Home Vehicle Insurance These are the top 5 boat insurance providers for this summer

These are the top 5 boat insurance providers for this summer

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If you own a speedboat, a small fishing boat, a yacht, a sailboat, or any form of watercraft, chances are you need some type of insurance coverage for your vessel. While just two states mandate boat insurance (Arkansas and Utah), having coverage can help protect you financially if your boat is destroyed, stolen, or injures someone – whether on the water or land. Your marina, or your lender if you have a boat loan, may also require you to have boat insurance.

A homeowners insurance policy may cover some boat damage, but it is unlikely to provide adequate coverage for many bigger boats.

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CNBC Select has compiled a list of the top five boat insurance carriers based on coverage, availability, and simplicity of use (for more detail on how we arrived at this ranking, check our methodology).

Best boat insurance providers

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Geico is the best overall.

Markel was the runner-up.

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Progressive offers the best deals.

Chubb is the best choice for high-value yachts.

Ideal for a wide range of boats: Foremost

The best overall
Geico provides BoatUS boat insurance packages that cover a wide range of boats and circumstances. Its insurance provides convenient features including discounts for completing boat safety classes, as well as extra add-ons such as boat towing assistance, vanishing deductibles, and coverage for your fishing equipment. Geico is ranked well for customer happiness and financial soundness, and it also ranks first for best vehicle insurance and best home and auto insurance bundles in CNBC Select’s rankings.

Runner-up

Markel provides coverage for a wide range of specialized equipment, including boats. Its coverage is a very great choice for boaters who fish, with some unique bonuses and coverage for things like tournament costs and fishing equipment. Customers may take advantage of many savings from Markel, as well as customized policies for personal watercraft and yachts. It also provides business coverage if your boat is used for charters or excursions.

Best for savings
Progressive is a good option for boat insurance because it covers a wide range of boats under $500,000 and up to 50 feet long. Progressive stands out for its cheap prices and ten various boat insurance discounts, such as savings for paying in full, taking a safety course, and seeking bids ahead of time. Replacement cost coverage, hurricane haul out, and Sign & Glide, which covers emergency services like on-water towing and jump starts, are available as insurance add-ons.

Ideal for high-end boats
Chubb is great for people looking to insure large, costly boats or yachts. This insurer, which creates plans for customers with higher-value assets and commodities, may cover luxury pleasure boats 35 feet or smaller. Chubb’s one-of-a-kind, customized coverage may be a suitable fit for clients who own an expensive yacht with high-priced goods on board. It also provides yacht owners with unique services such as gratis background inspections on crew members, travel briefings, and discounted pricing on security services.

Ideal for a wide range of watercraft
Foremost, as a Farmer’s Insurance business, provides coverage with the same tenacity as its parent firm. Boat insurance from Foremost covers a wide range of boat types, from fishing boats to performance boats. With coverage accessible in all 50 states, it is an attractive option for many boat owners. Foremost also offers a variety of discounts, including those for boat owners over the age of 55, as well as specific coverage choices for USAA members.

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