Best Affordable Boat Insurance For Older Boats

10 Best Affordable Boat Insurance For Older Boats

Posted by

A good number of vintage boat owners find it challenging when it comes to finding the best affordable boat insurance for their older boats. This is because several boat insurance providers have high premium rates for older boats. Also, boat owners are considered to be very wealthy in society, so a lot of them just go ahead and purchase these plans even when they are way beyond their budget.

A few days ago, someone who has been following our updates sent an email to our team. In the email, he asked that we help him with the names of some of the best yet most affordable boat insurance companies out there.

Although we have responded to his email, we have also deemed it necessary to provide you with the cheapest boat insurance firms out there and other vital information that you will need to know concerning these companies.

So, take a moment and go through this article so that you can make the best insurance decision for your boat. Let’s get started.

Best Affordable Boat Insurance For Older Boats



Before we dive right into the list of these insurance providers, let’s first understand what boat insurance is all about.

What Is Boat Insurance?

Boat insurance is a type of insurance coverage that aims to cover and protect boat owners from unexpected financial losses that are associated with owning a boat.

It provides coverage for several losses that are associated with boats and watercraft, like accidents, loss of life, injuries, and property damage.

Aspects of Boat That Can Be Insured

The following are aspects of boats that you can provide cover for:

Hull Coverage

This is a type of boat insurance plan that covers the whole boat. Hull coverage covers the boat from collisions, theft, vandalism, storms, and other accidents involving the boat.

Liability Coverage

Liability coverage covers the damage caused by your boat to other people. This coverage caters to expenses like medical bills, legal fees, and other costs involved when you are responsible for a boat accident.

Medical Payments

If you or your passengers happen to sustain an injury during a boating accident, this type of coverage covers the costs of medical bills regardless of who is at fault.

Personal Property Coverage

This is a type of boat insurance coverage that covers your belongings and those of your passengers in a boat.

Towing and Assistance

Some boat insurance coverages assist in areas like emergency towing, fuel delivery, and other types of assistance your boat may need.

Having understood what boat insurance is and some of its types, let us now delve into the best boat insurance for older boats.

Criteria for Selecting the Cheapest Boat Insurance For Older Boats

Selecting the most affordable boat insurance for older boats requires a careful evaluation of certain key factors.

Hence, below are the criteria that have been taken into account to determine the rankings of the insurance companies:

  • Cost
  • Deductible
  • Reliability.

Best Affordable Boat Insurance For Older Boats

Below is a list of the cheapest boat insurance options for older boats:

Overview of the Cheapest Boat Insurance for Older Boats

1. Progressive

  • Year Founded: 1937
  • Average Annual Premium: $300 to $500


  • In Progressive’s insurance plan, the removal of wreckage and cleanup of fuel spills are insured, unlike other boat insurance providers.
  • There is a level of trust you attain that your deductibles will be wiped out.


  • They have limited coverage for expensive watercraft and for big boats in areas that are highly prone to hurricanes.

Description: This is a very popular name in the industry. With their boat insurance policies, you can get comprehensive and other kinds of insurance coverage.

With Progressive, you can customize your policy with optional insurance riders to get additional protection.

Optional coverages include protection for fishing equipment and carry-on items, mechanical breakdowns, and total loss replacement.


2. Geico

  • Year Founded: 1936
  • Average Annual Premium: $200 to $500


  • They offer a variety of insurance discounts to their customers.
  • This insurance firm has an easy-to-use website that is user-friendly and easy to navigate.
  • Their customer service is top-notch and ranks amongst the best


  • They have rates that can be over the moon at times, compared to other firms.
  • Their coverage options are limited. So, not all plans are available with this insurer.

Description: Geico provides flexible boat insurance. They boast excellent customer service, offer insurance for older boat models, and also have comprehensive coverage.

It also offers discounts on premiums to customers who complete its boating safety course.


3. Allstate

  • Year Founded: 1931
  • Average Annual Premium: $300


  • They have a wide variety of insurance coverage options
  • Their user interface is so simple for anyone to understand
  • They sometimes offer guarantees to their customers in certain states


  • They have an average online review, mainly because they have a history of claim cancellations
  • Allstate’s premium could be a bit higher compared to its competitors.

Description: Allstate is a renowned insurance provider with boat insurance policies worth considering for older boat owners.

It offers comprehensive boating protection policies. Its coverage includes watercraft liability, medical payments, property protection, repair costs, emergency services, etc.

They have optional coverage to enable you to customize your boat insurance to meet your own needs.


4. Nationwide

  • Year Founded: 1884
  • Average Annual Premium: $250 to $500


  • Nationwide has very few complaints compared to other firms that offer boat insurance coverage.
  • They have several options, especially for those who want to purchase multiple products from them.
  • They offer some bonanzas to their loyal customers, such as accident forgiveness and car key replacement.


  • Their customer satisfaction rating is very low. It’s even below average, according to recent J.D. Power studies.
  • This insurance firm doesn’t offer insurance policies in all states.

Description: Nationwide is one of the best affordable insurance companies that provides insurance coverage for older boats.

