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How much coverage do I need?
There isn't a good answer to this question. Each boat, person, location, and situation is different. There isn't a good way to give a "ballpark" figure for how much coverage you need. It is best to evaluate your comfortable level of risk when protecting your boat, assets, and passengers. Your best option is to call our watercraft insurance team at +1.866.936.1879 to discuss the best coverage for you.
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Do I need to insure my boat in the winter?
It may seem that since you don't use your boat in the winter you don't need to insure it. This is a risky way of looking at insurance, and one that we have seen cost far too many people far too much money. Your watercraft is at risk for damages at all times of the year, not only when it's on the water. For example, if your boat is placed in storage for the winter and it is damaged, you will not have any assistance in paying for those repairs without an active insurance policy.
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What kind of fishing equipment is covered?
Your rods, reels, and tackle are automatically covered under your personal effects coverage, up to the limit purchased. If that coverage isn't sufficient, our fishing equipment coverage provides protection at replacement cost.
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Isn’t my boat covered under my homeowner’s policy?
It depends, but most likely it is not properly covered. When you insure your boat with Markel, you may get extras that many other insurance policies (like your homeowners insurance) don’t offer. Our boat insurance coverage can include such things as water-sport liability, medical payments coverage and diminishing deductibles – coverages your homeowner’s insurance company may not even offer.
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Does it cost more if my kids waterski?
No way! We know that is one of the main reasons people buy boats, so we're certainly not going to charge you extra for it.
Boat insurance
PROVIDED BY MARKEL
Boat insurance for carefree days on the water.
Or call +1.866.936.1879 to speak with a marine insurance specialist.
Welcome USAA members
Markel is proud to collaborate with USAA Insurance Agency in providing specialized boat insurance to USAA members.
With over 45 years of marine insurance experience, we understand every boat requires a different kind of insurance coverage. That's why we tailor your boat insurance policy to fit your individual needs. 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.
Why do I need boat insurance?
It only takes one incident to realize your need for boat insurance. Each time you’re on the water you’re at risk of an accident. Since you can never tell when you may need insurance, it's important to protect your boat at all times—no matter how little you use it.
If your boat is insured under your homeowners policy, there’s a good chance your boat and gear may not be properly protected. When you insure your boat with Markel, you can get extras that other insurance carriers (like your homeowners) may not even offer or charge extra. Our boat insurance coverage can include such things as water-sport liability, medical payments coverage, and diminishing deductibles.
See how an average homeowners insurance policy stacks up against Markel's boat insurance:*
| Policy coverage | Average homeowners policy | Markel boat policy |
|---|---|---|
| Watercraft liability | Yes | Yes |
| Medical payments | Yes | Yes |
| Agreed value watercraft and equipment | No | Yes |
| Emergency towing | No | Yes |
| Personal effects coverage | No | Yes |
| Uninsured/underinsured boater | Not likely | Yes |
| Pollution liability | No | Yes |
| Replacement cost settlement | Not likely | Yes** |
| Boat lift coverage | No | Yes** |
| Trailer coverage | No | Yes** |
| Fishing equipment coverage | No | Yes** |
| Professional angler liability | No | Yes** |
| Tournament fee reimbursement | No | Yes† |
| Crash damage | Yes | Yes |
| Theft coverage | Yes | Yes |
| Theft away from home | Yes | Yes |
| Wreck removal | No | Yes |
Provided for illustrative purposes only. *Terms and conditions may vary. **Coverage is optional. †Included with bass/walleye boats.
What can boat insurance cover?
Watercraft physical damage insurance protection
Watercraft hull and equipment coverage helps cover repairs or replacement of your boat if it is damaged or stolen. We offer a range of deductibles and give you options to increase the deductible on your policy for a premium credit.
Agreed value watercraft and equipment
When you purchase physical damage insurance protection with an agreed value settlement option from Markel, you and Markel agree on the value of your boat. This agreed value is the amount that would be paid out if the boat is deemed a total loss.
Replacement cost coverage
Available on watercraft up to three years of age. We will help pay for a new boat of the same make, class, size and type in the event of a total loss of the insured watercraft, including theft.
