Best Boat Insurance Companies

The Markel Corporation is a specialty insurance company that has been in the business since 1930. It’s the go-to choice for professional anglers as it offers comprehensive insurance policies for boats, jet skis, yachts, and other personal watercraft, along with replacement cost coverage for an agreed-upon value of the fishing equipment. 

As one of the industry leaders in the market, Markel provides personalized coverage, with policies starting at just $100 per year.

Coverage

• Watercraft liability
• Medical payments
• Pollution liability
• Professional angler liability
• Tournament fee reimbursement
• Crash damage
• Replacement cost settlement
• Boat lift
• Trailer
• Agreed value watercraft and equipment
• Theft/Theft away from home
• Emergency towing
• Personal effects
• Uninsured/Underinsured boater
• Fishing equipment
• Wreck removal

Additional Perks and Limitations

Markel offers several additional perks in the form of discounts for multiple boats, outboard propulsion, diesel engines, and experienced boaters. 

Even though the company operates in all 50 states, it doesn’t offer the same policies in every location. It also doesn’t provide any mobile application, so users have to use the website. 

Allstate is one of America’s most popular and largest insurance companies. It’s regarded as the go-to option for cheap boat insurance with multiple discounts, excellent customer service, and a user-friendly website. 

The company also offers a variety of payment options that fit your financial situation, with some policies costing as low as $25 a month. Moreover, if you already have a homeowner or car insurance policy with the company, you can bundle it with Allstate boat insurance and save up to 20% on the total amount. 

Coverage

• Watercraft liability coverage
• Repair costs
• Medical payments
• Additional equipment and personal effects
• Agreed value
• Uninsured watercraft coverage
• Trailer and property coverage
• Emergency services (towing and fuel, oil, and battery delivery)

Additional Perks and Limitations

Allstate boat insurance provides excellent customer service through the website or local agents. 

In addition, the website contains valuable information for new boaters, including blog posts on maintenance, course of actions after an accident, or offseason paperwork handling. 

As far as limitations go, some coverage policies and discounts are unavailable in certain locations, especially those areas prone to hurricanes and storms. 

The Nationwide boat insurance company has been in the insurance business since 1926, offering home, boat, vehicle, and life insurance policies. 

One of the best features Nationwide offers is bundling discounts as well as optional towing, roadside assistance, and rental reimbursement coverage. It’s also an ideal option for professional anglers with a limited budget as the company allows them to get coverage for fishing equipment from $1,000 to $10,000. 

Thanks to its partnership with Plenti, policyholders can earn points and use them to get discounts in multiple stores, such as ExxonMobil, Rite Aid, Southeastern Grocers, etc. 

Coverage

• Bodily injury liability
• Property damage liability
• Collision and comprehensive coverage
• Medical payments coverage
• Personal effects insurance
• Uninsured/underinsured boater
• Roadside assistance (for boats and trailers)
• On-water boat towing and labor
• Fishing equipment insurance

Additional Perks and Limitations

Nationwide has maintained a solid online presence through its website and mobile app, staying ahead of many competitors, especially when catering to a younger audience. 

The only major downside is contacting a local agent to obtain a quote, which can take time. 

Foremost is a subsidiary of Farmers Insurance Group of companies. It has been in the boat insurance business since 1952. 

What makes this company stand out from most competitors is the additional coverage policies it offers on top of affordable general options in all 50 US states. They include enhanced towing services, pollution liability coverage, hurricane haul-out, and fishing tournament fee reimbursement. 

Therefore, it’s the go-to option for people looking for the most comprehensive coverage, especially on the East coast, which is more susceptible to hurricanes and storms. 

Coverage

• Watercraft physical damage
• Personal liability and medical payments
• Towing and roadside assistance
• Personal property damage coverage
• Trip interruption coverage
• Enhanced towing services
• Extended total loss replacement
• Bahamas and Mexico navigation coverage
• Trailer coverage
• Boat lift/hoist/cradle coverage
• Fishing tournament fee reimbursement

Additional Perks

Foremost boat insurance company offers several types of discounts, including: 

• A paid-in-full discount
• A protective device discount
• A multi-policy discount
• A loss-free renewal discount
• A senior discount

The only major limitation of the company is that it doesn’t provide its services to applicants with poor credit. As a result, people with average scores usually pay a higher premium than those with excellent scores.

