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6 Best Boat Insurance Companies of 2024 Compared
Do you have a valuable boat that you worry about keeping repaired and properly maintained or worry about what could happen if you get into a boating accident? Boat insurance can provide coverage for everything from damage to your boat to liability coverage for accidents you’re involved in.
Written by:TJ Porter
In many cases, boat insurance coverage isn’t legally required like auto or other types of insurance. But that doesn’t mean skipping out is a good idea. If you cause an accident or a problem with your boat causes it to leak oil or fuel, you could face huge bills that you struggle to pay.
Our team of financial experts reviewed and ranked the top boat insurance companies to help you find the one that’s right for you.
Top Picks for Best Boat Insurance 2024
- Foremost – best for variety of discounts
- Progressive – best for bundling
- State Farm – best for personalized service
- BoatUS – best for wide sailing areas
- Markel – best for commercial coverage
- National Boat Owners Association – best for comparing policies
Best Boat Insurance Companies - Full Overview
We examined some of the best boat insurance providers, looking at their key features and unique offerings to help find the one that’s best for you.
Best Overall
National Boat Owners Association – best for comparing policies
Rates Per Year
Not Disclosed
Discount Offer
Varies by insurer
Cruising Areas
Vary by insurer
Key Features
- Compare policies from multiple insurers
- Wide variety of policies available
- Getting a membership offers perks, such as discounts and towing service
- Help with financing the purchase of a new or used boat
- Coverage for many types of crafts
- Get quotes online
- Work with an agent to get personalized advice
Pros & Cons
- Compare multiple quotes easily
- Membership perks
- Customizable policies
- Does not offer policies directly
- Limited information about discounts
- Membership requires an additional fee
Overview
The National Boat Owners Association (NBOA) isn’t an insurer itself. Instead, it’s a membership organization that boaters can join to interact with other boaters and get some benefits, such as help with financing boat purchases, warranty services, and other perks.
Whether you’re a member or not, the NBOA has an insurance marketplace that you can use to find coverage for your boat. You can request a quote and get offers from multiple different insurers. The NBOA has insurance agents that can then help you compare those quotes and choose the best one.
Main Features:
The main thing that sets NBOA apart isn’t in the insurance policies you can buy. The membership perks include discounts on a number of boat services, access to an online community, emergency towing services, travel perks, and on-road towing assistance.
If you’re already a member of the NBOA, using it for insurance is a no-brainer thanks to the ease of comparing policies and the discounts and perks available. Even if you’re not a member, you can use it as an easy way to shop around and compare policies.
Markel – best for commercial coverage
Rates Per Year
As low as $100
Discount Offer
Experienced boater
Cruising Areas
USA
Key Features
- Policies focus on commercial use
- Covers liability for damage to storage facilities
- Premiums as low as $100 per year
- Replacement cost coverage available
- Uninsured boater coverage
- Boat towing coverage
- Covers a wide variety of watercraft types
Pros & Cons
- Offers both personal and commercial policies
- Discounts for experienced boaters
- Highly customizable policies appeal to advanced boaters
- Few physical locations
- Limited discounts for younger boaters
- May not appeal to non-commercial boaters
Overview
Markel is an insurance company that focuses more on professional boaters, including those who run boat tours or fishing excursions, or who participate in fishing tournaments using their watercraft.
For these serious boaters, Markel can be a very appealing choice, offering a massive list of optional policy add-ons that you can use to customize your coverage and get exactly the type of policy that is right for you. However, non-commercial boaters who only use their craft for a couple of months each year may not find this insurer to be as appealing.
Main Features:
Markel’s top feature is its variety of specialty coverages that appeal to commercial boaters. It offers add-ons like professional angler liability, tournament fee reimbursement, theft away from home, and wreck removal coverage.
If you’re a serious boater or use your craft for business, Markel is one of the top insurance companies in the market. Those who are less serious about boating will likely be better off with another provider.
BoatUS – best for wide sailing areas
Rates Per Year
As low as $100
Discount Offer
Policy bundling
Cruising Areas
Mexico, Bahamas, Caribbean
Key Features
- Free boater safety programs that provide discounts
- Extend coverage to Alaska, Mexico, the Bahamas, and the Caribbean
- A++ rating from A.M. Best
- Bundle with Geico policies for a discount
- Commercial liability if you use your boat for tours or fishing
- Unlimited towing package
- Trailer coverage
Pros & Cons
- Bundling discounts
- Save money over time by taking safety courses
- Available in every state
- Many policy add-ons
- Limited discounts listed
- Some exclusions based on type of craft
- No replacement-cost insurance
Overview
BoatUS offers its insurance policies through a partnership with Geico, one of the nation’s top insurance companies. If you want to work with a major insurer that has a strong credit rating, BoatUS is a strong option. You also get the benefit of being able to bundle your policies with Geico’s other coverages, such as auto and home insurance, which can make shopping for coverage easier and help you save money.
The insurer also offers a host of custom add-ons that you can apply to your policy, making it easy to customize your coverage.
