, build wealth, grow their leadership skills, and enhance their lives through personal development since 1992. Millions of people have used our financial advice through 22 books published by Ramsey Press, as well as two syndicated radio shows and 10 podcasts, which have over 17 million weekly listeners.

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What Factors Affect Your Boat Insurance Cost

A number of factors, some in your control and some not, can have an impact on your boat insurance rates. If you sail on a lake that has a high rate of claims, the cost of your coverage will be higher than for a lake where there are far fewer claims.

Additional factors that affect your boat insurance rates include:

Save on Boat Insurance

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

Coverage

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

Discounts

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.

Limitations

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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Best For Professional Fishermen: Markel

• No. of Policy Types: One custom policy
• Coverage Limit: Contact for details
• Price: $100+/year

• Policies tailored to your boating needs

• Free online quotes

• Need to contact company for policy details

• Website could be updated

• Not as well-known as other providers

The Markel Corporation is a specialty insurance company that offers specialized coverage for boats. They have an A rating from A.M. Best and an A+ rating from the Better Business Bureau. The company has been in business since 1930 and offers comprehensive boat insurance policies for boats and personal watercraft . The Markel policy has an option to add coverage if youre a professional fisherman which provides replacement cost coverage for a preset agreed upon value of fishing equipment. Several discounts are available including an accident-free discount, operator over age 40 discount, and an experienced boater discount for boaters who have five years or more of boating experience. If you happen to qualify for all of the discounts available through Markel, you could save up to 35% on your boat insurance premium. Extra features also come standard without having to pay an additional premium.

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

• Knowledgeable agents

• 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.

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Common Insurance Questions From Boat Owners

Do I have to insure my boat?

Can I insure my boat under my home insurance policy?

Most home insurance policies will allow you to insure boats up to a certain length or horse power. This is generally limited to small aluminium boats with outboard motors. You may have no choice but to insure your boat under a stand-alone boat insurance policy.

Home insurance policies are not intended to cover marine risks and have limited coverage for boats where as a stand-alone boat insurance policy will offer all-risk coverage. The basis of loss settlement on a stand-alone boat insurance policy is Agreed Value which is the amount shown on the policy declaration page. On a home insurance policy, the basis of loss settlement is Actual Cash Value which is replacement cost less depreciation. You may save some money by adding your small boat to your home insurance policy but it could cost you thousands of dollars when a loss occurs, assuming you have coverage in the first place.

Lastly, if you insure your boat under your home insurance policy, a claim on your boat counts as a claim against your home insurance policy. Once you have a couple of claims, your insurance company may cancel your home insurance policy. If that happens, you will have to purchase a high risk policy at triple the premium you were paying before.

What is the difference between Agreed Value and Actual Cash Value?

Do I have coverage when towing my boat?

What is a survey and do I need one?

What discounts are available?

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Each nautical gift item handpicked by Captain Ray Roberts.

~ Captain Ray Roberts

Disclaimer: We do our best to ensure the information on allthingsboat.com is accurate and updated at all times, however, we are unable to guarantee the accuracy of all information. Efforts have been made to keep the content up to date and factual. However, the boat insurance average cost for a policy and the policy details will change year to year. A provider may provide cheap boat insurance one year, but then transition to high-end boating clients the next year. For the most current and complete policy details for both powerboat, yacht insurance and sailboat insurance, please verify with the provider directly on their website or through an agent. Our links to the various online boat insurance quotes will provide you with the most recent pricing information for different boat insurance company policies.

The purchase of a product, the completion of a quote or a related transaction that was accessed through a link on this webpage, may result in a referral fee for allthingsboat.com.

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