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June 7, 2026
Carrier-by-carrier guide to the best boat insurance of 2026, based on Dragon Insurance's quoting experience. Covers agreed value vs. ACV, on-water towing, navigation territory, 2026 cost by boat type, and a matching guide for Progressive, Safeco, National General, and Foremost.
June is peak boat season, and most boat owners assume they are fully covered. Many are not. The most common trap in boat insurance is not the premium, it is the settlement method: most standard policies pay actual cash value at a total loss, meaning the depreciated market value of your boat, not what you paid for it or what it would cost to replace it. A five-year-old $30,000 pontoon boat might settle for $18,000 under an ACV policy after depreciation. An agreed value policy pays the full amount you and the carrier agreed to at the start of the policy, no depreciation applied.
Dragon Insurance writes boat coverage through four specialist carriers: Progressive, Safeco, National General, and Foremost. We shop all four in one call so you see which carrier offers agreed value, on-water towing, uninsured boater, and the coverage territory that matches where you actually take your boat. This guide walks through all four carriers, what they do well, what they do not, and how to pick the right one for your boat and your waters.
Key Takeaways
Quick Answer
What makes boat insurance "the best"?
The best boat insurance policy for any given owner combines agreed value settlement (not ACV depreciation), on-water towing, uninsured boater liability, adequate navigation territory (where your boat is allowed to operate), and strong financial ratings from the underwriting carrier. Price matters, but the settlement method and coverage territory are often the difference between a claim that makes you whole and one that leaves you thousands short.
These are the four carriers Dragon writes for boat clients across PA, TX, VA, MD, OH, TN, and KY. We quote all four side by side with identical limits. None of them wins universally. The right carrier depends on your boat type, value, navigation territory, and whether you want agreed value or ACV.
| Carrier | Standout | Cost Range (annual) | Best For | AM Best |
|---|---|---|---|---|
| Progressive | Broadest boat appetite, on-water towing included | $180 to $640/yr | Most boat types, bass boats, ski boats | A+ (Superior) |
| Safeco | Agreed value, strong claims, Liberty Mutual rebrand | $200 to $600/yr | Powerboats, bundling with home and auto | A (Excellent) |
| National General | Fishing boats, pontoons, value pricing | $175 to $580/yr | Fishing boats, pontoons, lake recreational | A+ (Superior) |
| Foremost | Specialty watercraft, PWC, houseboats | $190 to $700/yr | Jet skis, PWC, specialty watercraft | A (Excellent) |
Annual premium ranges reflect 2026 rate data from Insurance Information Institute, InsuranceCostGuides.com, and Dragon's quoting experience in our seven-state footprint. Actual premiums vary by boat type, length, engine horsepower, value, navigation territory, storage method, and claims history.
Progressive
Progressive is the largest boat insurer in the United States by market share and the default starting point for most owners. Progressive writes bass boats, ski boats, deck boats, saltwater fishing boats, and cruisers. Their standard boat policy includes on-water towing and assistance automatically, which is a meaningful benefit most competitors charge extra for. Progressive also offers a layup period discount if you store your boat over winter, reducing your premium for the months it is out of service.
Safeco (transitioning to Liberty Mutual in 2026)
Safeco is undergoing a brand transition to Liberty Mutual as of 2026. If you have been searching for "Safeco boat insurance" and getting confused, that is why. The underlying coverage and underwriting have not changed; the Safeco brand is being absorbed into the Liberty Mutual umbrella. Safeco's boat coverage stands out for agreed value options on powerboats and cruisers, and for the multi-policy discount when you bundle boat coverage with an existing Safeco home and auto package. For existing Safeco customers, the bundle savings often make Safeco the clear price leader.
National General
National General is the carrier we lean on most often for fishing boats and pontoons in PA, OH, MD, and TN. Their underwriting appetite is particularly strong for lake-based recreational boats in the $15,000 to $60,000 value range, and their base pricing for pontoon boats frequently comes in below Progressive for the same coverage limits. National General also handles uninsured boater liability cleanly, which is worth asking about in any state where boating insurance is not legally required.
