Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent Daniel Walker

UPDATED: Apr 3, 2022

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Cheap boat insurance is easier to come by than many people expect. The choices you make will greatly impact the cost of your boat insurance. There are also tips to help you save money on boat insurance in unexpected ways.

Find insurance quotes for your craft; simply type in your zip code now!

If you own a boat or personal watercraft, insurance is necessary. Therefore you must take the time to learn about boat insurance, how to save money on it and how to make wise decisions concerning coverage.

There is as much variation in boat coverage as there are types of boats. A small boat or watercraft does require the same type or level of coverage as a large luxury boat. Learn about the cost of boat insurance by getting a quote online today.

Are you required to have boat insurance?

Most states do not legally require you to have coverage for boats as you’re required to have auto insurance coverage. In fact, only Arkansas and Utah have legal requirements for boat coverage. That said, you may find that the marina where you dock your boat does require this.

Even if you’re not required to have boat insurance by your state or marina, you should strongly consider buying it anyway. You probably paid a decent sum of money for your boat and you want to make sure it is protected.

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What are your boat insurance options?

There is a wide variety of different types of boat insurance coverage. Some boaters will need multiple types of coverage while others may want just 1 or 2. Your options with boat policies are as unique and individualized as any other type of insurance.

Your choice of which coverage to carry will be governed by factors such as the:

  • Size of your boat
  • Its value
  • The value of the things you carry on the boat
  • Where you travel
  • If you are concerned about your vulnerability in terms of liability

Your exact coverage needs will vary depending on the boat. Sailboats, fishing boats, and pontoon boats will all have different factors to consider when choosing your insurance coverage.

Some of the boat insurance options to choose from include the following:

  • Bodily injury and property damage liability
  • Medical payments
  • Comprehensive coverage
  • Collision coverage
  • Uninsured boater
  • Personal effects replacement
  • Fishing equipment
  • Wreckage removal
  • Water towing and emergency labor coverage
  • Water sports
  • Pet injury
  • Roadside assistance
  • Physical damage for named areas outside the U.S.
  • Navigational area

Some of the above would constitute optional coverage for the average boat owner. At the very least, just like with your auto insurance policy, you probably want to have liability, collision, and comprehensive insurance for your boat. We’ll cover this more extensively below.

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How do you cut down the cost of boat insurance?

Even though your homeowner insurance policy extends you some coverage in terms of boats, it is very limited. Most boat owners will find, upon examination, that the coverage provided on a homeowners policy is insufficient. Many of the different types of coverage like those listed above are not included in your homeowner policy.

A specialized boat insurance policy covers things like “roadside” assistance that will take care of towing your boat for you. It provides on-water towing and uninsured boaters coverage. Wreckage removal and fuel spill liability are also covered with specialty coverage but not by homeowners policies.

While opting for the automatic inclusions in homeowners insurance as your only boat insurance is definitely cheap, it does not give you good coverage. By opting to invest in a specialty coverage boat insurance package, you can get the kind of protection you should have. However, to keep the cost low, you may want to limit the types of coverage you carry to the most necessary ones.

Evaluate the value of your boat to determine whether or not physical damage coverage like collision and comprehensive are reasonable types of coverage to carry. If you have a strong network of friends or family who boat, you may also be able to forego coverage like water towing, wreckage removal and roadside assistance. If you are concerned about boat insurance costs, there are many forms of coverage you can easily opt out of.

To make sure you are getting cheap boat insurance, make sure you are getting any applicable boat insurance discounts from the insurer. Companies will typically offer discounts such as group discounts for:

  • Being a member of named groups
  • Multi-line discounts for having more than one type of coverage with the same company
  • Payment discounts for payment in full or for using certain methods of payment

Once you choose a boat insurance provider, ask about the discounts that are available to you, as this can significantly reduce your boat insurance premium.

What’s the bottom line?

One of the top tips for finding cheap boat insurance is to shop around and compare the prices you find from different companies. An easy and quick way to do so is by using the free online quote tool, which provides you with a boat insurance quote from multiple different companies in no time. You simply answer the questions you are asked.

Compare the rates you are given from multiple boat insurance companies. There are many different insurers who offer boat insurance and while they may take the same factors into account, the way each looks at those factors is different. Therefore you will find that quotes vary significantly from company to company. For this reason comparison shopping is essential.

Once you have compared the rates and have narrowed down the choices, you need to check out the boat insurance provider you’ve selected. You can do so getting its insurance rating from one of the independent insurance ratings companies like Moody’s and A.M. Best.

This will tell you how financially stable the insurer is. Another suggestion is do an online search or check with your state department of insurance in order to see how they treat customers.

Get started now by finding the cheap boat insurance quotes with just your zip code!