You do need marine insurance especially if you are financing the boat as most banks will require you to have marine insurance on your boat or your marina if you rent a boat dock or boat slip.
Having marine insurance is a good idea regardless to protect your investment in your boat.
Some of the best marine insurance companies include.
Best Overall: Geico Marine.
Best for Fishing Enthusiasts: Markel.
Best for Yacht Owners: Chubb.
Best for Jet Ski and Personal Watercraft Owners: SkiSafe.
Best for Houseboats: American Family.
Best for Discounts: Progressive.
Marine insurance covers the physical loss or damage of boats, ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination.
Different types of marine insurance include.
Freight Insurance. Freight insurance protects a merchant ship's owning corporation, because they are prone to losing money in freight.
Freight Demurrage and Defense Insurance.
Hull Insurance.
Liability Insurance.
Marine Cargo Insurance.
Machinery Insurance.
P&I Insurance.
The average cost of marine and boat insurance ranges from about $200.00 to $500.00 per year.
However, this figure is a rough estimate based on the most common types of boats.
In reality, boat premiums can range anywhere from less than $100.00 per year to thousands of dollars annually.