Boat Insurance Companies
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Embarking on the journey of boat ownership requires the right protection, and that’s where boat insurance companies come into play. In this guide, we’ll set sail to help you discover the best boat insurance companies nationwide, with a particular focus on options like boat insurance companies in Florida and NJ. We’ll also provide insights on securing coverage for older boats, ensuring that you’re well-prepared for smooth sailing and peace of mind.

Boat Insurance Companies 

Boat insurance companies offer coverage for watercraft, safeguarding against potential risks and liabilities while on the water. These insurers provide specialized policies designed to protect boat owners from various hazards. Boat insurance policies typically cover damage to the boat, theft, liability for accidents, and bodily injury or property damage to others. Additionally, coverage options can vary, allowing boat owners to tailor their policies to specific needs and types of watercraft. Some boat insurance companies also offer additional features like towing coverage, coverage for personal belongings, and protection for custom equipment. Overall, boat insurance companies play a crucial role in ensuring the safety and financial security of boat owners while enjoying their time on the water.

Best Boat Insurance Companies 

Several boat insurance companies excel in various aspects of coverage and service.

#1. Progressive

Progressive is a top choice for boat owners looking to save on their insurance costs. They are known for offering a variety of policy discounts, which can significantly reduce premiums. Progressive’s flexibility in tailoring policies to individual needs and providing affordable rates makes it an attractive option.

#2. BoatUS

BoatUS stands out for the membership benefits it offers to its policyholders. Boat owners who are members of BoatUS gain access to a range of perks, including towing services, discounts on boating products, and access to a network of boating experts. This extra value enhances the overall boating experience.

#3. Foremost

Foremost is renowned for its comprehensive insurance packages. They understand that boat owners have diverse needs. They provide all-encompassing coverage options, ensuring that policyholders have protection for everything from the boat itself to personal belongings on board.

#4. Chubb 

Chubb specializes in yacht insurance and is an excellent choice for boat owners with high-value vessels. They offer tailored coverage for yachts, addressing the unique risks and complexities associated with these luxury boats.

#5. State Farm

State Farm is the go-to option for boat owners who occasionally rent out their vessels. They offer coverage that extends to boat rentals. They provide peace of mind for boat owners when others are using their boats.

#6. Markel Insurance

Markel Insurance excels in providing insurance for businesses involved in marine operations. They understand the specific risks faced by commercial boat operators and offer specialized coverage to meet those needs.

#7. National Boat Owners Association

The National Boat Owners Association serves as a trusted insurance agency, offering a wide range of insurance solutions for boat owners. Their expertise in the boating industry and commitment to serving their members make them a valuable resource for insurance needs.

Each of these boat insurance companies has its own unique strengths. It makes them suitable choices for different types of boat owners. Whether you’re looking for savings, membership benefits, comprehensive coverage, or specialized policies, there’s an option to match your specific requirements and preferences.

Boat Insurance Companies in Florida 

Florida, being a state with an extensive coastline and a popular destination for boating, has several boat insurance companies that offer coverage tailored to the needs of Florida boat owners. Some notable boat insurance companies operating in Florida include:

  • Geico: Geico provides boat insurance coverage in Florida, offering options for a variety of watercraft, from personal watercraft (PWC) to sailboats and powerboats.
  • BoatUS: BoatUS, part of the GEICO family, specializes in boat insurance and serves Florida’s boating community. They offer coverage for various types of vessels.
  • Foremost Insurance: Foremost is another company that offers boat insurance in Florida, providing coverage for boats and personal watercraft.
  • Allstate: Allstate, a well-known insurance provider, also offers boat insurance coverage in Florida. They offer customizable policies to suit the needs of boat owners in the state.
  • SkiSafe: SkiSafe specializes in boat insurance, including coverage for boats located in Florida. They offer customizable policies and a range of coverage options.

 Boat Insurance NJ 

In New Jersey, boat owners have access to a diverse selection of boat insurance providers, ensuring comprehensive coverage for their watercraft adventures along the state’s extensive coastline and waterways. Renowned insurers like Progressive, Geico, BoatUS, Allstate, Foremost Insurance, Markel Insurance, and SkiSafe offer a wide array of options, accommodating various types of vessels, from personal watercraft to sailboats and powerboats. These insurers provide customizable policies tailored to the specific needs and preferences of boat owners in New Jersey. It allows them to navigate the waters with confidence, knowing their investments and assets are protected. Whether for pleasure or commercial use, boat insurance in New Jersey offers peace of mind for every maritime enthusiast.

