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Boat Insurance 101 – For NH and VT Boatowners’

Watercraft Insurance - Outboard Motorboat with Blue Canvas Canopy

Boat Insurance 101 

Enjoy summertime fun on the lakes, ponds, and waterways of New England including New Hampshire, Vermont, and Maine. 

Warm rays of the sun, sparkling water, the breeze in your hair, and that calm that overcomes you when you’re out on the water, leaving your worries behind. Let’s not forget the smiles that spread across the faces of friends and family as they head out on the water for a day of fun on the boat. New Hampshire offers a wide variety of opportunities for boating enthusiasts. If you’ve invested in a boat, protect it and your fun with boat insurance.

Whether you’re renewing an existing policy or purchasing boat insurance for the first time, several things are on boat owners’ minds when it comes to insurance.

How much with boat insurance cost?

We all want value when it comes to the things we buy. Insurance is no exception. One way to get value is to understand what you have and what it’s worth to you. Your boat is more than a motorized vessel you take out on the water; it is an opportunity for fun and lasting memories with friends and family. If you suffered damages or loss what is it worth to you to get your boat back on the water.

Several factors affect the cost of your boat insurance including but not limited to the following:

  • The value of your boat
  • The state you live in
  • The size and type of boat you own
  • The size of the engine
  • Your personal boating experience
  • How and where do you plan to use your boat
  • Storage time out of water versus the time in the water
  • Whether you choose replacement value or cash value for your coverage
  • The amount of your deductible

People may not realize all the factors influencing the cost of their boat insurance. The good news is, that your personal insurance advisor can help you navigate the ins and outs of boat insurance so you can find the best value between coverage and cost. An independent insurance agent can also quote multiple insurance carriers to find the best boat insurance policy customized for you. 

Boat insurance in New Hampshire and Vermont ranges between $200 and $600 depending on the type of boat and coverages you choose. This does not include luxury boats or yachts. 

Understanding Agreed Value and Actual Cash Value for your boat

Knowing the distinction between agree Value (Replacement Value) and Actual Cash Value is important when purchasing boat insurance. Choosing one over the other will not only impact the price of your insurance but will affect your ability to get back out on the water after an accident or damage to your boat.

Agreed Value or Replacement Value coverage means if you need to repair or replace your boat, the amount of coverage will reflect restoring your boat to a new condition or replacing it with a new one up to the agreed or replacement value stated in the policy.

Coverage based on the actual cash value means the replacement cost of your boat is equal to the depreciated value. With the increasing cost of boats, this may not be enough to get back to the same level of boat and features as the one you need to repair or replace.

Discuss the options with your agent. They can help you understand the differences and make the choice that is best for you.

What does a basic boat insurance policy cover?

Boat insurance includes three basic coverages for damages to your boat, other boats, other’s property, and liability coverage. You can also add comprehensive coverage for added protection.

Collision damage coverage: for repairs or replacement of damage to your boat

Property damage liability: for damages, you may cause to another watercraft, dock, or someone else’s property

Bodily injury liability: for injuries to yourself or others as a result of using your boat

Comprehensive coverage: A basic policy may or may not include comprehensive coverage. Consult with your insurance agent to determine whether it’s included or considered an add-on to your policy. Either way, it adds an extra layer of protection beyond collision. Similar to comprehensive auto coverage; it covers damage to your boat other than a collision such as fire, theft, or vandalism.

It’s important to discuss the limits of your coverage and exclusions with your personal insurance advisor so you fully understand the details and amount of coverage you will receive under your policy.

What are additional boat insurance coverages?

There are ways to provide extra coverage for additional exposures to your boat insurance policy.  Examples of common policy add-ons are:

  • Equipment breakdown and towing
  • Wreckage recovery 
  • Additional fishing equipment coverage
  • Personal property coverage
  • Uninsured boater coverage

Insurance discounts for boat insurance

  • Bundling your boat policy with your home or auto
  • Certification of completing a boater safety course
  • Installed boat safety equipment
  • Discounts for hybrid or electric boats

Boating offers hours of fun throughout the warmer months. Are you looking for a boat insurance quote? We can help. If you have questions about your current policy, please give us a call at 800-392-6532.


This post is for informational purposes. The details and conditions of insurance policies vary. We always recommend speaking with an agent to understand the terms of your existing policies and the policies you plan to purchase.