Boat & Watercraft Insurance in New York
From jet skis to yachts, protect your vessel with comprehensive coverage designed for the unique risks of boating on the Finger Lakes, Lake Ontario, and beyond.
Why Boat Insurance Matters
While New York doesn't require boat insurance by law, operating without coverage puts your assets at serious risk. Boat accidents can result in injuries, property damage, and environmental liability. Most marinas and lenders require proof of insurance. A single accident without coverage could cost you far more than years of premiums.
What Is Boat Insurance?
Boat insurance (also called watercraft or marine insurance) provides financial protection for your vessel, equipment, and liability exposure while on the water. Unlike auto insurance, boat coverage is specifically designed to address the unique risks of watercraft ownership—from storms and sinking to collisions and fuel spill liability.
A comprehensive boat policy typically covers physical damage to your vessel, liability for injuries or property damage you cause to others, medical payments for passengers, uninsured boater coverage, and additional benefits like towing and salvage. Many policies also cover your trailer and onboard equipment.
Whether you own a bass boat for fishing Cayuga Lake, a pontoon for family outings on Keuka Lake, a speedboat for waterskiing on Seneca Lake, or a jet ski for Lake Ontario adventures, we can help you find the right coverage at a competitive price.
Watercraft We Insure
- ✓Powerboats and speedboats
- ✓Pontoon boats
- ✓Fishing boats (bass, walleye, etc.)
- ✓Sailboats
- ✓Jet skis and PWCs
- ✓Cabin cruisers
- ✓Yachts
- ✓Kayaks and canoes
What Does Boat Insurance Cover?
Typically Covered
- Hull Coverage
Physical damage to your boat from collision, storms, sinking, fire, theft, and vandalism
- Liability Coverage
Injuries you cause to others or damage to their property, including other boats, docks, and swimmers
- Medical Payments
Medical expenses for you and your passengers injured in a boating accident, regardless of fault
- Uninsured Boater Coverage
Protection when you're hit by a boater without adequate liability insurance
- Trailer Coverage
Damage to your boat trailer while transporting or storing your vessel
- Equipment & Gear
Electronics, fishing gear, water skis, tubes, and other onboard equipment
Common Exclusions
- Normal Wear and Deterioration
Gradual deterioration, weathering, marine growth, and general maintenance issues
- Mechanical/Electrical Failure
Engine breakdown, electrical system failures, and mechanical issues (unless caused by a covered peril)
- Racing/Speed Contests
Damage or liability while participating in races, speed trials, or competitive events
- Commercial Use
Using your boat for charter, rental, or other business purposes requires commercial coverage
- Intentional Damage/Illegal Acts
Damage you cause intentionally or while committing illegal acts (such as BUI)
- Outside Navigation Area
Operating your boat outside your policy's defined navigation territory
Set Sail with Confidence
Get a personalized quote for your boat. We'll help you find the right coverage to protect your investment on the water.
Coverage Options for Your Boat
Agreed Value vs. Actual Cash Value
Agreed Value (Recommended)
You and the insurer agree on your boat's value when the policy is written. If your boat is a total loss, you receive the full agreed amount with no depreciation deduction. Best for newer boats and those in excellent condition.
Actual Cash Value (ACV)
Pays the depreciated market value of your boat at the time of loss. Lower premiums but potentially much less payout. You could owe more on your loan than you receive. May be the only option for older boats.
Liability Limits
Liability coverage protects you when you're responsible for injuries to others or damage to their property. Standard limits range from $100,000 to $1,000,000, but consider your assets and risk exposure.
Recommendation: We typically suggest at least $300,000 in liability coverage for most boat owners. If you have significant assets to protect, consider higher limits or adding a personal umbrella policy.
Optional Coverages to Consider
- •On-Water Towing: Emergency towing and assistance while on the water
- •Fuel Spill Liability: Environmental cleanup costs if your boat leaks fuel
- •Wreck Removal: Salvage and debris removal after an accident or sinking
- •Personal Effects: Enhanced coverage for fishing gear, electronics, and equipment
- •Trip Interruption: Lodging and travel if your boat breaks down away from home
- •New Boat Replacement: Replaces a totaled boat with a new model
How Much Does Boat Insurance Cost?