Personal effects
Insurance protection for your personal items on board, such as cell phones, MP3 players, cameras, water skis and personal flotation devices.
Consequential damage
Even with the best maintenance plan, it is possible to miss something that could potentially cause a major loss. Most policies typically will not cover normal wear and tear and deterioration, or the resulting damage. When you choose coverage with us, damage to your boat from a fire, explosion, sinking, collision or stranding due to wear and tear can be covered.
Ice and freezing damage
If you paid for professional winterization services but find that they weren’t done properly and your engine block froze and cracked, we can provide coverage for the damage if you contracted with a commercial marina or repair facility.
Ultimate drive coverage
Optional coverage to repair or replace an outboard or sterndrive in the event of a mechanical breakdown due to wear and tear or defect.
Watercraft liability
We provide coverage for bodily injury or property damage for which you are legally liable through ownership, maintenance or use of your boat. This includes watersport activities for most hull types. Watercraft liability will not cover your boat or your injuries. It is there to help protect you and your assets from the costs associated with damages and injuries caused to others.
Pollution liability
Pollution coverage helps protects you if you are held legally liable due to an oil pollution leak or spill.
Medical payments
Helps to cover necessary medical treatment resulting from an accident-causing bodily injury to any person while in, upon boarding or leaving your insured boat.
Uninsured boater
Unfortunately, not all boaters on the water have insurance. This coverage helps protect you and your family members if you are injured in an accident caused by an uninsured boater. Coverage is automatically included if watercraft liability is purchased.
Emergency towing and assistance
Each policy includes boat towing coverage that can cover the reasonable cost you may incur (up to the limit purchased), should you require on-water commercial towing assistance:
- Towing to the nearest facility where necessary repairs can be made.
- Delivery of gas, oil, parts or a loaned battery (excluding the cost of items themselves) or emergency labor while away from safe harbor.
Boat lift coverage
Damage to your boat lift may not be covered under your homeowner's policy.
Fishing equipment coverage
Losing your fishing equipment can be devastating to your favorite pastime and your wallet. That's why we offer optional fishing equipment coverage, which can be added to any Markel boat insurance policy. This coverage can provide replacement cost coverage for your fishing gear, including:
- Rods and reels
- Lures, rigs and line
- Tackle boxes
- Depth finders
- Trolling motors
Tournament fee reimbursement
Miss a tournament? We’ve got you covered. We know how disappointing it can be to miss out on a fishing tournament, especially when you've already paid the entry fee. Our tournament fee reimbursement, included with our fishing boat insurance coverage, refunds your entry fee if you are not able to participate in a scheduled tournament due to a covered event, such as:
- Bodily injury to you or a family member
- Loss or damage to your fishing boat
- Mechanical breakdown of your towing vehicle while en route to the tournament
Get paid to fish?
In addition to our fishing boat coverage, we offer another layer of liability protection for those fortunate enough to make fishing their career. Contact us for more information on coverage for paid guides, charter boats and more.
At Markel, we're always looking for ways to save you money. That's why we help you minimize the cost of boat insurance by offering a variety of recreational boat insurance discounts, saving you up to 35%.
Experienced boater discount
If you have five or more years of boating experience, you may qualify for a discount.
Loss free boating? Say bye-bye deductible!
With our diminishing deductible program, your deductible will decrease by 25% for each consecutive year that you're not involved in an accident. After being accident-free for four years, your deductible will be zero.
Other boat insurance discounts:
- Multiple units under the same policy
- Outboard propulsion
- Primary operator age 40 and over
- Diesel engine
Boat insurance policies as low as $100 per year.‡
Or call +1.866.936.1879 to speak with a marine insurance specialist.
Frequently asked questions about boat insurance
Boat insurance doesn't need to be complicated. Explore the most commonly asked questions about boat insurance, and get the answers you're looking for.
Warrior Sailing
Markel is a proud supporter of Warrior Sailing, an organization dedicated to healing and strengthening the lives of veterans through sailing. Visit warriorsailing.org to learn about Warrior Sailing and how you can donate to the program so they can continue to help the lives of wounded veterans.
‡As of December 2023, the minimum annual premium is $100 and rates could exceed $100 depending on the coverage options selected and value of the boat to be insured.