Progressive insurance is among the most popular car and homeowner insurance companies in the US. It also has an excellent reputation for offering a variety of comprehensive boat insurance policies at competitive prices. 

What makes this company stand out from the rest is its discounts and reward programs for safe boat owners with different types of personal watercraft, up to 50 feet long and up to $500,000 in value. 

The insurer decreases deductibles for every period you remain accident-free. In addition, new policyholders receive small accident forgiveness for Progressive boat insurance claims of less than $500. The forgiveness amount increases for customers who remain accident-free for three years. 

Coverage

• Bodily injury liability and medical payments
• Property damage liability
• Full replacement cost
• Comprehensive and collision coverage
• Uninsured/underinsured boater liability
• Propulsion plus mechanical breakdown coverage (additional)
• Sign & Glide on-water towing (additional)
• Fishing equipment coverage
• Water sports injury coverage
• Fuel spills and wreckage removal

Additional Perks and Limitations

The most popular additional perk the company offers is the advanced quote discount that allows policyholders to sign up for coverage at least 24 hours before it goes into effect. 

Moreover, unlike most companies, Progressive doesn’t have any restrictions for policyholders regarding where they can or cannot sail their watercraft. The only limitation is that the vessel has to be within 75 miles of the US coast as that is the range of Progressive boat insurance towing and other emergency

State Farm is one of the oldest and most reputable insurance companies in the US, offering homeowners, life, car, and boat insurance since 1922. However, the company has made a name for itself in the industry not for its liability or property damage coverage but its emergency service coverage, protecting policyholders from common risks like hurricanes, storms, collisions, explosions, theft, and more. 

More importantly, this coverage doesn’t only apply to permanently attached equipment on the watercraft but also the accessories, such as furniture, canopies, seat cushions, and upholstery. 

Lastly, the company also takes great pride in providing its services to more types of watercraft than most competitors, including houseboats, kayaks, canoes, bass boats, cruisers, and sport boats.

Additional Perks and Limitations

For policy buyers seeking the best company with the best emergency services in case of an explosion, fire, capsizing, stranding, or sinking, State Farm is the clear winner. The company also offers boat insurance for boats over 30 years old and protects newly-acquired watercraft until you can add all the required policies to it.

United Marine Underwriters is a leader in the marine insurance industry and a subsidiary of Allianz, one of the world’s largest insurance companies. It specializes solely in sailboat, yacht, charter boat, and personal watercraft insurance. As a result, it provides personalized service to each customer. 

The company has been in the business since 1990, offering its services in every state except New Mexico. Liability limits are available up to $1 million. 

United Marine Underwriters is also the go-to choice for many international boaters as it provides coverage in Canada, the Bahamas, and Mexico.

Coverage

• Bodily injury liability and medical payments coverage 
• Comprehensive and collision coverage
• Fuel spill pollution coverage
• Hull insurance for spars, sails, outboard motors, and other equipment

Additional Perks and Limitations

The biggest additional perk United Marine Underwriters offers is a primary service agent who will take care of all your insurance needs. For customers with high service expectations, this is the company to consider. 

As far as limitations are concerned, the company doesn’t offer too many additional coverage policies, which can be a deal-breaker for professional anglers and regular boaters. 

BoatUS is a recently acquired subsidiary of GEICO that has been in the boat insurance business since 1966. It’s the go-to choice for boaters due to its exceptional claims service. 

The company offers policies for different types of personal watercraft and yachts in all states. In addition, by becoming a BoatUS member, you can avail several additional benefits, such as discounts on fuel, slip fees, fishing equipment, and charter cruises. 

Additional Perks and Limitations

By purchasing a BoatUS Unlimited Gold Towing membership for $179, policyholders get paid 100% for dock-to-dock tows for repairs. In addition, the policy contains reimbursement of up to $3,000 for tows outside of TowBoatUS coverage area. There are also packages that include saltwater and freshwater towing.