If you own a speedboat, a small fishing boat, a yacht, a sailboat, or any other sort of watercraft, you almost certainly require insurance coverage for it. While just two states require boat insurance (Arkansas and Utah), having it can assist in protecting you financially if your boat is wrecked, stolen, or injured someone on the water or land. If you have a boat loan, your marina or lender may also require you to get boat insurance.
A homeowners insurance policy may cover some boat damage, but it is unlikely to cover many larger boats.
Select has developed a list of the best five boat insurance providers based on coverage, availability, and ease of use (see our methodology for more information on how we arrived at this rating).
Best boat insurance companies
Overall, Geico is the best.
Markel finished second.
Progressive has the finest discounts.
Chubb is the greatest option for high-end boats.
Ideal for a variety of boats: Foremost
The most effective overall
BoatUS boat insurance products from Geico cover a wide range of boats and situations. Its insurance offers useful features like discounts for taking boat safety training, as well as extras like boat towing assistance, vanishing deductibles, and coverage for your fishing equipment. Geico performs well for customer satisfaction and financial stability, and it also comes top in CNBC Select’s rankings for best car insurance and best home and auto insurance bundles.
Runner-up
Markel insures a wide range of specialized equipment, including boats. Its coverage is an excellent alternative for boaters who fish since it includes some unique extras like coverage for tournament fees and fishing equipment. Markel offers several discounts to customers, as well as bespoke insurance for personal watercraft and yachts. It also provides commercial coverage if you utilize your boat for charters or excursions.
Best for saving money
Progressive offers boat insurance for a wide selection of boats under $500,000 and up to 50 feet in length. Progressive is known for its low costs and ten different boat insurance discounts, such as savings for paying in full, taking a safety course, and getting quotes ahead of time. Insurance add-ons include replacement cost coverage, hurricane haul out, and Sign & Glide, which covers emergency services like on-water towing and jump starts.
Ideal for high-end vessels.
Chubb is excellent for anyone wishing to insure large, expensive boats or yachts. This insurer, which designs policies for customers with high-value assets and commodities, may cover luxury pleasure boats of 35 feet or less. Chubb’s one-of-a-kind, bespoke coverage may be a good fit for clients who own a high-priced boat with costly items on board. It also offers yacht owners one-of-a-kind services including free background checks on crew members, travel briefings, and discounted pricing on security services.
Ideal for a variety of boats
First and foremost, being a Farmer’s Insurance company, it offers coverage with the same tenacity as its parent company. Foremost Boat Insurance covers a wide range of boat types, from fishing boats to performance boats. It is an appealing choice for many boat owners because it is available in all 50 states. Foremost also provides savings for boat owners over the age of 55, as well as particular coverage options for USAA members.