Get the boat insurance coverage you need. Boats smaller than yachts, houseboats or commercial freighters are usually classified as small boats. Whether you have a speed boat, a small fishing boat, or a yacht will make a big difference in what you pay. Boat insurance policies are generally affordable. Liability-Only Boat Insurance Saving You Money with Liability-Only Insurance. All of these factors, including the experience and claims record of the owner will factor into the cost. Coverage offered in all 50 states to boat owners with a U.S. address. — Yacht. Chubb's Mega Yacht coverage fulfills the specialty insurance needs of luxury yacht owners with vessels valued at $3 million or greater. With over 35 years of marine insurance experience, Markel Specialty provides a level of expertise that is unsurpassed in the marine industry. Small boats. The cost of boat insurance is based on the type of boat, length, number of engines and horsepower, how you use it (recreation, commercial charter, racing, etc. GEICO Marine Insurance Company carries an AM Best Rating of A+ (Superior) and is domiciled in Chevy Chase, MD. For many small boat owners or owners of older vessels, liability coverage is the most important reason to insure their boat. Before your next outing on the water, make sure you have the best coverage for your needs. ), and how and where it will be stored. Our Watercraft policy is designed exclusively for all types of pleasure boats less than 27’ in length. In general, boat insurance costs typically range from $200 to $500 per year, on average. Get a boat insurance quote and discover competitive rates on the coverage you need. Plus, unlike a typical homeowners insurance policy, we focus on marine insurance and have developed a wide variety of marine insurance coverage for almost any type of boat or watercraft. The amount of boat insurance you need depends on a number of factors, including the boat’s value, motor size, age, and how you use it. Personal Effects – most policies also include financial assistance for lost personal belongings in a damaged boat such as fishing gear, navigation equipment, computer, phone and/or jewelry. — Mega Yacht. Prior claims: If you have a history of boat insurance claims, you could pay more to insure your boat and for liability protection. — Small Boat. START YOUR QUOTE Insuring your boat is an important matter and often comparing polices can become confusing, especially when two … What boat insurance typically covers What it doesn’t cover; Damage or destruction from a collision, fire, lightning, theft and vandalism. Boat and PWC policies are underwritten by GEICO Marine Insurance Company with administrative offices at 5323 Port Royal Road, Springfield, VA 22151. 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