Foremost
Foremost is the right carrier for specialty watercraft that other carriers price out of reach or decline: personal watercraft (jet skis, WaveRunners, Sea-Doos), houseboats, airboats, and unusual hull types. Foremost has been writing specialty marine coverage for decades and their policy language on watercraft is broader and more flexible than the standard boat forms Progressive and National General use. For any boat that falls outside "typical recreational powerboat," Foremost is the first call we make.
Coverage availability varies by carrier and state. The table below shows what each of Dragon's four boat carriers typically includes or offers as an option. Always confirm specifics with us before binding.
| Coverage | Progressive | Safeco | National General | Foremost |
|---|---|---|---|---|
| Liability | Yes | Yes | Yes | Yes |
| Collision | Yes | Yes | Yes | Yes |
| Agreed value option | Optional | Yes | Optional | Optional |
| On-water towing | Included | Optional | Optional | Optional |
| Trailer coverage | Yes | Yes | Yes | Yes |
| Personal items / fishing gear | Optional | Optional | Optional | Optional |
| PWC / jet ski coverage | Limited | Limited | Limited | Specialty |
Boat insurance cost depends on the type of boat, its value, engine horsepower, where it is stored and operated, your claims history, and your state. The table below shows typical annual premium ranges for common recreational boats in our seven-state footprint.
| Boat Type | Typical Value | Annual Premium Range | Monthly Equivalent |
|---|---|---|---|
| Small fishing boat (under 16 ft) | $5K to $15K | $180 to $300/yr | $15 to $25 |
| Pontoon boat | $20K to $60K | $250 to $500/yr | $21 to $42 |
| Bass boat / ski boat | $25K to $75K | $300 to $600/yr | $25 to $50 |
| Deck boat / cruiser | $40K to $120K | $400 to $900/yr | $33 to $75 |
| Personal watercraft (PWC) | $8K to $18K | $200 to $400/yr | $17 to $33 |
Pennsylvania averages approximately $290 per year for recreational boat insurance, among the least expensive of Dragon's seven states. Texas and Maryland tend to run higher due to saltwater navigation territory requirements. Source: Insurance Information Institute 2026 recreational marine insurance data.
| Your Situation | Best First Quote | Why |
|---|---|---|
| Bass boat or ski boat, lake use | Progressive | Broadest appetite, towing included, competitive on mid-value boats. |
| Pontoon boat or fishing boat | National General | Specialty pricing on pontoons and fishing boats, often beats Progressive. |
| Jet ski / personal watercraft | Foremost | PWC specialty underwriting; other carriers often surcharge or restrict. |
| Have existing Safeco home and auto | Safeco | Bundle discount makes Safeco the price leader for existing customers. |
| High-value boat, want agreed value | Safeco or Progressive | Both offer agreed value options; compare to find the better AV terms. |
| Houseboat or unusual hull type | Foremost | Specialty marine underwriting for non-standard watercraft. |
Peak season is here
Get all 4 boat carriers quoted in one call.
Tell us your boat type, value, state, and navigation territory once. We quote Progressive, Safeco, National General, and Foremost side by side so you see agreed value vs. ACV and the real cost difference.
Boating in PA, MD, and VA: what new boat owners need to know
Many families in the Nepali and Bhutanese community purchase boats for the first time in the U.S. and are unfamiliar with registration requirements and insurance rules that vary by state. In Pennsylvania, all motorized watercraft must be registered with the Pennsylvania Fish and Boat Commission, but the state does not require insurance (though your marina or lender may). In Maryland and Virginia, registration is similarly required but insurance is not mandated by state law.
The fact that insurance is not legally required does not mean you should skip it. A single at-fault collision on the water with another boat or a swimmer can produce a liability claim well into six figures. Dragon helps first-time boat owners navigate registration, coverage requirements, and carrier options. For a comprehensive overview of watercraft coverage, see our boat insurance guide.
हामी नेपाली बोल्छौं. We speak Nepali.
