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Boating insurance covers multiple areas, such as accidents, collisions, and property damage. Boating is one of the most popular hobbies in the United States. There are millions of registered boats in use each year, ranging from smaller sailboats to larger cruisers and even luxurious yachts. Boating was especially popular in 2020 due to Covid-19 restrictions. Many boat owners were upset with being locked inside for so long but were able to escape onto the sea.
While boating is a relaxing hobby, it can also be expensive. Even if you own a smaller craft, it is worth getting boating insurance. Boat insurance covers many areas. Most boat owners know the insurance covers accidents, but it also provides protection if your boat is damaged while it is docked. Insurance plans also cover the costs of damage to individuals or property that occurs because of your boat. The costs of boat insurance largely vary based on the plan and location, costing on average between $200 and $500 each year. There are many boat insurance providers to choose from, with some of the top providers listed below.
State Farm offers extensive boat insurance coverage. Property coverage not only includes direct damage to your boat but also covers any equipment attached to your boat. Equipment must be permanently attached to qualify, such as a detachable canopy. Plans are available based on the size of your boat, with additional options available for jet skis, kayaks, or canoes. There are also more extensive plans for larger vehicles, such as houseboats or yachts.
State Farm also provides emergency service coverage. This offers protection against sinking, explosions, and fire, as well as any damage caused by being stranded or capsizing. You can also apply for extra coverage, such as wreck removal and costs of temporary repairs to keep your boat from receiving additional damage.
Foremost is one of the oldest and most reliable boat insurance providers in the United States. Foremost is a smaller branch of the Farmers Insurance Group of Companies. Foremost is a popular choice for boat insurance because it provides unique, customizable plans, based on your needs. For example, if you only use your boat during fishing tournaments, there is a special plan solely for competition coverage. There are also unique weather clauses, based on the climate where your boat is kept. Foremost even has packages available for smaller services, such as pet coverage or trip interruption. It also has a unique premium insurance package for classic boat owners, which includes any boat that is over 25 years old.
While Foremost has many plans available, it does not provide as many discounts as other insurance agencies. There are some options to reduce your payment, such as taking boat safety courses. You also get a discount if you owned a previous bot insurance plan. If you partner with approved affinity or alliance organizations, you also receive a discount on your insurance.
Progressive does not have as many insurance plans as other boat insurance providers. Currently, progressive only offers coverage for boats up to 50 feet in length. One of the reasons so many boaters choose progressive is the number of discounts available. Progressive provides gradual discounts as long as you keep making your payments on time. Being either a USAA or Cost Guard member also gets you a discount. Progressive also offers safe boater discounts, which are identical to the discounts you receive for being a safe driver. You can also receive lower rates based on whether your boat is fully paid off, if you have multiple boats on your insurance plan and whether you completed boat safety programs.
Progressive automatically provides coverage for collisions, as well as wreckage removal. If you need to transport your boat after an accident, roadside assistance costs are covered as well. Progressive also received a great deal of praise in previous years for having a strong customer service team.
Allstate mostly specializes in car insurance, but they have several boat insurance policies as well. Allstate does not have as extensive of coverage as other plans, but it has some of the most affordable plans, with many starting around $20 a month. There are also a host of payment options. As of writing, you can get an automatic five percent discount by signing up for the Easy Pay Plan, which automatically deducts your monthly payment from your checking account. There is also a generous ten percent discount if you pay for the full year. There are even more discounts if you have either home or vehicle insurance through Allstate.
United Marine Underwriters
The majority of boating insurance agencies do not specialize solely in boats, either offering home or vehicle insurance as well. United Marine Underwriters is the exception, specializing only in boating insurance. It is one of the newest boat insurance providers, but it has become popular among boaters due to its customer service. Every customer is assigned a personal service attendant, who helps create an insurance plan and addresses any issues the customer has. Since the insurance company only works with boating insurance, every agent is an expert with boating rules and regulations.