Daniel Robinson is a writer based in Greenville, N.C. with expertise in auto insurance, loans, warranty options and more. Away from the keyboard, Daniel spends time with his wife and son, plays guitar and obsesses over the Beatles and Baltimore Orioles.
Edited by RaShawn Mitchner Senior EditorRaShawn Mitchner is a MarketWatch Guides team senior editor covering personal finance topics and insurance. She’s spent over a decade writing and editing articles about how to save money on travel, entertainment, household services and more.
Key TakeawaysWe at the Guides Auto Team give Progressive boat insurance our Editor’s Choice award. The provider’s diverse set of marine coverage options and savings opportunities make it an option worth considering.
In our review of the best boat insurance companies, our team took an in-depth look at the industry reputation, availability, policies and prices of the country’s top providers. Discover why Progressive outscored them all.
Related Articles Compare Boat Insurance Policies Answer a few simple questions and we’ll take care of the rest.With our comparison partner,
The MarketWatch Guides Team is committed to providing reliable information to help you make the best decision possible about insuring your vehicle. Because consumers rely on us to provide objective and accurate information, we created a comprehensive rating system to formulate our rankings of the best car insurance companies. We collected data on dozens of auto insurance providers to grade the companies on a wide range of ranking factors. After 800 hours of research, the end result was an overall rating for each provider, with the insurers that scored the most points topping the list.
Progressive earned an overall rating of 9.1 out of 10.0 in our review, the highest score among all providers. While the company scored well in all categories, it excelled in terms of coverage selection and affordability.
Rates start as low as $100 per year
Large selection of coverage options
Few restrictions on cruising areas
Many stated restrictions on boat types
Below you can compare our ratings for Progressive boat insurance:
| Overall Rating | 9.1 |
|---|---|
| Reputation | 8.4 |
| Availability | 8.9 |
| Coverage | 10 |
| Cost | 9.1 |
| Customer Experience | 8.2 |
Here are a few things we especially liked about Progressive as a marine insurance provider:
Founded: 1937
Headquarters: Mayfield, Ohio
AM Best Rating: A+
BBB Rating: A+
Progressive has historically been one of the more innovative insurance companies in the country. It carved a niche for itself in the 1950s when it became one of the first insurers to advertise auto coverage for high-risk drivers. Progressive also claims to be the first company to have a website and sell policies online.
Today, Progressive is one of the most prominent insurers in the country. According to National Association of Insurance Commissioners (NAIC) data, Progressive owns 6.01% of the total insurance market in the U.S., having written nearly $52.3 billion in premiums in 2022.
According to our research, Progressive boat insurance policies start as low as $100 per year , or around $8 per month. The industry-wide average cost of boat insurance ranges from about $200 to $500 per year . However, the cost of boat insurance is highly variable. Even with Progressive, your costs could fall on either side of the average range depending on several factors.
Watercraft insurance premiums vary so widely because there are a large number of variables that factor into those costs. Here are some of the most impactful variables:
With an agreed value policy, you set a total loss value at the beginning of your policy. In most cases, this value does not change for the duration of your policy.
An actual cash value policy, on the other hand, pays for a total loss based on the estimated value of your vessel at the time of the loss, including depreciation. As you may expect, agreed value policies tend to cost more.
While a boat in poor condition may not be worth as much, it’s also more likely to sustain further damage. As a result, you’ll often pay less for coverage if your boat is in good condition.
Speed is a risk factor for boating accidents. That’s why insurers typically charge more to cover speedboats and other vessels with high-horsepower engines.
Many insurers adjust their rates based on where you intend to use your boat. In general, the greater area you plan to cover, the more you’ll pay for coverage. You may also pay higher rates if you plan to take your boat into high-risk areas, such as those that experience frequent storms.
In most cases, your cruising area is your boat coverage area. If you take your boat outside of this zone and suffer damage, your insurer is not likely to cover it.
Similar to car insurance, you have some choice over your deductible — or what you pay out of pocket for repairs or a total loss. This amount can be as low as zero and as high as several thousand dollars. In general, your premiums will go up as your deductible goes down.
