New York Boat Insurance
Get a full analysis of New York boat insurance costs, coverage, and companies.
Written by
Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
Find the Best Boat Insurance Options in New York
The state of New York is one of the more water-bound states in the Union. From the Atlantic Ocean in the east to the Finger Lakes in western New York and the many waterways that connect the Hudson River to Lake Ontario, there are many places for water lovers to take out canoes, kayaks, bass boats, fishing boats, sailboats, motorboats, or other recreational watercraft.
While boating is usually a safe and enjoyable pastime, it also comes with a great deal of risk for boat owners. Boat insurance in New York is a big part of having the peace of mind you need to enjoy a day on the water.
A local independent insurance agent can help you learn more about boat insurance in New York and find you a policy that meets your needs and budget.
Best Boat Insurance Companies in New York
We selected the following carriers as some of the best boat insurance companies in New York. They are highly rated for their mix of valuable coverage offerings and competitive pricing.
- Progressive: Progressive is based in Ohio and offers personal insurance, including boat insurance. New York residents can look to Progressive for most of their personal insurance needs.
- Safeco Insurance: Safeco has been protecting individuals and families with personal insurance coverage since 1923. With a comprehensive range of insurance coverage, including boat insurance, Safeco helps New York boat owners protect what’s important.
- Foremost Insurance Company: Foremost was founded in 1952 and offers a wide range of coverage, including boat insurance, in 50 states.
- Travelers: Travelers offers highly-rated boat insurance in New York. The company provides a variety of other personal insurance options, including auto, home, and renters insurance.
- Central Insurance Companies: Central Insurance Companies is a well-established carrier with more than a century’s worth of history in the insurance industry. It provides a wide range of coverage options, including boat insurance, in 24 states.
An independent insurance agent in your area can help you learn more about these and other New York boat insurance companies. A local agent can help you get competitive quotes for the coverage that fits your needs.
New York Boat Insurance Requirements
Boat insurance is not required by law in New York, but it is a good idea for most boat owners to have it. Boat insurance can help you recover the costs of medical payments, property damage, and wreckage fees after an accident.
If you financed the purchase of your boat, your lender is likely to require you to have boat insurance until your loan is paid off. Also, if you dock your boat at a marina, having boat insurance might be a stipulation of your marina lease agreement.
A local independent insurance agent can help you learn more about the requirements for boat insurance in New York and help you find a policy that fits your needs.
What Boat Insurance Covers in New York
Much like car insurance, boat insurance in New York provides both liability coverage and physical damage coverage. You can tailor your coverage depending on the type of boat you have, how and where you use it, and the types of items you keep onboard.
Liability insurance is essential for boat owners:
- Bodily injury liability coverage: Covers the medical costs associated with injuries sustained by other boaters or by guests and visitors while aboard if you’re at fault for an accident.
- Property damage liability coverage: Covers damage to other people’s property, such as docks, marinas, and other boats, if you’re at fault for an accident.
You can also obtain coverage for physical damage to your own watercraft:
- Collision coverage: Covers repairs to or replacement of your own boat, motor, trolling motor, or any permanent boating equipment due to damage caused by a collision with another boat or an object while on the water.
- Comprehensive coverage: Covers repairs to or replacement of your own boat, motor, trolling motor, or permanent boating equipment due to damage or loss caused by anything other than a collision, such as theft, vandalism, fire, or a storm.
Depending on your needs, you’ll likely want to add some additional coverage, such as:
- Personal property coverage for equipment such as tools, life preservers, anchors, and oars
- Coverage for fishing equipment like rods, lures, nets, and tackle
- On-water towing and labor coverage for a disabled vessel
- Medical payments coverage for hospital and funeral expenses for you or your passengers
- Uninsured/underinsured boaters coverage for an accident with another boater with insufficient or no boat insurance
An independent insurance agent in New York can help you determine which coverage types may be beneficial for your unique needs.
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Average Cost of Boat Insurance in New York
Many factors determine the cost of boat insurance in New York, including:
- Make, model, and year of the boat: Insuring larger, older, or more expensive boats often leads to higher premiums.
