Owning your recreational boat is a wonderful opportunity to learn new skills, develop confidence, embark on fun and exciting adventures, bond with close friends and family members and more. Having boat insurance, though not technically a must in every case, is going to give you vital peace of mind and protection as you enjoy a dream come true of owning your boat.
Boating insurance will do more than protect your boat from damage or losses, though. It can ensure;
- Coverage for any medical needs for yourself or your passengers in the case of an accident;
- Protection from liability lawsuits;
- A higher likelihood of obtaining a bank loan for your boat or securing a spot at a marina.
A big distinction when deciding which insurer to choose is whether to go with a big, national insurer or a smaller agency that mainly specializes in marine insurance. There are advantages to both.
National Carriers
The big national carriers offering boat insurance can be more convenient and usually bring more resources to bear which can lower rates significantly. You may already do business with one of these large carriers — such as Progressive, Allstate or Geico — which makes adding boat insurance more convenient as well as offering the potential for substantial discounts through bundling multiple policies.
Specialized Marine Insurers
Alternatively, there are specialized insurers that deal exclusively or primarily in marine insurance. These firms are usually intimately aware of all of the ins and outs of the boating world and how it relates to boat insurance. These more specialized firms can often offer extra perks and specific boating-related resources for members. The downside is that rates are typically higher here.
Below you will find information on a selection of some of the best boat insurers in the country currently.
Allstate
Allstate offers some of the best rates around for boat insurance, especially if you already have Allstate homeowner’s insurance and you would like to bundle your boat insurance. Other discounts are available as well, for example after completing a boat safety training class.
Allstate has a good reputation among recreational boaters, with claims that are said to be paid quickly and without much hassle. Just be aware that with enticing low rates such as those offered here, it is vital to pay close attention to the details of your coverage before signing up. For instance, Allstate’s boat insurance coverage only extends for vessels within 100 miles of the U.S. or Canadian coasts.
For a detailed look at the different types of policies and coverage available to boaters, check out this informative Consumer Reports article.
Hanham Insurance Agency
This agency specializes in marine insurance and has earned a favorable reputation among recreational boaters for their professionalism, knowledge and superior attention in catering specific boat insurance policies to each client’s needs. The focus on customer service and range of customizable policies make Hanham a solid choice for both newcomers to the boating world and seasoned sailors alike.
Markel Insurance
For a very reputable provider of basic international boat insurance, Markel is a solid choice for boaters planning on extended voyages into foreign waters.
For a more comprehensive look at the best boat and yacht insurers check out this link.