You can earn a discount for making your boat safer. Insurers often lower rates for boaters who install onboard fire suppression systems and other safety equipment.
Insurers tend to charge higher rates when boats are stored in areas prone to natural disasters like floods, hurricanes and tornadoes. Some companies may also adjust your rates based on how your boat is stored, such as whether it’s stored in a covered area.
Companies offer plans ranging from minimum boat liability coverage to comprehensive policies with several add-ons. You also set your coverage limits in most cases. The more coverage you have, the more your premiums are going to cost.
One of the best ways to find the cheapest boat insurance is through savings opportunities. When it comes to boat insurance, Progressive offers more discounts than many providers, including:
Progressive offers a full lineup of standard boat insurance options and a large selection of optional coverages to customize your policy. In our review of the top boat insurers, Progressive stood out from competitors for its wide coverage selection.
The standard coverages for a boat insurance policy are similar to those for auto insurance. Here’s how boat insurance works:
Progressive offers an extensive lineup of coverage add-ons, as well. These include:
Progressive includes several benefits with its policies. These include:
Progressive offers coverage for many types of boats. The company lists the following vessels on its website:
Progressive’s coverage is not limited strictly to these watercraft. If you don’t see your type of boat listed, you can check with an agent.
Progressive says it covers most vessels up to $500,000 and 50 feet long. However, it also lists several exclusions on its site:
Again, if you’re unsure if your boat is eligible for marine coverage from Progressive, check with a local agent.
Customer reviews specific to marine insurance are few and far between, regardless of provider. But how a company handles its claims and customers in one part of its business can offer a good picture of how it may handle its boat insurance customers.
Progressive has an average rating of 1.1 out of 5.0 stars from customers on the BBB website. While this is objectively low, it’s relatively average for the insurance industry. This is because most customers who come to the BBB do so to report an issue and are unhappy with the company already. For this reason, our team keeps this review score in perspective.
We did, however, observe some patterns — both in the positive reviews and customer complaints.
People who report a positive experience with Progressive tend to mention helpful customer service and an efficient claims process. Many of the negative reviews for Progressive center around communication issues, often with adjusters.
Our team reached out to Progressive for a comment on its negative reviews but did not receive a response.
Arkansas and Utah are the only states that require boaters to have insurance. While some marinas may also require liability coverage, boat insurance is largely optional for most people.
While coverage for your boat isn’t strictly necessary, it’s something you should consider having. There are many risks that come with using your boat, as well as with transporting and storing it.
Here are some of the most common:
Boating accidents are more common than you may think. According to data from the USCG , there were 5,265 reported boating accidents in 2020, resulting in 3,191 injuries and 767 deaths.This same data also suggests that boating accidents — and the cost of those accidents — are on the rise.
In 2020, the number of boating accidents increased by 26.3% from 2019. The number of injuries from boat accidents rose by 24.7% and the number of deaths from those accidents increased by 25.1% from the previous year.
USCG data shows that the cost of property damage from boat accidents is also on the rise. Boating accidents accounted for $62.5 million in 2020. This is an increase of nearly 36% since 2017.
So, while boat insurance may not be required for you, it’s almost certainly a good idea in most cases. Having a boat accident without it could easily turn into a financial disaster.
Progressive excels in almost every way as a boat insurance provider. With coverage plans that start as low as $100 per year and options that can cover nearly any aspect of boat ownership, almost anyone can build a policy that fits their needs and budget at Progressive.
It’s always a good idea to get boat insurance quotes from multiple providers to compare your options. This lets you see which company offers the best rates for your specific needs and situation. We recommend starting out with the following providers.
BoatUS is a member organization that offers its members discounts and other services. It offers marine insurance backed by one of the nation’s largest providers: Geico. This means boaters can access specialty coverage from an organization that knows boating and is backed by an established company. Serious boaters in particular will want to consider the many advantages BoatUS has to offer.
As the nation’s largest insurer , State Farm offers the robust, affordable boat insurance coverage you might expect. The company also offers a thorough selection of coverage options for fishers, tour operators and others who work on the water. If you use your boat for commercial purposes, State Farm is worth a look.
Below are some frequently asked questions about Progressive boat insurance policies:
