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Boat and Watercraft Insurance

There’s nothing like being on the water — especially when it’s in a boat you can call your own. American Family Insurance wants to make sure that whether your boat’s in the water or on the road, it’s protected. We’ll work with you to get you on the water with confidence. Our boat coverage ensures you’re equipped with smart, customized insurance and the dedicated support of your very own American Family Insurance agent.

Our major policy coverages available for purchase include physical damage, bodily injury liability, property damage and medical expense coverage. Take a closer look at your coverage options below so you know exactly how you’re protected.

What Does Boat Insurance Cover?

In the event of a covered loss or damage to your watercraft, boat insurance helps to cover your costs for repairs or even the outright replacement of your boat, in the event of a total loss. Take a look at all the great ways we help to protect you and your family when you’re out on the water.

Physical damage to your boat

Physical damage coverage protects your watercraft on land and in the water. Whether it’s afloat, in transit or in storage, your watercraft is protected against most accidental damage or loss. And that usually includes coverage for your manufacturer-installed equipment and your outboard motor, too. If you own a sailboat, the policy also covers sails, spars and rigging.

Covered losses for physical damage to watercraft typically include:

  • Collision with another boat or object
  • Fire
  • Explosion
  • Overturn
  • Sinking
  • Theft
  • Windstorm
  • Vandalism
  • Emergency roadside
  • On-water mechanical breakdown
  • Towing to a nearby garage or marina or other location to make repairs
  • Delivery of gasoline, oil or loaned battery — customer is responsible for the purchase*

Boat liability coverage

Liability coverage protects you and your financial future. As a boat owner, you can be held legally responsible for injuries or property damage resulting from accidents involving water skiers, swimmers, collision with other boats, collision with docks and more.

Protecting yourself and operators of your watercraft for liability is as important as protecting your watercraft and equipment. Our liability coverage limits can be increased to help ensure that your savings are protected if the unexpected happens.

The following supplementary protection is included under boat liability coverage at no additional cost:

  • Claim and Defense Expenses
  • Emergency First Aid

Watercraft equipment coverage

Your watercraft insurance policy provides coverage up to $3,000 for watercraft equipment, but you can increase that coverage if you need to. Watercraft equipment includes accessories on the insured watercraft not installed by the manufacturer as part of the original sale. This coverage applies to items such as the watercraft trailer, boat hoist, marine instruments, safety and life preserving equipment, water skis, electric trolling motor and an auxiliary outboard motor.

Medical expenses

Medical expenses coverage protects you and others in your watercraft. We’ll pay reasonable medical expenses incurred by you, members of your household or your guests for appropriate and necessary medical services resulting from a covered accidental injury that arises out of the ownership, maintenance or use of the insured watercraft and watercraft equipment.

Fuel or oil spill cleanup coverage

This is included with every boat and watercraft policy and provides up to $10,000 per loss for fuel or oil spill cleanup resulting from an accidental oil or fuel spill. The limit for this coverage in any 12-month policy period is $20,000.

Added Boat Insurance Coverage, Extra Peace of Mind

Because people have different boats, different equipment and different comfort levels, American Family offers optional boat insurance coverages. These can enhance your current protection and your peace of mind — and some endorsements may be subject to limitations.

Diminishing Deductible coverage

Our Diminishing Deductible rewards you for being a safe boater by crediting your deductible each year up to your policy maximum. It’s one of the ways we give you control over what you pay. And upon purchasing this coverage, you’ll be immediately credited. And that can help to make a big difference right away.

Personal effects and fishing equipment coverage

This endorsement protects you against the loss of those extra items you may use on your boat, such as fishing equipment, diving equipment and clothing. Here’s more good news: items claimed under a covered loss are reimbursed on a replacement cost basis — meaning that there won’t be deductions made for depreciation.

Repair cost coverage

If you suffer property damage resulting in a partial loss, this endorsement allows you to repair your boat, motor or boating equipment, without a deduction for depreciation, up to the policy limits.*

Agreed value hull coverage

With this coverage, we will pay the agreed value limit you select for your insured watercraft in the event of a covered total loss. The coverage automatically includes repair cost coverage for partial losses.

Uninsured or underinsured watercraft coverage

This coverage helps protect you against damages suffered in an accident caused by a driver who has no liability coverage or inadequate liability coverage.

How Much Does Boat Insurance Cost?

On average, boat insurance costs a few hundred dollars, but the rate will differ for each boat owner depending on a number of factors, including:

  • Your type of motor (e.g. inboard, inboard/outdrive, etc.)
  • Its length, year, make, model and motor
  • Horsepower of the boat
  • Safety measures and certifications you’ve been awarded — like a certified safety course
  • Your record of boat insurance claims

Types of Boats and Personal Watercraft We Insure

As long as your boat or personal watercraft MSRP is less than $250,000 we’ll usually insure it. There are some limitations, so be sure to check with your agent to find out more. If you’re looking for coverage above that limit, American Family Insurance can help you with that. It can be as easy as picking up agreed value coverage getting a marine survey done on your watercraft.

Here’s a sampling of the types of personal watercraft we insure:

  • Sailboats
  • Rowboats
  • Fishing boats
  • Canoes
  • Bowriders
  • Pontoon boats
  • Cabin cruisers
  • Yachts
  • Jet boats
  • Other types of personal watercraft

Mexico Boat Insurance

If you’re planning a trip to Mexico with your boat in tow, you’ll want to make sure you have Mexico boat insurance.

Through American Family Brokerage, Inc., you can obtain $100,000 to $250,000 in liability coverage for most types of boats and jet skis, as well as $20,000 in legal assistance and bail bond coverage.

This policy doesn’t cover physical damage for your boat.

Get a Mexico boat insurance quote.

Request a Boat Insurance Quote

Now that you know the ways we’ll protect your boat from the unexpected, let’s get you covered. Connect with an American Family Insurance agent to get a quote and compare rates for your boat or watercraft.

Take a look at our boat safety tips before heading out on the water. We’ve also got the 411 on winter boat insurance, so you can ensure your boat is protected year-round.

* This coverage is required in Minnesota.