Boat Insurance

Geo depth: Class A

Boat insurance covers watercraft against damage, theft, and liability for injuries or property damage the boat may cause. Coverage often extends to attached equipment such as trailers and motors, and some policies add on-water towing and salvage coverage.

Compare Boat Insurance rates

What is boat insurance?

Boat policies typically cover physical damage to the hull, motor, and attached equipment, plus liability if your boat injures someone or damages property. Many policies also add on-water towing and salvage coverage, since a breakdown on the water often requires a marine-specific towing service rather than a standard roadside plan.

Coverage can be written on an agreed-value basis (a fixed payout amount set when the policy is written, not reduced for depreciation) or an actual-cash-value basis (depreciated value at the time of loss) — this distinction meaningfully affects what you'd receive after a total loss.

What affects your boat insurance cost

Typical costs vary significantly by state, provider, and personal factors — {{VERIFY: national average boat insurance premium not yet sourced}}. Rather than a single number, the factors below are what actually move your quote up or down.

Boat type, length, engine horsepower, and value
Navigational area/waters where the boat is used
Storage location (marina, trailer, at-home)
Owner's boating experience and any completed safety course
Coverage basis selected (agreed value vs. actual cash value)
Seasonal vs. year-round use (layup period)

How to compare boat insurance providers

Price is only one part of the decision. Before choosing a provider, compare each of the following side by side:

Coverage limits, and exactly what's included or excluded
Deductible options and how a higher or lower deductible changes the premium
Financial strength ratings from an independent rating agency (e.g., AM Best, S&P, Moody's) — an indicator of an insurer's ability to pay future claims
Customer service and claims-handling reputation, including complaint-ratio data where a state Department of Insurance publishes it
Available discounts and bundling options
Confirmation that the carrier is licensed to write this coverage in your state

Explore boat insurance by state

Coverage requirements and licensed carriers for boat insurance vary by state. Here are a few popular starting points, or browse the full state directory below.

Boat Insurance FAQ

Is boat insurance required by law?

Most states don't require boat insurance the way they require auto liability coverage, though a marina, lender (if financed), or lienholder may require it, and a small number of states or specific waterways may have their own rules. {{VERIFY: your state's specific boat insurance requirement}}.

What's the difference between agreed value and actual cash value boat coverage?

Agreed value pays a fixed, pre-agreed amount if the boat is a total loss, without a deduction for depreciation. Actual cash value pays the depreciated value at the time of loss, which is typically lower for an older boat.

Does boat insurance cover towing on the water?

Many policies offer optional on-water towing and assistance coverage, which is different from roadside assistance on land — check whether it's included or needs to be added separately.

Ready to see boat insurance options?

Compare providers side by side using the factors above, then see options tailored to your state and situation.