- Boating experience: More experienced boaters may pay less for boat insurance than newer boaters.
- Claims history: This may include both at-fault and not-at-fault claims.
- Horsepower: Boats with stronger engines may cost more to insure.
The amount of coverage and deductibles you choose, where you typically use your boat, and even things like your credit score will also impact your cost for boat insurance in New York.
You may be eligible for certain discounts on your New York boat insurance policy. Some insurers offer a layup discount, as well as a discount for successfully completing a boating safety course. What’s more, you will likely be eligible for a discount if you bundle your New York boat insurance policy with your homeowners and auto insurance.
How to Find the Best Boat Insurance Quote in New York
It’s important to comparison shop to find the best boat insurance policy for your needs. Unfortunately, the process of acquiring and comparing insurance quotes can be time-consuming and even frustrating.
An independent insurance agent makes the process much simpler. A local agent can help you assess your coverage needs and provide you quotes from multiple insurance companies, allowing you to make the best choice. Additionally, working with a local agent is the best way to get knowledgeable, superior service from someone who understands the needs of boat owners in New York.
New York Boat Insurance FAQs
While boat insurance is not required by law in New York, purchasing a boat insurance policy is a good idea. Boat insurance helps to protect your investment in your boat and your overall finances if you’re responsible for an accident. After all, boating accidents can happen even to the most careful and experienced boaters, and a serious accident can result in insurmountable costs for the at-fault boat driver.
Even if your boat is not in use, it is subject to falling objects, severe weather damage, theft, and vandalism. While your homeowners insurance may cover a portion of your losses in certain circumstances, do not rely on it to cover the entirety of your claim. Any boat coverage offered by your home insurance policy will be very limited and won’t cover many of the hazards that a New York boat insurance policy can.
No, boat insurance is not required by law in New York. However, if you’ve financed your boat purchase, the lender may require that you purchase boat insurance. In addition, a marina or harbor where you dock your boat may require you to have boat insurance.
Boat insurance in New York typically provides liability coverage and physical damage coverage. Liability coverage helps you pay for medical expenses and property repair costs for other parties when you injure someone or damage someone else’s property while operating your boat.
Physical damage coverage, in the form of comprehensive and collision coverage, helps you pay for damage to your own boat in a variety of circumstances.
You can also add on the following types of optional coverage, depending on your needs:
- Personal property coverage
- Fishing equipment coverage
- On-water towing and labor coverage
- Medical payments coverage
- Uninsured/underinsured boaters coverage
Boat insurance is recommended for most watercraft with motors, including fishing boats, pontoon boats, speed boats, leisure crafts, and yachts. Boat insurance generally does not cover canoes, kayaks, or personal watercraft.
Every type of boat has the potential to be stolen, damaged, or involved in an incident that results in harm to another person or another person’s property. Even if your boat is docked or stored in your garage, it can be vandalized, damaged in a fire or storm, or stolen. Boat insurance can help you in all of these situations.
The cost of boat insurance in New York is likely to vary significantly from one person to the next. When you request a boat insurance quote, your rates will be calculated to reflect a number of factors including, but not limited to:
- The type of boat you own
- How frequently you use it
- The amount of coverage you are requesting
- The size of your chosen deductible
- Your personal driving record
- Your claims history and credit score
You may be able to lower your costs by qualifying for discounts on your policy. Many insurance companies will offer discounts for completing a boating safety course, having multiple policies with the same insurer, and opting for electronic monthly payments on your premiums. Be sure to ask about possible discounts when requesting boat insurance quotes.
Travelers, Progressive, Safeco, Foremost Insurance Company, and Central Insurance Companies are some of the best boat insurance companies in New York. They are highly rated for offering broad coverage, top-notch customer service, and a variety of affordable options for business owners.
A local independent insurance agent can help you find a competitively priced boat insurance policy that meets your needs. Independent agents aren’t tied down to one carrier. They can get quotes from multiple insurance companies so you can choose the New York boat insurance policy that best fits your needs and budget.
An independent agent can also help you find other types of personal insurance, such as auto, home, or renters insurance.
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