The best boat insurance companies, compared
The best boat insurance companies differ in a few ways that matter: what they pay if the boat is lost, whether towing is included, and which boats they'll cover.
- Low-cost states
- $307 a yearProgressive's average across its low-cost states, such as Michigan and Minnesota
- Middle-cost states
- $413 a yearProgressive's average across its middle-cost states, such as Georgia and Ohio
- High-cost states
- $663 a yearProgressive's average across its high-cost states, such as Texas and California
- Share of the boat's value
- 1% to 5% a yearthe rule of thumb Chubb publishes
Sources: Progressive, Chubb.
Where to start, by what you need
Picked from each insurer's own published terms: who writes the policy, how a loss is valued, towing and the boats it names. No insurer pays to be listed here.
Towing on the water
BoatUS: TowBoatUS add-on starting at $3 a month.
A classic or collectible boat
Hagerty: classic and collectible boats; it pays full agreed value after a total loss.
A yacht over 26 feet or a houseboat
Markel: a separate yacht policy over 26 ft, and houseboats.
Military members and families
USAA: members only, with the policy placed with Progressive or Markel.
A quote online, any time
Progressive: quotes online or by phone, for boats up to 50 ft and $500,000.
Every insurer side by side
A to Z. Each row is what the insurer publishes about its own boat policy: who issues it, how you buy it, how a loss is valued, towing on the water and the boats it names. Each name opens that insurer's own page.
| Insurer | Policy issued by | How to buy | Payout after a loss | Towing on the water | Boats it names |
|---|---|---|---|---|---|
 Allstate | Allstate | Online, by phone or a local agent | Agreed value available | Emergency services covered up to $100 | Motorboats, sailboats, pontoons and personal watercraft |
 American Family | American Family | Its agents, in 19 states | Agreed value add-on plus repair cost coverage | On-water breakdown service is included | From canoes and kayaks to yachts of 54 ft |
| BoatUS | GEICO Marine | BoatUS, in all 50 states and DC | Agreed hull value (except PWC) or actual cash value | TowBoatUS add-on starting at $3 a month | Most boats qualify; liability-only for boats with no lien |
 Chubb | ACE American (Chubb) | Independent agents | Total loss pays the full agreed amount with no deductible | Ask the agent when quoting | Boats to 35 ft and PWC; captained yachts |
 Farmers | Farmers, Marine Choice program | Farmers agents | Actual cash value with Saver, total loss replacement with Plus | Elite package adds enhanced towing | Pontoon, classic and performance boats, all PWC |
 Foremost | Foremost | Local agents | Total loss replacement cost with Plus or Elite | Towing and assistance with Elite | Bass, fishing, sail, classic, cruiser and pontoon boats |
 GEICO | GEICO Marine Insurance Company | Through BoatUS | Choice of agreed hull value or actual cash value | Add-on through BoatUS, 24/7 | Boats up to 50 ft and $2,500,000 |
 Global Marine Insurance | The insurers it places you with | Global Marine, an independent marine agency | Yacht policies use agreed value | PWC policies include towing | PWC, power and sail yachts, mega yachts |
| Hagerty | Essentia or Markel American | Hagerty, which runs the policy | Pays full agreed value after a total loss | Emergency protection cover; ask about towing | Classic and collectible boats, newer boats to 26 ft, yachts |
 Liberty Mutual | Liberty Mutual | By phone or 20,000+ independent agencies | Agreed value named as an option in its guide | On-water towing offered | Jet skis, pontoons, fishing, power and sail boats |
| Markel | Markel American | Online, by phone or an agent | Agreed value; actual cash value available on yachts | Emergency towing offered | Boats to 26 ft; yacht policy for over 26 ft, houseboats |
 Nationwide | Nationwide Mutual and affiliates | Agents or by phone | Ask the agent which basis applies | On-water towing and labor, optional | Boats worth up to $350,000; jet skis need a separate policy |
| Progressive | Progressive | Online or by phone | Partial losses paid at full replacement cost with comprehensive and collision | Sign & Glide on-water towing, optional | Up to 50 ft and $500,000; excludes houseboats, steel or wood hulls |
 SkiSafe | AXIS Insurance Company | Online | Choice of agreed value or actual cash value | Optional towing and roadside help | Survey required over 36 ft or for older boats |
 State Farm | State Farm Fire and Casualty | State Farm agents | Total loss paid at agreed value; repairs at replacement cost | Emergency service covered | Runabouts, cruisers, sailboats, pontoons, jet skis, houseboats |
 Travelers | Travelers Indemnity and affiliates | Online, by phone or an independent agent | Choice of agreed value or actual cash value | TravAssist on-water towing, optional | Pontoons up to yachts; no quotes in Alaska, Florida, Hawaii or Louisiana |
| USAA | Progressive or Markel | USAA Insurance Agency, members only | Agreed value available | On-water towing, optional | Members only; over 26 ft or $350,000 placed with Markel |
Your yearly price range, in three taps
1 of 3
What kind of boat?
2 of 3
What you paid, or what boats like it sell for. A rough figure is fine.
Type the value in dollars, between $500 and $5,000,000.
3 of 3
An estimate, not a quote. How we work it out
The line reaches Boat Insurance Compare. Have the boat, its value and your state ready.
Rather have it in writing? Send a quote request with the answers you just gave.
No federal law requires boat insurance. Arkansas, Hawaii, Utah and Washington require it for some boats, Illinois from 2027, and lenders and marinas often ask for it anyway. The law in every state
Finding the right insurer for the boat you own
Start with the boat sitting in your driveway or slip, since plenty of insurers only accept particular sizes or styles.
Not sure where your boat fits? Call us now and tell us what you own. We'll point you to the right fit and get your quote started today.
How a loss is paid
You will see two terms again and again here. With agreed value, you and the insurer fix the boat's worth at purchase, and that figure is what gets paid after a total loss. With actual cash value, the payout reflects the boat's worth when the loss happens.
Reading reviews
One review captures a single person's experience with a claim or a bill. The policy wording shows what really gets paid, so treat reviews as a companion to the policy details rather than a replacement. Even a glowing review counts for little when the insurer does not name your boat type or the state you live in.
A sensible way to shop
A price means nothing until you know which insurers accept your boat. Work through these steps to keep things simple.
- Jot down the boat's type, length, and value, since limits on size and worth knock some insurers out.
- Choose between agreed value and actual cash value, because that choice decides what you get if the boat is a total loss.
- Find out whether water towing is built in or costs extra.
- Make sure the insurer actually sells where you live, since a few do not.
Call now with your boat's details so we can help you find a suitable quote.
Questions people ask
Who has the cheapest boat insurance rates?
There is no company that is cheapest across the board. Rates shift with the boat, its value, and where it is kept, so a quote on your own boat beats any broad comparison.
Can I insure an older wooden boat?
Older wooden boats can be hard to place, and not every insurer takes them. Call us with your boat's details and we'll find out who will cover it.
Ready for real numbers?
Tell us the boat, what it is worth and where you keep it.
The line reaches Boat Insurance Compare.