Main Features:
BoatUS is appealing for many reasons, but one of the top features of the insurer’s policies is that you can get coverage that applies across the United States, including Alaska, and add coverage across other countries, such as Mexico and the Bahamas. You can even use the insurer if you use the boat for business.
It’s hard to go wrong with BoatUS’s insurance policies. Given the backing from Geico, you can trust that the insurer will be able to pay out on its policies. The opportunity to customize your coverage to a significant extent and bundle it with other policies is a big win for customers.
State Farm – best for personalized service
Rates Per Year
Not Disclosed
Discount Offer
Policy bundling
Cruising Areas
USA
Key Features
- Personalized service from an agent
- A++ rating from A.M. Best
- 24/7 roadside assistance coverage
- Rental boat coverage
- Coverage for your boat if you rent it out
- Discount for years where the boat is unused
- Covers a wide variety of watercrafts
- Wreck removal coverage
Pros & Cons
- Unusual coverages, such as rental coverage, available
- Underinsured watercraft coverage available
- Large insurer that you can trust
- Can’t purchase cash value coverage
- Few discounts advertised and available
Overview
State Farm is one of the nation’s largest insurers, which makes it a strong choice if you want to make sure the insurer you choose can make good on the policies it sells.
When you’re shopping for a policy, you’ll work with one of State Farm’s 19,000+ agents nationwide, getting personalized service that can help you choose the right types and levels of coverage for you. You can also bundle other types of insurance through State Farm, including home and auto coverage, which makes it a one-stop option for all your insurance needs.
Main Features:
One of the top things that sets State Farm apart from the competition is the option to purchase some unique and unusual insurance coverages. Few insurers offer rental boat insurance or offer to cover your boat if you rent it out to someone else. If you do either of these things, State Farm may be the best choice out there.
You can also get some other nice perks, such as 24/7 roadside assistance, which is an atypical feature for boat insurance.
If you want to work with a large insurance provider that can offer every type of coverage you need, look no further than State Farm. The company is also a good choice if you feel like you can benefit from one of its unusual coverages.
Progressive – best for bundling
Rates Per Year
As low as $100
Discount Offer
Policy bundling
Cruising areas
USA
Key Features
- Extensive discount options
- Get multiple types of insurance in one place
- A+ rating from A.M Best
- Disappearing deductible available
- On-water towing add-on available
- Customizable policies let you select your coverages
- Price as low as $100 per year
Pros & Cons
- More than ten discounts available
- Choose your coverages
- Bundle with other policies
- Long list of limitations based on boat age, value, and use
Overview
Progressive is a well-known insurance company that helps match customers to the right type of insurance policies. If you need many different types of insurance, such as homeowners and auto coverage, in addition to boat insurance, that makes Progressive appealing. You can get a discount for bundling those policies.
Main Features:
If you qualify for some of its discounts, Progressive can cover your boat for as little as $100 per year. It also offers a unique disappearing deductible option. For each year where you don’t make a claim, the deductible on your policy will decrease. Eventually, the deductible will reach $0, meaning you won’t have to pay a deductible for your next claim.
You can also get accident forgiveness and other benefits that help keep the cost of coverage low.
Progressive is one of the top options for people looking to bundle multiple types of insurance coverage. With the wide variety of policies and the numerous discounts available, you can meet all of your insurance needs at a relatively low price.
Foremost – best for variety of discounts
Rates Per Year
Not Disclosed
Discount Offer
Paid-in-full
Cruising Areas
USA, Bahamas, Mexico
Key Features
- Available in all 50 states
- Variety of coverage options
- Multiple discounts available
- Add-on can cover watercraft in the Bahamas and Mexico
- Customize your coverage with multiple package options
- A rating from A.M. Best
- Quick online quote
Pros & Cons
- Customizable packages
- Lots of discounts
- May not cover very large craft
- Some coverage requires expensive package
Overview
Foremost is one of the best boat insurance providers when it comes to the variety of discounts available. You can save money on your policy by paying in full, taking a safety course, having protective features in your boat, or simply being 55 or older. You can also select a package based on your needs. The low-end package offers basic, inexpensive coverage while the deluxe Elite package includes lots of add-ons, such as hurricane haul-out and even pet coverage.
Main Features
Whether you want a low-cost insurance policy to cover the bases or one that will protect you from every feasible situation, Foremost has a policy package that will fit that need. It also has specialized packages for older boats and high-speed boats. You can work with an insurance agent or get an online quote in as little as two days.
Foremost is one of our top choices thanks to the sheer variety of policy packages it offers and breadth of discounts available. You can choose a plan that fits your needs and your budget, protecting your boat and your family without breaking the bank.
Types of Boat Insurance Coverage and Discounts
Foremost5
Progressive4.8
State Farm4.5
BoatUS4.5
Markel4.2
NBOA4
Types of Coverage
- Physical damage
- Trailer coverage
- Personal liability coverage
- Personal property
- Towing and roadside assistance
Discount Offers
- Paid-in-full
- Multi-policy
- Boat safety course
- 55 and older
- Protective features
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About the Author
TJ Porter
I have in-depth experience in reviewing financial products such as savings accounts, credit cards, and brokerages, writing how-tos, and answering financial questions both simple and complicated.
More about me