Boat Insurance for Older Boats

Boat insurance for older boats is available, but there are considerations. The age and condition of the boat can impact eligibility and coverage options. Insurance providers may assess the boat’s value, condition, and maintenance history when determining coverage. Additionally, older boats may have limited coverage options for certain risks or may require surveys to assess their seaworthiness. Moreover, boat owners can often choose between agreed-upon value and actual cash value policies, with agreed-upon value providing coverage based on an agreed-upon value for the boat, while actual cash value considers depreciation. In summary, while boat insurance for older vessels is accessible, it may involve specific assessments and coverage considerations, so it’s essential to discuss options with insurance providers.

Is Boatus Owned by Geico? 

Indeed, BoatUS is under the ownership of Geico. BoatUS became a part of Geico’s ownership in 2007 and was transferred to Geico in 2017 by its parent company, Berkshire Hathaway.

What Are the Two Types of Boat Insurance? 

The two primary types of boat insurance are “agreed value” and “actual cash value” policies, each serving different purposes and offering varying degrees of coverage.

#1. Agreed Value Policies

Under an agreed value policy, the insurer and the boat owner agree upon a specific value for the boat when the policy is initiated. In the event of a total loss or theft, the insurer pays out the agreed-upon value, which does not depreciate over time. This type of policy provides a higher level of certainty regarding the compensation boat owners will receive in case of a covered incident. It is a popular choice for owners of newer or well-maintained boats who want to ensure they receive a fair and predetermined amount in the event of a claim.

#2. Actual Cash Value Policies

Actual cash value policies, on the other hand, consider depreciation when calculating payouts. In the event of a covered loss, the insurer reimburses the boat owner for the boat’s current market value, taking into account its age, wear and tear, and depreciation. While actual cash value policies typically come with lower premiums, the compensation received may be significantly less than the original purchase price of the boat. These policies are often chosen for older or less valuable boats, where owners are comfortable with the depreciation factor and are looking to manage their insurance costs.

Boat owners should carefully consider their boat’s value, age, and intended use when selecting the most appropriate type of boat insurance to ensure adequate coverage and financial protection in case of an accident or loss.

Is It Worth Insuring an Old Boat? 

Insuring an old boat can be worthwhile. While it depends on factors like the boat’s value and intended use, insurance provides essential protection against unexpected costs. Older boats, like any other, can encounter accidents, damage, or theft, and insurance helps mitigate these risks. Moreover, liability coverage can safeguard against potential legal and financial consequences resulting from accidents involving the boat. Additionally, some marinas and docking facilities may require boat owners to have insurance, even for older vessels. Overall, while the cost of insuring an older boat may be lower than insuring a newer one, the protection and peace of mind it offers can make it a valuable investment.

What Is the Value Limit for Progressive Boat Insurance? 

Progressive’s boat insurance typically covers watercraft valued at up to $500,000, provided they are no longer than 50 feet.

Does Boat Insurance Cover Hitting a Rock? 

Boat insurance can cover hitting a rock, but it depends on the policy and the specific circumstances of the incident. Typically, comprehensive and collision coverage may provide protection in such cases. However, coverage can vary among policies, so it’s crucial to review your insurance documents or consult with your provider to determine the extent of coverage for accidents like hitting a rock while boating.

Read: The Hartford Business Insurance Review 2023

How Much Liability Insurance Should I Have on a Boat? 

It’s essential to consider potential risks and liabilities when determining the appropriate liability coverage. Generally, boat owners often opt for liability coverage ranging from $100,000 to $500,000, or more, depending on their assets and exposure to risks. Moreover, higher liability limits can provide greater financial protection in case of accidents, injuries, or property damage. Additionally, boat owners should consider umbrella liability policies that can offer additional coverage beyond the standard boat insurance limits, providing extra peace of mind. Consulting with an insurance professional can help determine the ideal liability coverage for your specific boating circumstances and assets.

Does Insurance Cover a Cracked Engine Block on a Boat?

Insurance coverage for a cracked engine block on a boat depends on the specific policy and the cause of the damage. Typically, it may be covered if the damage resulted from a covered peril, such as a collision, fire, or vandalism. However, wear and tear or mechanical breakdowns are usually excluded from standard boat insurance policies. Boat owners should review their policy documents and discuss their coverage options with their insurance provider to understand the extent of protection for engine-related issues and whether additional coverage or endorsements are needed to address potential engine block damage.


In Florida, how long does it take to register a boat?

A new or secondhand vessel purchaser has 30 days to title and register the vessel. The owner must have proof of the date of purchase aboard the vessel during this 30-day period. It is a second-degree misdemeanor to operate an unregistered vessel beyond 30 days.

Can you boat at night in Florida?

Even if navigation lights are employed, personal watercraft may not be used from 1/2 hour after dusk to 1/2 hour before sunrise. Remember that both federal and state laws require navigation lights to be used from sunset to morning.

What is the cost of boat insurance in Florida?

Annual boat insurance in Florida can often cost from $100 to $700. Many factors influence the actual cost of your boat insurance quote, including boat type, boating history, required coverage, and boat valuation.


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