4 Best Boat Insurance Companies of 2022

BEST OVERALL

Allstate

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Pros

• Great coverage including many extras
• Average national rates around $25 per month

Cons

• Limited info online about restrictions and exclusions to coverage

Coverage

Allstate offers a very comprehensive lineup of options for boat coverage, including:

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

Discounts

Even though Allstate offers boat coverage starting at about $25 per month, it doesn’t shy away from discounts. You may qualify for the following when you insure your boat with Allstate:

• Multiple Policy Discount – Discount when you combine your boat insurance with an Allstate homeowners policy
• Full-Pay Discount – Discount for paying your full premium upfront
• Homeownership Discount – Discount for owning a home
• Boat Education Discount – Discount when you take an approved boater safety class
• Easy Pay Plan Discount – Discount when you enroll in automatic payments

Limitations

Allstate does not disclose many limitations on its boat coverage. However, some types of coverage and discounts are not to be had in all states, so it’s best to contact a local Allstate agent to verify the availability of coverage and discounts before switching over to Allstate for your boat insurance.

Additional Perks

Allstate offers the best of both worlds to its customers: local agents to help you with your insurance needs, as well as online tools and an 800 number to get questions answered anytime.

Allstate’s website also has a lot of information and resources for boaters, which can be especially helpful to new boaters or those with limited experience in owning a boat. The company offers articles and videos on boat maintenance, dealing with accidents and other marine emergencies, and handling your boat and boat insurance during the offseason.

Best for Cheap Boat Insurance

PROGRESSIVE

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Pros

• Rates as low as $100 per year
• Wide array of coverage
• Lots of available discounts

Cons

• Restrictions on types of boats covered

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
• Collision coverage
• Uninsured/underinsured boater (UB/UIB)
• Medical payments
• Propulsion Plus mechanical breakdown coverage (add-on, starts at $38 per year)
• Sign & Glide on-water towing (add-on, starts at $30 per year)
• Fishing equipment or carry-on items
• Water sports injury coverage
• Fuel spills and wreckage removal
• Roadside assistance and trip interruption (if you elect trailer coverage)
• Full replacement cost

Discounts

You can potentially save even more with Progressive by qualifying for some of the following discounts:

• Advanced Quote Discount – For those who obtain a quote and sign up for coverage at least 24 hours before you want it to go into effect
• Transfer Discount – For those who move their boat to Progressive from another company
• Multiple Policy Discount – For those who maintain multiple types of insurance with Progressive (car, boat, motorcycle, homeowners, etc)
• Multi-boat Discount – For those who insure more than one vessel
• Association Discounts – For those who are members of the United States Coast Guard Auxiliary, United States Power Squadron, or USAA
• Original Owner Discount – If you’re the original owner of your boat
• Responsible Driver Discount – For boaters who remain accident-free on the water for at least three years
• Prompt Payment Discount – Automatically discounted so long as you pay on time
• Pay-in-Full Discount – For paying your entire premium upfront

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 you’ve 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.

Progressive also places some age and value restrictions on the boats it covers. For example, it will not insure the following:

• Boats over 10 years old and worth more than $500,000
• Boats that are 11 to 20 years old and worth more than $250,000
• Boats over 20 years old and worth more than $60,000
• Boats used as a primary residence
• Houseboats that do not have motors
• Homemade boats without a hull identification number
• Boats with more than two owners
• Boats with steel or wood hulls
• All amphibious land boats, hovercraft, and airboats
• PWCs worth more than $27,000
• Boats that do not meet published U.S. Coast Guard standards

If you aren’t sure if your boat fits into Progressive’s coverage requirements, you should contact Progressive over the phone to ask clarification questions and obtain a quote.

Additional Perks

Other companies place restrictions on where you can use your boat, but Progressive gives you the freedom to sail wherever you’d like on any lake or river in the United States, as well as in ocean waters within 75 miles of the coast.

Progressive also waives some requirements that other companies force on customers, such as navigation plans and marine surveys. These requirements often cost customers hundreds of dollars, which means you save even more by using Progressive.