They offer agreed-value coverage, which means you’ll have to receive an agreed payout in case there is an event of a loss in the future, irrespective of depreciation or appreciation.

Nationwide also offers several discounts, such as multi-policy and boater safety course discounts.


5. State Farm

  • Year Founded: 1922
  • Average Annual Premium: $200 to $500


  • They have very good discount opportunities for their customers
  • In the USA, State Farm has a good number of local insurance agents


  • State Farm insurance is not available in many places.
  • They have below-average online reviews

Description: State Farm is the largest insurer in the United States. This makes it one of the best options when it comes to boat insurance.

There are many insurance plans that State Farm provides, and boat insurance is one of them. Talk of fast and reliable customer service and State Farm will be on the top list.

They offer coverage for older boats. Also, they have this option that lets you add specialized coverage for your equipment and other personal things.


6. Markel

  • Year Founded: 1930
  • Average Annual Premium: $100


  • Markel provides insurance coverage for fishing. That is, your fishing equipment and other things related to fishing are insured
  • They have a strong financial rating, which shows that they are reliable.


  • With few other policies available, there are limited opportunities for bundling
  • There are no options to bundle with homeowners or car insurance

Description: Markel also specializes in boat insurance and offers affordable policies for older boats. Their insurance plans recognize vintage boats, and they understand the need to protect them

Hence, they provide insurance coverage that is tailored to the protection of these boats.

Also, Markel offers insurance products for boats used for both recreational and commercial purposes. If you are a paid guide or offer charters, Markel’s policies can provide you with essential liability protection.


7. BoatUS

  • Year Founded: 1966
  • Average Annual Premium: $150


  • This company is located in the USA, but it has customers from neighboring countries like the Bahamas, Mexico, the Caribbean, and more
  • They have excellent customer service and specialty policy add-ons


  • Their policy options vary depending on the type of boat, location, and other factors
  • They have few discounts available

Description: The Boat Owners Association of the United States (BoatUS) offers insurance that covers boat owners of all types, including old boats.

They offer services like towing and roadside assistance, which can be invaluable for older boat owners.

This is the largest boating organization in the United States. It provides discounts and benefits for its members and also lobbies for environmental and boating causes.


8. American Modern

  • Year Founded: 1965
  • Average Annual Premium: $200 to $500


  • This insurance provider provides an agreed-upon value-loss settlement for its customers.
  • It provides an online product guide to help customers determine which policies suit their needs


  • Some of their customers complain that it takes time to process their claims

Description: Just like the name says, this is modern insurance that provides great coverage choices for owners of old boats. They have you to customize options to suit your plan.


9. Foremost

  • Year Founded: 1964
  • Average Annual Premium: $245


  • This insurance company offers several coverage options, such as replacement cost coverage, total loss coverage, etc.
  • Their various discounts make it easier for you to save money


  • Foremost’s boat insurance is only available in certain locations. That means a good number of people cannot access it due to the location limitation.

Description: Foremost, another top insurance firm in the insurance setting, offers insurance solutions for a good number of watercraft, including older boats.

Their coverage includes options for personal effects and fishing equipment, ensuring that you’re protected both on and off the water.


10. Safeco

  • Year Founded: 1923
  • Average Annual Premium: $600


Safeco offers a bundle policy to its customers. This simply means that if you have multiple insurance plans with Safco, you stand a high chance of getting a discount

It also offers agreed-value coverage, which means you’ll receive the full amount of your policy limit in the event of a covered loss, regardless of the actual cash value of your boat.


  • Their coverage options may be more limited than some other insurers.
  • Safeco may have higher rates than some of its competitors.

Description: This is another top insurance provider for older boats. Safeco is a reputable insurance provider with affordable options for older boat owners.

They offer coverage for various boat types and provide discounts for safety features and a claims-free history.



What Is Boat Insurance?

Boat insurance is a type of insurance coverage that aims to cover and protect boat owners from unexpected financial losses that are associated with owning a boat. Boat insurance provides coverage for several losses that are associated with boats and watercraft like accidents, loss of life, injuries, and property damage.

Why do I need boat insurance for my older boat?

Boat insurance for older boats is important because it provides financial protection in case of accidents, damage, theft, or liability claims. Even older boats can have substantial value, and insurance helps you avoid significant out-of-pocket expenses.

Are there any discounts available for older boat owners?

Sure. You may be eligible for discounts on your boat insurance.

Should I consider an agreed or market value policy for my older boat?

This choice depends on the condition of your boat and the market policy. The agreed value policies usually guarantee a specific payout in case of a total loss, while market value policies pay out the current market value.


The 10 boat insurance options listed above provide affordable policies tailored to the needs of older boats. Before deciding on boat insurance, be sure to compare quotes and consult with insurance agents to find the best coverage that suits both your budget and your boat’s unique requirements.

We at GETIMMUNIFIED wish you the best of luck as you dive into the journey of securing insurance for you and your business.

10 Best Health Insurance For Single Females

20 Best Cheap Car Insurance For Young Female Drivers

12 Best Affordable Small Business Insurance

10 Best Affordable Pet Insurance

10 Best Affordable Car Insurance for High-Risk Drivers