3 Best Boat Insurance Companies in 2026
Progressive has the best boat insurance because of its many coverage options and discounts.
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Best boat insurance companies
To choose the best boat insurance companies, ValuePenguin's experts analyzed each insurer's coverages, discounts and customer complaint levels. We also looked at the types of boats covered, the maximum coverage and maximum length allowed.
While these companies are often good choices, the best boat insurance for you will depend on where you live, what type of boat you have, what type of coverage you need and your specific desires in a policy and insurance company. Shop around and research boat insurance companies near you before buying a policy.
Read ValuePenguin's full methodology.
Best boat insurance overall: Progressive
Progressive also offers an impressive suite of discounts, including savings for bundling your boat insurance with your other policies, being a safe boater, taking a boating safety course and paying in full.
Progressive covers most types of boats. As long as your boat is 50 feet long or less and costs less than $500,000, Progressive will usually be able to insure it. This includes the most common types of boats, like pontoons, fishing boats, powerboats, sailboats and personal watercraft like Jet Skis.
The company advertises that rates can start as low as $100 per year for a basic policy that only includes liability coverage.
However, Progressive doesn't have the best customer service. The company gets about 83% more complaints than expected for a company its size. Poor service can cause issues and delays if you have to file a claim.
Best personal watercraft insurance: Markel
Best yacht insurance: Chubb
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What does boat insurance cover?
Just like car insurance, boat insurance usually covers damage to your boat and damage that you cause with the boat.
The specific coverage you have depends on your policy and what options you choose. Common coverage includes:
- Physical damage: This is the part of your policy that covers damage to your boat. Some companies break it down into two parts, comprehensive and collision, just like car insurance.
- Liability: This coverage pays for damage that you cause with your boat, including injuries and damage to others' property.
- Medical payments: If someone is hurt on your boat or you cause an injury in a crash, this coverage pays for the injuries even if you aren't at fault.
- Personal property: If you have belongings on your boat, like fishing gear, life vests or coolers, this coverage will pay for it if it's damaged or destroyed.
- Uninsured/underinsured boater: If someone hits your boat and they don't have insurance, this coverage pays for your damages and injuries.
Many companies also offer add-ons, like coverage for on-water towing or damage to the trailer you use to transport the boat.
How much is boat insurance?
Boat insurance can cost as little as $100 per year.
But your rates will depend on your specific boat and the coverage you want. Larger boats, boats with more horsepower, and boats that cost more to repair or replace will all likely have higher insurance costs.
Your coverage choices impact your rates, too. Just like with a car, you can choose to have liability-only coverage or full coverage on your boat. Full coverage means your policy will pay for damage to your boat in an accident. You'll also pay more if you add on extra coverage, like on-water towing and coverage for belongings that you have on the boat.
Finally, rates change depending on where you live and the insurance company you choose.
Tips to get cheap boat insurance
Shop around. The best way to lower your boat insurance costs is to shop around and compare quotes. Some companies insure boats on home insurance policies, while others have standalone policies. Compare the costs, coverage and customer service of each company to find the right option for you.
Use discounts. You can often save on boat insurance if you don't have any claims or if you've taken a boat safety course. Some companies offer even more discounts, like bundling discounts for also insuring your home and auto policies and being part of a boat owners association.
Choose your coverage wisely. Talk with an agent and evaluate the coverage you choose for your boat policy. If your boat is older or if you aren't worried about damage, you might be okay with just liability coverage. And if you don't usually have fishing gear or other belongings in the boat, you could save by skipping personal property coverage.
Frequently asked questions
Is Progressive good boat insurance?
Progressive has good boat insurance for most people. You can personalize your policy with a range of coverages and discounts, and the company advertises that rates start as low as $100 per year. However, Progressive doesn't have the best customer service.
Do you have to have insurance on a boat?
You don't usually need to buy boat insurance. Only Arkansas, Hawaii and Utah have laws requiring some boats to have insurance. However, some marinas require that you have boat insurance. And it's always a good idea to have a boat insurance policy. Accidents can happen, and boat insurance helps you pay for damages and injuries if they do.
How much does boat insurance cost?
Some companies advertise boat insurance for as little as $100 per year. Your rates depend on where you live, what kind of boat you have, what kind and how much coverage you need, and which insurance company you pick.
Methodology
ValuePenguin's insurance experts reviewed several major boat insurance companies, looking specifically at coverage options, discounts, types of boats covered, coverage limits, boat length limits and customer service. Complaint data comes from the National Association of Insurance Commissioners (NAIC).
The info in this article is intended for educational and comparison purposes only. The best boat insurance company for you depends on your specific situation and needs.
About the Author
Senior Writer
Licensed Insurance Agent
Cate Deventer is a Senior Writer who specializes in health insurance, Medicare, auto and home insurance. She's been a licensed insurance agent since 2011.
She started her insurance career working as a customer service agent for State Farm. She later moved to an independent agency, where she worked with several insurance companies and hundreds of clients. She quoted policies, filed claims and answered insurance questions. In 2021, she pivoted her career and began writing about insurance for Bankrate. She moved to ValuePenguin in 2023 and began writing about health insurance and Medicare.
Cate has a passion for helping readers choose insurance to fit their needs. She enjoys knowing that her research and knowledge help people choose insurance products that make a positive difference in their lives.
How insurance helped Cate
Cate used her health insurance knowledge to navigate a surgery in 2023. Understanding how her policy worked let her focus on recovery instead of worrying about bills.
Expertise
- Health insurance
- Medicare & Medicaid
- Auto insurance
- Home insurance
- Life insurance
Credentials
- Licensed Life, Accident & Health Insurance Agent
- Licensed Property & Casualty Insurance Agent
Referenced by
- CBS
- NBC
- Wall Street Journal
Education
- BA, Theatre, Purdue University
- BA, English, Indiana University
Editorial Note: The content of this article is based on the author's opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.
