They provide insurance for a wide variety of classic boat types, including fiberglass boats, wooden boats, runabouts, cruisers, and sailboats. Our Watercraft policy is designed exclusively for all types of pleasure boats less than 27’ in length. 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. 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. Get the boat insurance coverage you need. ), and how and where it will be stored. These boats tend to be the most common type of watercraft that needs insurance. Boat insurance policies are generally affordable. More than 75% of Progressive’s boat insurance customers pay their policies in full. Prior claims: If you have a history of boat insurance claims, you could pay more to insure your boat and for liability protection. — Yacht. 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. Whether you have a speed boat, a small fishing boat, or a yacht will make a big difference in what you pay. Small Boat Insurance Coverage. What Factors Affect Your Boat Insurance Cost? — Mega Yacht. Boats smaller than yachts, houseboats or commercial freighters are usually classified as small boats. Small boats. Before your next outing on the water, make sure you have the best coverage for your needs. The type of boat, its length, and its expected use will largely dictate your boat insurance rates. Get a boat insurance quote and discover competitive rates on the coverage you need. In general, boat insurance costs typically range from $200 to $500 per year, on average. Coverage offered in all 50 states to boat owners with a U.S. address. 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. — Small Boat. Liability-Only Boat Insurance Saving You Money with Liability-Only Insurance. 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. 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. All of these factors, including the experience and claims record of the owner will factor into the cost. 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