3 Best Boat Insurance Companies in 2026

Along with standard coverage options like liability and physical damage, Progressive offers a lot of optional coverages to help you customize your policy. You can add coverage to clean up fuel spills, for injuries that happen because of water sports, and coverage in case your boat breaks down. You can even add coverage for wreckage removal. If your boat sinks and you're legally required to remove the wreckage, Progressive will pay for it.

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.

If your personal watercraft is less than three years old, you can insure it for the full replacement cost. If your watercraft is destroyed, Markel will pay for you to replace it with a new one of the same kind and quality. Plus, if you had your personal watercraft professional winterized but the engine still froze, Markel will pay for the damage if you have the "ice and freezing damage" option on your policy.

Additionally, if normal wear and tear on your personal watercraft causes a fire, explosion, collision or something else, Markel will pay for the resulting damage. This is called "consequential damage" coverage. It's standard on every Markel policy, and it's one of the more unique coverages the company has.

However, Markel doesn't advertise many discounts. You can save by insuring more than one boat or personal watercraft, having five or more years of boating experience and being over age 40. However, Markel does state policies can be as cheap as $100 per year and that you can save up to 35% with discounts.

Chubb is known for insuring high-end and luxury property, so it's a natural fit for insuring yachts and other high-cost boats. The company has two tailored policies for yachts: Masterpiece and Masterpiece Yacht Preference.

The Masterpiece policy is for yachts or boats that are at least 36 feet long. You get all the standard boat coverages, like medical payments and liability coverage, but you also get coverage that is specific to yachts. You automatically have coverage for your yacht if you take it to boat shows, for example.

You can also get at least $5,000 for trailer coverage, although higher limits are available if your yacht trailer is more expensive. Chubb will even pay for reasonable measures to protect your boat from things like storms. Other coverages include environmental damage and substitute watercraft.

You can't get a Chubb quote online, which can be frustrating for some customers. However, because yachts and high-value boats are more complex to insure, it's always best to talk to an agent.