Finally, Progressive offers a variety of online tools and features, including the Name Your Price Tool and a mobile app. These help travelers access their plans and make changes anytime.

Best for Policy Bundling

NATIONWIDE

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Pros

• Multi-policy discount for those who bundle boat insurance and at least one other policy with Nationwide
• Boat insurance packages to help customers save money

Cons

• No online quote tool for boat insurance
• Not all coverages and discounts available in all states

Coverage

Nationwide offers lots of options for boat insurance coverage, including:

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

Furthermore, there may be additional savings on your boat insurance when you select one of Nationwide’s boat insurance packages. The company offers a wide range of packages for different types of boaters, such as:

• Weekenders – For those who simply take gear onto their boat and remove it when they’re done, Nationwide offers an affordable package that includes up to $1,000 for fishing equipment, $3,000 for personal effects, and $500 for towing.
• Overnighters – For those who take short boating trips, Nationwide offers up to $2,500 for fishing equipment, $5,000 for personal effects, and $2,500 for towing.
• Light Tackle Anglers – For customers who own a bass boat or smaller fishing boat, Nationwide offers up to $5,000 for fishing equipment, $2,000 for personal effects, and $2,500 for towing.
• Deep Water Pros – For those who fish big waters, gulfs, bays, and oceans, Nationwide offers up to $10,000 for fishing equipment, $5,000 for personal effects, and $2,500 for towing.

Discounts

The best way to save with Nationwide is by bundling your insurance policies with them. While the company’s website claims customers can save up to 20% when bundling home and auto, it does not mention specific savings on bundling another policy with your Nationwide boat insurance. However, customers who choose to bundle a boat policy with their home, auto, or life policy with Nationwide will be awarded a discount.

In general, Nationwide offers these discounts to people who insure boats:

• Multiple Policy and Multiple Boat Discounts – For those who combine home, boat, vehicle, and/or life insurance policies
• Boater Safety Course Discount – For those who complete an approved water safety course
• Diesel Fuel Discount – For those who own a diesel-powered boat
• Paid-in-full Discount – For those who pay their 12-month premium upfront
• Claims-Free Renewal Discount – For those who are claim-free during the previous year

Limitations

Although Nationwide doesn’t specifically list limitations on where you can obtain its boat insurance, the company does stress that not all products and discounts are available in all states. Contact a local Nationwide agent or use the company’s website to obtain a quote before switching your boat coverage over to Nationwide.

Additional Perks

Nationwide offers a digital experience through its website and mobile app. On the website you can take advantage of resources as well as manage your policy through the company’s customer portal.

Best for Fishermen

MARKEL

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Pros

• Expansive coverage for fishing equipment
• Savings of up to 35% with discounts including a diminishing deductible

Cons

• No options to bundle with homeowners or car insurance

Coverage

Markel offers boat insurance starting at just $100 per year depending on what coverage you need. Whether you’re a professional fisher or just enjoy fishing for fun, Markel offers lots of coverage, including for:

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

Discounts

Although Markel doesn’t offer some of the discounts that larger insurance companies do, you can still save money through these discounts for:

• Multiple boats
• Outboard propulsion
• Age (when the primary operator is 40 or older)
• Diesel engines
• Experienced boaters (for those with five or more years of boating experience)
• Being accident-free (a diminishing deductible program reduces your deductible by 25% for every year that you remain accident-free until it hits zero)

Limitations

Markel operates in all 50 states, but you should always consult with a customer service representative to see what boat insurance is available for you.

Additionally, Markel does not currently offer a smartphone app.

Additional Perks

Although Markel boat insurance comes with a few limitations, there are some significant perks. For starters, the diminishing deductible program is one discount option that not all companies provide. Moreover, Markel is the only company we found that offers discounts for boaters over the age of 40, which can help older people who fish for fun save money.

The most notable perk with Markel, though, is the large amount of coverages it has as standard policy. The professional angler option provides replacement cost coverage for fishing equipment and personal items, in addition to covering the boat itself. These coverage options make Markel a standout pick for anyone who uses their boat for fishing in any capacity.