What is the best boat insurance company in 2026?
For most boat owners, Progressive is the best overall carrier because of its broad boat appetite, on-water towing included as standard, and competitive pricing across most boat types. Safeco is the best option for owners who have existing Safeco home and auto policies due to bundle discounts. National General is the best for fishing and pontoon boats. Foremost is the best for personal watercraft and specialty hull types. The right carrier depends on your specific boat, state, and coverage needs.
How much does boat insurance cost per month?
Most recreational boat owners pay $15 to $50 per month ($180 to $600 per year) for boat insurance. Pennsylvania averages approximately $290 per year, one of the lower rates in Dragon's seven-state footprint. The exact cost depends on the boat type, its insured value, horsepower, navigation territory, storage method, your claims history, and whether you choose agreed value or ACV coverage.
Is boat insurance required by law?
No state in Dragon's seven-state footprint (PA, TX, VA, MD, OH, TN, KY) requires boat insurance by law. However, your marina may require it as a condition of slip rental, and your lender may require it if you financed the boat. Even where it is not required, the liability exposure from an at-fault boating accident makes coverage strongly advisable.
What does boat insurance cover?
A standard boat insurance policy typically covers: physical damage to your boat from collision, fire, theft, vandalism, and weather; bodily injury and property damage liability if you are at fault in an accident; medical payments for you and your passengers; and optional additions like on-water towing, uninsured boater coverage, fishing gear, and trailer coverage. What it does NOT typically cover: normal wear and tear, mechanical breakdown unrelated to a covered event, or use outside your stated navigation territory.
What is the difference between agreed value and ACV boat insurance?
Agreed value means the carrier pays the full insured value you agreed to at policy start, with no depreciation applied, if your boat is a total loss. ACV (actual cash value) means the carrier pays what the boat is worth on the market at the time of loss, after depreciation. A five-year-old boat insured for $30,000 might settle for $18,000 under ACV, while it would settle for the full $30,000 under agreed value. Agreed value typically costs 10 to 20 percent more but provides meaningfully stronger protection for newer and higher-value boats.
Does boat insurance cover theft?
Yes, comprehensive coverage (also called "other than collision") on a boat policy typically covers theft of the boat, its motor, and onboard equipment. Theft of personal items inside the boat (fishing gear, electronics, clothes) is usually subject to a sublimit and may require a specific personal items endorsement. Always ask what the theft sublimit is for personal property when you review your quote.
Can I bundle boat insurance with home and auto?
Yes, and it often makes sense financially. Safeco offers meaningful multi-policy discounts when you add a boat policy to an existing Safeco home and auto bundle. Progressive and National General also offer multi-policy discounts in some states. Ask us to quote bundled and unbundled scenarios side by side to see whether the bundle discount is large enough to make the same carrier the winner across all policies.
Who has the cheapest boat insurance?
The cheapest boat insurance depends entirely on the boat type, your state, and your navigation territory. For fishing boats and pontoons, National General is frequently the price leader in our quoting experience. For bundlers, Safeco wins. For standard recreational boats with no bundle context, Progressive and National General typically compete most aggressively. The only way to know is to quote all four side by side with identical limits, which is what Dragon does in one call.
Have your boat details ready: year, make, model, length, engine horsepower, insured value, where it is stored, and where you navigate. We quote Progressive, Safeco, National General, and Foremost with identical limits so you see agreed value vs. ACV and the real price difference. Quotes typically ready within one business day.
Visit us: 1525 Cedar Cliff Dr STE 202, Camp Hill, PA 17011
Serving PA, TX, VA, MD, OH, TN, and KY. English, Nepali, and Hindi spoken.
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Dragon Insurance Services LLC is a licensed independent insurance agency. Cost figures in this article reflect 2026 third-party rate data and our agency's quoting experience across PA, TX, VA, MD, OH, TN, and KY; they are estimates, not guaranteed rates. Actual premiums vary by carrier, boat type, value, navigation territory, storage method, and applicant profile, and are subject to underwriting approval. Contact us for a personalized quote.
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