They provide insurance for a wide variety of classic boat types, including fiberglass boats, wooden boats, runabouts, cruisers, and sailboats. What Factors Affect Your Boat Insurance Cost? 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. 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 type of boat, its length, and its expected use will largely dictate your boat insurance rates. — Mega Yacht. What boat insurance typically covers What it doesn’t cover; Damage or destruction from a collision, fire, lightning, theft and vandalism. GEICO Marine Insurance Company carries an AM Best Rating of A+ (Superior) and is domiciled in Chevy Chase, MD. Chubb's Mega Yacht coverage fulfills the specialty insurance needs of luxury yacht owners with vessels valued at $3 million or greater. — Small Boat. These boats tend to be the most common type of watercraft that needs insurance. Boat insurance policies are generally affordable. In general, boat insurance costs typically range from $200 to $500 per year, on average. Boat and PWC policies are underwritten by GEICO Marine Insurance Company with administrative offices at 5323 Port Royal Road, Springfield, VA 22151. — Yacht. Get a boat insurance quote and discover competitive rates on the coverage you need. Small Boat Insurance Coverage. 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. Our affordable policies help you keep your boat protected on the road and on the water. ), and how and where it will be stored. More than 75% of Progressive’s boat insurance customers pay their policies in full. This provides coverage for injury or damage to a third party. 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. Boats smaller than yachts, houseboats or commercial freighters are usually classified as small boats. Before your next outing on the water, make sure you have the best coverage for your needs. With over 35 years of marine insurance experience, Markel Specialty provides a level of expertise that is unsurpassed in the marine industry. Our Watercraft policy is designed exclusively for all types of pleasure boats less than 27’ in length. START YOUR QUOTE Insuring your boat is an important matter and often comparing polices can become confusing, especially when two … Prior claims: If you have a history of boat insurance claims, you could pay more to insure your boat and for liability protection. 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