Maryland Boat Insurance

Get a full analysis of Maryland boat insurance costs, coverage, and companies.

Written by Ann Herro

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.

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Find the Best Boat Insurance Options in Maryland

Boating is tremendously popular in Maryland, and it is a vital part of the local economy. From solo fishing trips to waterskiing with friends, boat owners in Maryland have plenty of options.

Unfortunately, boating accidents sometimes happen. Boat insurance in Maryland protects your finances from the cost of an accident on the water.

A local independent insurance agent can help you learn more about boat insurance in Maryland and find you a policy that meets your needs and budget.

Best Boat Insurance Companies in Maryland

How can you make the best choice for boat insurance in Maryland?

We selected the following carriers as some of the best boat insurance companies in Maryland. 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. Maryland 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 Maryland 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.
• Nationwide: Nationwide provides boat insurance and other popular types of personal insurance coverage in Maryland. The company is headquartered in Columbus, OH, and is represented by independent insurance agents in 50 states, including Maryland.
• Travelers: Travelers offers highly rated boat insurance in Maryland. The company provides a variety of other personal insurance options, including auto, home, and renters insurance.

An independent insurance agent in your area can help you learn more about these and other Maryland boat insurance companies. A local agent can help you get competitive quotes for the coverage that fits your needs.

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Our independent agents shop around to find you the best coverage.

Maryland Boat Insurance Requirements

Maryland state law requires that each motorized vessel carry a title and registration, but there is no requirement for boat insurance. If an accident occurs on the water, including running aground or hitting a stationary object, you are required to report any damage over $2,000, along with any injury that may have occurred.

Boating insurance can help you recover the costs of medical payments, property damage, and wreckage fees after an accident. That is why many Maryland boaters choose to insure their vessels, regardless of the fact that it is not a legal requirement.

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 Maryland and can help you find a policy that fits your needs.

What Boat Insurance Covers in Maryland

Boat insurance in Maryland works much like car insurance. It covers bodily injury and property damage that you cause while you are operating your boat.

It can also cover physical damage to your boat and your property inside the boat, depending on the coverage you select. 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.

A basic Maryland boat insurance policy provides you with liability coverage:

• 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.

Some additional coverage options include the following:

• 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 Maryland can help you determine which coverage types may be beneficial for your unique needs.

Average Cost of Boat Insurance in Maryland

Different boats require different types of coverage, and the cost of boat insurance in Maryland varies.

Your boat insurance premiums will be based on the coverage and deductibles you choose, as well as:

• How often you use your boat and your driving record
• Previous boat insurance claims
• Safety courses you have taken
• Horsepower of the boat
• Your age and gender
• The year, make, and model of the boat and motor
• Where you live and perhaps even your credit score

You may be eligible for certain discounts on your Maryland 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 Maryland boat insurance policy with your home and auto insurance.

How to Find the Best Boat Insurance Quote in Maryland

An independent insurance agent can help you find the best Maryland boat insurance for your needs. A local agent can get quotes from multiple insurance companies to make sure you get the best coverage at the right price. Working with a local agent is the best way to get knowledgeable, superior service from someone who understands the needs of boat owners in your community.

Maryland Boat Insurance FAQs

Do I need boat insurance in Maryland?

Most boat owners in Maryland need boat insurance. It simply makes sense if you want to protect yourself from the costs of boat-related accidents, and if you want to cover your investment in your boat.

If you’re at fault for a boat accident, you’ll be responsible for paying the medical bills for injured parties, and for paying to repair any damage that you do to other people’s property. Boat insurance provides liability coverage for these situations.

What’s more, boat insurance in Maryland can cover damage to your own boat if it’s damaged in a collision or if it’s vandalized, stolen, damaged by a storm, and more.

Is boat insurance required by law in Maryland?

Boat insurance in Maryland is optional unless you’re required by a lender to purchase it or if a marina or harbor where you dock your boat requires you to have it.

What does boat insurance cover in Maryland?

Boat insurance in Maryland always includes liability coverage, which protects you when you cause injuries or property damage to another party. You can also add on the following types of optional coverage:

• Collision coverage
• Comprehensive coverage
• Personal property coverage
• Fishing equipment coverage
• On-water towing and labor coverage
• Medical payments coverage
• Uninsured/underinsured boaters coverage

What kinds of boats can be covered by boat insurance in Maryland?

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.

How much does boat insurance cost in Maryland?

There are several factors that go into calculating boat insurance costs in Maryland, so you can expect your rates to be different from other boat owners you know. Your boat insurance cost can be influenced by the following:

• The type (or types) of boat you are insuring (e.g., bass boat, sailboat, yacht, etc.)
• Your boat’s length and the size of its engine
• Where your boat will be stored when not in use (i.e., at your home, at a marina, etc.)
• Your driving record and claims history, both on and off the water
• The amount of coverage you desire
• The size of your deductible

You may be eligible for certain discounts on your Maryland boat insurance policy. Your independent insurance agent can help you determine all of the discounts that you’re eligible for.

What are the best boat insurance companies in Maryland?

Travelers, Progressive, Safeco, Foremost Insurance Company, and Nationwide are some of the best boat insurance companies in Maryland. They are highly rated for offering broad coverage, top-notch customer service, and a variety of affordable options for boat owners.

Why work with an independent insurance agent when shopping for boat insurance in Maryland?

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 Maryland 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.