photo of boat

Boat Insurance

Your perfect day includes the sunrise, a trolling motor and a rubber worm. You love your boat. You even have a name for her. When you’re out on the water, the last thing you want to worry about is whether you have the right insurance policy.
We get it.
That’s why Foremost developed a specialized policy specifically for you and your boat. We offer coverage for personal property…you remember, the trolling motor and rubber worm. And we offer coverage for towing and assistance so you’ll never be stranded on the water or the side of the road. Even your trailer.
Double check your line, and don’t forget the net. Leave the insurance to us.

Tips to Choosing Watercraft Insurance

Watercraft insurance protects several kinds of boats and PWCs, which means watercraft insurance policies can differ based on what you have. Here are a few tips to help you find the right boat or watercraft insurance:

Look beyond your homeowners policy.

Your boat or personal watercraft may be too big or too expensive to be covered through a homeowners policy, which means you may need watercraft insurance to protect it. Progressive accepts boats up to 50 feet long and up to $250,000 in value, as well as personal watercraft up to 15 feet long and $27,000 in value. Even if your boat is eligible for watercraft insurance coverage under your homeowners policy, you still may want specialized coverages that you just can’t get with a standard homeowners policy.

Consider specialized coverages.

Watercraft insurance coverages go beyond the scope of a standard homeowners policy to include Roadside Assistance, which covers towing of your boat or personal watercraft for free, as long as your trailer is covered; On-Water Towing, in case you’re stranded on the water; and Uninsured Boaters coverage. You can also choose Fuel Spill Liability and Wreckage Removal coverage with Progressive watercraft insurance. Without these watercraft insurance coverages, you may end up getting stuck with the bill for cleanups and removals. Personal Effects and Fishing Equipment coverages are also available.

If you travel, make sure your watercraft insurance coverages go with you.

Some insurance companies limit where you can go with your watercraft and still be covered, or they charge you extra if you travel. With Progressive’s watercraft insurance policy, you can follow the sun because you’re covered at no extra charge on all inland lakes, rivers and navigable waterways of the continental United States and Canada, including ocean waters within 50 miles from the coast of the U.S. or Canada.

Think about replacement costs.

Boats and personal watercraft depreciate just like cars do. A homeowners policy will only pay you actual cash value for your boat or personal watercraft, which could make it difficult to replace if it’s destroyed. But with Progressive watercraft insurance, you have that option and more. With Total Loss Replacement, we’ll replace your boat or personal watercraft with a brand new model if the loss is within the first five model years. We also offer Agreed Value coverage no matter how old your boat is.

Look for loyalty rewards.

Consider doing business with a company that values its relationship with you and rewards you for sticking around.  At each claim-free renewal, we decrease your deductible by 25 percent. The Disappearing Deductibles feature comes standard at no additional charge on Agreed Value and Total Loss Replacement policies.
Comprehensive and Collision coverages pay for the cost to repair or replace your boat if it is stolen or damaged in a covered loss, regardless of who is at fault. You share in this cost by paying a deductible.
With Collision coverage, your insurance company pays for damage to your boat when you collide with another boat or object. If you hit a boat, a pole or another nonliving object, Collision coverage will apply.
With Comprehensive coverage, your insurance company pays for damage to your boat caused by an event other than a collision, such as fire, theft or vandalism. If you hit an animal, or if your boat is flooded or stolen, Comprehensive coverage will apply.
You have three options to insure your boat against a total loss:

  • Actual Cash Value — A base policy that pays the market value of your boat at the time of loss.
  • Agreed Value — Pays the value of your boat that you select at the start of your policy, regardless of the current market value.
  • Total Loss Replacement Cost — Pays for replacement of your boat with the newest model if your boat is declared a total loss within its first five model years.

Actual Cash Value

Actual cash value (ACV) is the most economical choice to insure your boat or PWC. ACV is determined by the market value, age and condition of your boat/PWC at the time of the loss. If your boat/PWC is declared a total loss, this coverage pays either the lower of the ACV at the time of loss or the Rating Base.

Agreed Value

Agreed Value coverage pays the Rating Base if your boat is declared a total loss, regardless of the actual cash value (ACV) at the time of the loss. For partial losses, there is no depreciation, except on the following: batteries, sails, canvas/plastic coverings and outdrive units or outboard motors older than five years.
For boats two years old or newer, the sales receipt can serve as the Rating Base. If a sales receipt is unavailable, the Rating Base may be determined by referring to an ABOS, BUC or N.A.D.A. appraisal guide or an accredited marine survey.
Agreed Value coverage is not available for personal watercraft.
Disappearing Deductibles coverage is included.

Total Loss Replacement

Total Loss Replacement coverage is available for new boats up to one model year old. If a total loss occurs, this coverage replaces the current boat with a new boat that is, to the greatest extent possible, the same make and model and that contains comparable equipment. If such a boat is not available, a comparative boat that is five model years old or less will be substituted.
For boats more than five model years old, the Rating Base is paid, which must be increased if additional equipment that increases the boat’s value is attached by the policyholder.
This coverage requires a sales receipt to determine the Rating Base.
Total Loss Replacement coverage is not available for personal watercraft.
Disappearing Deductibles coverage is included.

Rating Base

The Rating Base is the current market value of a boat/PWC, including motors and permanently attached and portable boating equipment. The value of the trailer also should be included in the Rating Base if coverage for the trailer is requested.

Disappearing Deductibles

Disappearing Deductibles coverage is included at no extra charge with Agreed Value and Total Loss Replacement coverages. For each claim-free renewal period, Comprehensive and Collision deductibles are reduced 25 percent. After the fourth consecutive claim-free renewal period, your deductible is $0.
If a Comprehensive or Collision claim is paid, deductibles return to their original amounts upon the next renewal. Non-physical damage-related claims (e.g., Liability, Roadside Assistance, etc.) do not affect the disappearing deductible level.
Disappearing Deductibles coverage is not available for personal watercraft.