It’s summer. Boats are dotted along the Allegheny River. Onlookers can watch families enjoying water skiing and tubing.
And my thoughts quickly reveal that I’m an insurance agent.
I hope they have coverage!
Boat insurance is essential if you have a boat and plan on using it recreationally in the local rivers or parks.
Without this coverage in place, you could be exposed to significant financial difficulty!
The cost to pay for physical damage you cause to another vessel could be thousands of dollars.
And if you accidentally injure someone, you might find yourself responsible for their medical bills. And it’s not uncommon for accidents to cost tens of thousands of dollars.
As I said, I’m always thinking, “I hope they have coverage!”
If you’re looking to insure your watercraft in the Pittsburgh region, which companies can provide that coverage for you?
Not all insurance companies write boat insurance. And not all boat insurance products have the same coverages.
This short article explores the top five insurance companies that sell boat insurance in our neck of the woods.
On the front end of this article, I should note that I am comparing companies that sell insurance through independent agents. As an independent agent, I don’t have access to captive insurance companies like State Farm, Erie, Geico, etc.
If you’re working with an independent insurance agent, here’s a comparison of the top five boat insurance companies in the Southwestern Pennsylvania area.
- Progressive
- Foremost
- Donegal
- Safeco
- Travelers
#1 Progressive Insurance
Progressive Insurance is well-known for its personal insurance products. Their products include everything from homeowners and auto insurance along with all our favorite toys, including boats.
- Insures boats to replacement cost or actual cash value
- Offers direct online insurance quoting and quoting through independent agents
- Insures boats valued up to $500,000
- Bundles boat insurance policies with homeowners policies
- Offers discounts for safety education, multi-boat policies, responsible driver records, multiple policies with Progressive, transferring policy from another insurance company, membership in affinity groups, purchasing policy in advance of effective date, full and prompt payments, and original boat ownership
- Standard coverages include full replacement cost, bodily injury liability, property damage liability, fuel spill, wreckage removal, roadside assistance, and water sports coverage
- Additional coverages can be purchased for total loss replacement, sign and glide on-water towing, fishing equipment or carry on items, mechanical breakdowns, comprehensive, collision, uninsured boaters, underinsured boaters, medical payments, and trip interruption
- Base price for boat insurance starts at $100 per year.
For our agency, Progressive Boat Insurance is hard to beat! The pricing and exceptional coverages make this boat insurance product one of our top sellers.
#2 Foremost
Foremost, a member of the Farmers Insurance Group of Companies, is known for specialty insurance coverages. A unique feature of Foremost Boat Insurance is the specially designed packages specific to various boat types and coverages.
- Insures boats to the actual cash value or agreed-upon value depending on the policy
- Does not offer online insurance quoting
- Insures boats up to 50 feet in length, up to $500,000 in value, and with a maximum speed of up to 120 mph
- Bundles boat insurance with homeowners policies
- Offers discounts for winter storage for at least three months, paying premium in full, completing safety education, installing protective devices, purchasing multiple policies, insuring multiple boats, having a loss-free renewal for three years, having purchased prior boat insurance, all policyholders 55 and over, and participation affinity and alliance memberships
- Standard coverages include
- Additional coverages that can be purchased include watersports liability, diminishing deductible, depreciation deferral, hurricane haul-out, coverage for boat lifts/hoists/cradles, dinghy or tender, fishing tournament fees, pets, trip interruption, Bahamas and Mexico navigation, pollution liability up to the OPA limit, enhanced towing services, and loss forgiveness
- Also offers products for classic boats that are older than 25 years
- Base price for boat insurance starts at
#3 Donegal
Donegal Insurance has its roots in Pennsylvania, starting in Lancaster, PA, in 1889. This company does not offer online insurance quotes. To find out what a boat policy will cost, you need to work with an independent insurance agent.
- Insures boats to agreed-upon or actual cash value
- Does not offer online insurance quoting
- Insures boats up to $35,000
- Bundles boat insurance with homeowners policies
- Offers discounts for safety courses, as well as for built-in fire extinguishing systems, and depth finders
- Standard coverages include
- Additional coverages that can be purchased include boater’s emergency towing and labor, boat replacement cost, uninsured boaters, and boater’s personal property coverages.
- Base price for boat insurance starts at
#4 Safeco
Safeco, a Liberty Mutual, company, only writes insurance policies through independent agents. It does not offer actual cash value coverage. Its policies insure watercraft to the agreed value- that is, an agreed-upon amount that you would receive if your watercraft was deemed a total loss.
- Insures boats to the agreed-upon value of the boat
- Does not offer online insurance quoting
- Insures boats in value up to $350,000
- Offers discounts for inboard diesel engine, bundling, safety courses, and five or more years of boating experience
- Standard coverages include property damage liability, medical liability, personal property, fuel spillage, and wreckage removal
- Additional coverages for purchase include coverage for roadside assistance, pet coverage, emergency assistance, personal property, unattached equipment, new boat price protection, uninsured and underinsured, and additional fishing equipment
- Base price for boat insurance starts at $144 per year
#5 Travelers
Travelers has been a leader in insurance for over 160 years. Known for excellent claims service, Travelers offers 24/7 claims response for its policyholders. In terms of pricing, Travelers is very competitive.
- Choose between actual cash value and agreed upon value
- Offers online quoting within two business days
- Offers discounts for safety courses, boating education level, safety equipment, hybrid or electric motors, multiple boats, multiple policies, how and when you pay your premiums, affinity group memberships
- Standard policies include bodily injury liability, property liability, personal property coverage, towing and assistance, uninsured boater, fuel spill coverage, dinghy coverage, medical payments
- Additional coverages available for yachts
- Policies start at $200
- Offers bundling with other insurance policies
Ready to move forward on your boat insurance policy? What are your next steps?
If you have a boat that you need to insure, getting a policy in place will only take three simple steps.
- Call your agent with your information.
It’s important to have all of your information gathered before you begin the process. Having the specifics about your boat available and any previous boat insurance policies for your vessel available will keep the process moving forward quickly.
You may also want to have evidence of any safety education you and those listed on your policy have completed. Most insurance companies give discounts for safety education.
- Your agent will begin to process your quote.
As an independent agent, we work with multiple companies to provide you with options and with the best possible quote for your boat. After we have your information, it should only take a short while to process your quote with multiple insurance companies. We will give you a call or send you an email with your options.
- Choose your policy.
The final step is settling on the policy that best meets your needs. Often this is an obvious choice, but there are times that you may want to compare the various quotes to see which one gives you the coverages you most want at a price that you are comfortable paying.
Suppose you’re not quite ready to buy a policy yet. In that case, I’d invite you to check out this article that explains in greater detail the costs and coverages associated with a boat insurance policy. And if you still have questions, you are welcome to give us a call to answer them.
Important note: I want to note again that Baily Insurance sells personal insurance products in Pennsylvania, West Virginia, and Ohio. If you live in a different state, finding a local independent insurance agent is the best way to find the coverage you need.
Happy sailing!
