CNBC Select's top boat insurance providers for 2024.
Owning a boat entails having boat insurance, regardless of the type of watercraft, whether it is a speedboat, small fishing boat, yacht, sailboat or any other kind.
Although only Arkansas and Utah mandate boat insurance, your marina or lender may require you to have a policy. Even if it's not legally required, having coverage can safeguard you financially in case of boat damage, theft, or injury to someone - whether on water or land.
In 2024, CNBC Select ranked the top boat insurance companies based on coverage, availability, and ease of use. Our methodology explains how we arrived at this list.
Best for bundling
Geico provides boat insurance policies through BoatUS, which cover a range of boats and situations. Their policies include beneficial features such as discounts for completing boat safety courses and optional add-ons like boat towing assistance, disappearing deductibles, and coverage for fishing equipment. Geico is highly rated for customer satisfaction and financial stability, and has earned top spots in CNBC Select's rankings for the best car insurance and best home and auto insurance bundles.
Best for specialty boats
Markel provides robust coverage for boats, particularly for those who use them for fishing. Its policies include unique perks and coverage for tournament fees and fishing equipment. Markel offers discounts to customers and special policies for personal watercraft and yachts. Additionally, it provides commercial policies for those who use their boats for charters or excursions.
Best for discounts
Boat coverage from Progressive is a strong choice for those looking for competitive rates and a variety of options. They offer coverage for boats valued under $500,000 and up to 50 feet long. Additionally, Progressive stands out for offering many different boat insurance discounts, including discounts for paying in full, completing a safety course, and getting quotes in advance. Optional policy add-ons include replacement cost coverage, hurricane haul out, and Sign & Glide, which covers emergency services like on-water towing and jump starts.
Best for high-value boats
Chubb is an excellent choice for insuring boats or yachts with high-value properties and items. Its tailored coverage and unique services cater to clients with expensive boats and high-dollar items on board. Chubb offers comprehensive coverage for luxury pleasure boats 35 feet and less, including complimentary background screenings on crew members, travel briefings, and discounted rates on security services.
Best for a wide variety of boats
Foremost, a Farmers Insurance company, provides boat insurance with the same strength as its name-brand parent company. Its coverage caters to a variety of boat types, including fishing and performance boats. With availability in all 50 states, Foremost is a popular choice for boat owners. Additionally, Foremost offers discounts for boat owners over 55 and special coverage options for USAA members.
Bottom line
Boat insurance is not always necessary, but it can be beneficial in various ways. It can safeguard your investment in your watercraft and your financial stability in the event of an accident. To obtain the best coverage at an affordable price, it is recommended to obtain quotes from multiple insurers and compare them.
Why trust CNBC Select?
Our mission at CNBC Select is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make well-informed decisions when it comes to their money. Each boat insurance review we publish is the result of thorough reporting by our team of expert writers and editors, who possess extensive knowledge of insurance products. At CNBC Select, we are committed to maintaining our journalistic standards and ethics, even when we earn a commission from affiliate partners on many offers and links. To learn more about our methodology and how we select the best boat insurance companies, please refer to our website.
Our methodology
CNBC Select evaluated numerous U.S. insurance companies offering boat policies to meet diverse requirements.
We evaluated boat insurance companies based on coverage, availability, unique features, and ease of use. We assessed the number of states where coverage is offered, the range of vessel types and sizes covered, financial strength ratings from AM Best, and the number of discounts provided.
We ranked our recommendations based on the best overall, best runner-up, best for discounts, best for high-value boats, and best for a diverse range of boats.
The premiums and policy structures offered by motorcycle insurance companies may change based on their policies.
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