Boat and yacht insurance

There is not standard policy for boats and yachts. You need to talk to Matt before plotting your course.  Serving Oregon, Washington and Hawaii.

Consumer Advocate Reviews – Boat and Yacht Insurance

Progressive (yes, the auto insurance company!) came out on top. Per the Consumer Advocate review, “Their collision and comprehensive coverage include full replacement cost, meaning that if you have an accident they’ll pay the cost to return your boat to its previous condition or better. They also provide coverage for bodily injuries, property damage, fuel spill, wreck removal, roadside assistance, and other optional services such as on-water towing, fishing equipment replacement, and medical payments. Additionally, boat owners are covered in any lake and river in the United States and in ocean waters within 75 miles of the coast.

      Progressive provides popular saving options—discounts for multi-policy, multi-boat, and safety courses. There is also a discount for members of the United States Coast Guard Auxiliary (USCG), the United States Power Squadron, and the United Services Automobile Association (USAA). Boat owners who stay with Progressive can enjoy attractive rewards such as a 25% reduction of their deductible every time they renew without having issued a claim.”

    Other points to consider when purchasing boat insurance are do you want the policy to pay out on Agreed Value, Actual Cash Value, or do you want a Liability-Only policy? 


      Which cruising areas do you want to be covered for? Some companies offer much larger areas than others. Also, pay attention to Fuel Spill coverage; not having enough coverage for fuel spills can get costly fast.

     If you are insuring a yacht, look for policy add-ons such as coverage for marinas as additional insureds, and liability for employed crew members aboard your yacht (if they are within jurisdiction of the Longshore and Harbor Workers Compensation Act.)

Hagerty offers insurance for vintage boats. Per the article,

     “Hagerty has over 30 years of experience providing coverage for those boat owners who enjoy vintage boats and the gratification of restoring their own classic boats. They provide insurance for a wide variety of classic boat types, including fiberglass boats, wooden boats, runabouts, cruisers, and sailboats. 

     This company offers boat collectors agreed value coverage for total loss, and boat restoration insurance in case of experiencing fire, theft, vandalism, or other losses during restoration, regardless of whether it is you or a professional facility. Additionally, boat owners can sail their boats without worrying about coverage as long as it is in US and Canadian territorial waters, and within 12 miles offshore.” 

Boating and yachting involves a much more complex set factors to be considered, and you need to be asked the right questions before purchasing that boat (or yacht). Let Matt ask those questions!


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Serving Oregon, Washington and Hawaii.