Boat Insurance

Protect your flagship. And yourself.

When it comes to insuring your boat, it's best to separate your boat insurance from your homeowner's policy. Many homeowners policies limit or don't cover marine-specific risks, such as salvage work, wreck removal, pollution or environmental damage.

Insurance Factors

Insurers consider many factors when deciding whether or not to offer a policy. Almost any vessel can be insured?? for a price. You want to consider the following to make sure the policy you purchase meets your needs:

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  • Age of Boat
  • Length
  • Value
  • Horsepower and Speed
  • Condition (Does it meet US Coast Guard Standards)
  • Primary residence (If the boat is used as a primary residence)
  • Ownership (more than 2 owners)

Types of Boat Insurance

There are two basic types of boat insurance, "agreed value" and "actual cash value." How depreciation is handled is what sets them apart.

  • An "agreed value" policy covers the boat based on its value when the policy was written. While it can cost more up front, there is no depreciation for a total loss of the boat (some partial losses may be depreciated).
  • "Actual cash value" policies cost less up front, but factor in depreciation. In other word, the policy will only pay up to the actual cash value of the boat at the time it is declared a total or partial loss.

You may also be able to add extra coverage. Available options may include: medical payments, personal effects, uninsured boaters liability, and towing and assistance. Most policies will cover permanently attached equipment, as well as items like anchors, oars, trolling motors, tools, seat cushions, and life jackets.

Boat Insurance Cost Factors

Many factors are used to set the cost of a policy, and they vary among insurers. Here are some items to consider:

  • Where you use your boat
  • Boating Safety Education - if you have been formally trained or certified
  • Your Driving Records - both boating and vehicle history factor into pricing
  • Liability Limits - the higher the limit the higher the cost
  • Deductible - the higher the deductible the lower the premium


There are a few ways to reduce your boat insurance costs. Many insurers offer discounts for good driving records and for anyone who has completed boater education classes. You may pay less premium by choosing an independent agent who has multiple choices for insurance. Also, it usually costs less to be insured in fresh water versus salt, so be sure to discuss where you boat with your agent. Finally, make sure you choose an independent agent that has access to multiple insurers that specialize in your type of rig.

Muddy Bay Marine and Muddy Bay Outfitters is insured by and highly recommends Statewide Insurance Group for all your insurance needs and suggest you speak with one of their independent agents to get a competitive quote. They offer multiple carriers, lower rates, better value policies, and coverage that is tailored your lifestyle, making your choice a true "state of no worries."

Get a Quote NOW.