Boat Rental Insurance: Cost & Quotes From $11

Best Boat Rental Insurance Carriers

You have many options for companies that can provide insurance for renting a boat. Each of these boat rental insurance carriers excels in underwriting policies for specific types of clients. Hence, it’s critical to find the best provider for your insurance needs. We are here to help you find the right insurance policy for your boat rental company, and that’s why we’ve reviewed the top insurance providers. Read to know their pros, cons, and pricing for a $1 million general liability coverage.

CoverWallet Boat Rental Insurance


  • Manage your boat rental insurance with the MyCoverWallet app or CoverWallet website
  • Compare quotes online and get covered at the cheapest price
  • Cancel your policy anytime


  • Not an insurance company but a broker selling the quotes of its partners

CoverWallet gets you the quotes of all carriers in the US offering boat rental insurance. With this carrier, compare quotes, buy a policy, and manage your insurance online. Coverages customers get for their boats are bodily injury liability, property damage liability, and physical damage coverage.

Best for: Boat rental insurance online quotes comparison online

Average cost: $41 per month

Our rating: 10/10

Geico Boat Rental Insurance


  • Provides coverage for wide-ranging types of vessels
  • Multiple policies to cover many risks
  • Coverage available in all 50 states


  • Does not offer insurance in California; buyers in the state can get coverage from the Boat Association Insurance Services

Geico provides boat rental insurance to cover the theft or damage to a range of water vessels, including sailboats, motorboats, and other types of watercraft. This carrier’s PWC rental insurance policy covers several parts of a watercraft. These include the hull, furnishing, motor, and more.

Typically, Geico boat insurance policies cover you in various circumstances. You’ll get coverage for damage to another boat, bodily injury or death of a third party, and damage to other property. Still, you can get other additional policies, such as:

  • On and off-water towing coverage
  • Ice/freeze coverage
  • Fishing equipment coverage

Best for : Private boat owners looking boat rental insurance

Average cost : $44 per month

Rating : 9/10

Progressive Boat Rental Insurance


  • Policy includes wreckage removal and fuel spillage liability
  • You can choose not to have deductibles
  • Accident forgiveness benefits


  • Offers limited coverage for expensive boats in hurricane-prone states

Progressive is one of the few insurance carriers that include wreckage removal and accidental oil spillage in its standard boat rental insurance policy, although with limitations. The company only offers wreckage coverage only when it’s legally required and oil spillage coverage up to your watercraft rental insurance limit.

The insurer’s marine rental insurance also includes accident forgiveness. This policy keeps the insurance prices from increasing for clients whose claims are less than $500. Boat operators who’ve been customers for four years and haven’t caused an accident in three years don’t pay more, regardless of the boat type.

Progressive further helps you save if you enroll multiple boats in one policy. For example, if you make money by renting out pontoon boats, you save on premiums if you enroll all of them in Progressive’s pontoon boat rental insurance.

Best for : Policy discounts

Average cost : $52.78 per month

Our rating : 8/10

State Farm Boat Rental Insurance


  • Offers coverage for a wide range of water vessels


  • No cash value coverage on boats

State Farm was established in 1992 and ranks among the top boat rental insurance companies. The company offers insurance to cover third-party bodily injuries and damages. It also reimburses a portion of your rental costs if your rental boat is in the repair shop. When someone hires your boat, State Farm will cover the damages to your boat due to an accident.

You also stand a chance to get State Farm insurance discounts but with some conditions. For instance, taking a safety course and boating in freshwater. The Illinois-based boat rental insurance company provides other forms of coverage. They include:

  • Incidental and commercial fishing policy
  • Uninsured/underinsured boat coverage

Best for : Boat renters looking for insurance with quality customer service

Average cost : $55 per month

Our rating : 6/10

USAA Boat Rental Insurance


  • Discounts on boat rental insurance
  • Doesn’t mind referring clients to other providers to ensure they get the best coverage
  • Customized yacht and houseboat rental insurance
  • Members earn a 5% discount


  • Does not sell insurance for non-military personnel

USAA was established in San Antonio by 25 military personnel who joined hands to insure each other’s car. The company boasts an extensive insurance portfolio, including reliable boat rental insurance.

With USAA, you can purchase insurance coverage for a PWC, fishing boat, motorboat, sailboat, pontoon, yacht, etc. Your coverage will protect your rental watercraft from theft, vandalism, fire, extreme weather events, property damage, and third-party bodily injuries.

Additionally, USAA members get price reductions for most water vessels and PWCs valued below $150,000.The insurance company also offers safety discounts. You can be eligible for these discounts by being claims-free, completing a state-approved safety program, and being a responsible boat operator.

Best for : Boat rental businesses owned by ex-military or active military personnel

Average cost : $58.63 per month

Our rating : 6/10

Boatsetter Insurance


  • Partners with Geico Marine to offer a safe P2P platform for renters and boat owners
  • On-water assistance through TowBoatUS
  • Offers insurance policies, processing costs, and additional payments with perks


  • Other rival platforms have earned better reviews and ratings

Boatsetter is a renowned P2P boat rental insurance provider dedicated to providing quality insurance to boat renters using its platform. The P2P website works together with Geico Marine and BoatUS to ensure you operate a rental business with top-notch safety, thus reducing your liability risks.

The company prides itself in being one of the first boat rental websites providing insurance for renting a boat with each order. Therefore, you’ll get the coverage you need every time you rent out a watercraft with assistance from TowBoatUS, whether you need help on water or assistance with your claims processing.

However, it’s worth noting that the rules and requirements for Boatsetter rental insurance vary, depending on the regulations within your state. Hence, it would help if you inquired on the platform to find out the policy details (based on your location) to avoid last-minute confusion.

The P2P boat hire insurance provider also provides clear information on various concerns boat rental operators have since it runs a website having answers to some questions.

Best for : Renters using peer-to-peer rental program

Average cost : $60 per month

Our rating : 8/10

GetMyBoat Insurance


  • Offers insurance through an online app
  • Insurance policies available globally
  • Partners with Falvey Yacht Insurance, a seasoned marine insurance carrier


  • Clients requiring traditional insurance for renting out a boat may have to look elsewhere

Like Boatsetter, GetMyBoat is a platform for boat owners and renters. The boat rental insurance offers the latest insurance and a range of financial services and products through a mobile app.

GetMyBoat works with its members to offer client-focused insurance policies. Its newly-created global boat rental coverage promises tailored coverage for users and non-users worldwide. All its insurance policies are underwritten by Falvey Yacht Insurance, a globally-acclaimed insurance company that provides daily, weekly, and personalized temporary boat rental insurance.

The platform provides three one-day boat rental insurance plans. These include Basic, Plus, and Premium plans. Once you choose your preferred plan, you’ll be directed to a page where you’ll have to fill out a form with information on the following: type of boat, the captain, and payment information. Your insurance plan will be expedited within minutes, even coverage for an expensive yacht.

Best for : P2P boat renters looking for mobile-first insurance management

Average cost : $65 per month

Our rating : 8/10

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