Boat insurance typically costs between 1% and 2% of your boat's value per year. A $25,000 boat might cost $250-$500 annually. Here's what affects your rate:
Factors That Affect Your Premium
- 1.Boat Value: Higher value boats cost more to insure
- 2.Boat Type & Speed: Fast boats and high-performance vessels have higher rates
- 3.Horsepower: More powerful engines mean higher premiums
- 4.Navigation Area: Ocean/coastal boating costs more than inland lakes
- 5.Your Experience: Years of boating and safety courses help
- 6.Claims History: Prior claims increase future premiums
Ways to Save on Your Premium
- ✓Boating Safety Course: Complete an approved course for discounts
- ✓Multi-Policy Bundle: Combine with home or auto insurance
- ✓Safety Equipment: Fire extinguishers, alarms, and GPS trackers
- ✓Higher Deductible: Choosing a higher deductible lowers premium
- ✓Pay Annually: Avoid monthly billing fees
- ✓Experienced Boater: Discounts for years of experience
Approximate Annual Premium Ranges
*These are general estimates. Your actual premium depends on specific factors. Contact us for an accurate quote.
Boating in Western New York
Western New York offers incredible boating opportunities. We insure boats on all local waterways, including:
The Finger Lakes
Seneca, Cayuga, Keuka, Canandaigua, Skaneateles, and all 11 beautiful Finger Lakes—popular for fishing, waterskiing, and cruising.
Lake Ontario
One of the Great Lakes, offering salmon fishing, sailing, and access to the St. Lawrence Seaway. Larger navigation area considerations apply.
Erie Canal & Waterways
Historic canal system perfect for cruising, connecting to the Hudson River and beyond.
If You Have a Boating Accident
Know what to do if something goes wrong on the water:
Ensure Everyone's Safety
Check for injuries and administer first aid. Use life jackets and emergency equipment. Call for help if needed—VHF Channel 16 for Coast Guard emergencies.
Document Everything
Take photos of all damage, get names and contact information of witnesses and other parties involved. Note weather and water conditions, location, and time.
File Required Reports
New York requires boating accident reports for injuries, fatalities, or significant property damage. We can help you understand reporting requirements.
Contact Us Immediately
Call our office at 585-657-6101 to report the claim. We'll guide you through the process and ensure your claim is handled properly.
Frequently Asked Questions
Is boat insurance required in New York?
New York does not legally require boat insurance. However, marinas, boat clubs, and lenders typically require proof of insurance. Additionally, operating an uninsured boat puts your personal assets at significant risk in the event of an accident.
How much does boat insurance cost in NY?
Boat insurance in New York typically costs between 1-2% of the boat's value per year. A $25,000 boat might cost $250-$500 annually to insure. Factors affecting cost include boat type, size, speed, age, horsepower, navigation area, and your boating experience.
What is the difference between agreed value and actual cash value?
Agreed value coverage pays the full amount you and the insurer agree upon if your boat is a total loss, with no depreciation deduction. Actual cash value pays the depreciated market value at the time of loss, which could be significantly less than what you paid or owe.
Does my homeowners insurance cover my boat?
Homeowners insurance provides very limited boat coverage, typically only for small boats (under 25-50 HP) and with low limits ($1,000-$1,500). It usually excludes liability coverage on the water. A dedicated boat policy provides comprehensive protection.
Does boat insurance cover the trailer?
Most boat policies include coverage for the trailer while attached to the boat or while being towed. Coverage limits vary by policy. Some policies also cover the trailer when stored separately. Check your specific policy or ask us about trailer coverage limits.
Am I covered if I take my boat out of New York waters?
Coverage depends on your policy's navigation territory. Most policies cover the Great Lakes, inland waters, and coastal areas. If you plan to boat in different regions (Florida in winter, for example), make sure your navigation territory includes those areas.
Related Coverage Options
Protect all your recreational vehicles and assets:
Important Information
This information is provided for educational purposes only and does not constitute insurance advice. Coverage features, exclusions, and availability may vary by state and insurance carrier. All coverage is subject to policy terms, conditions, and exclusions.
Please review your policy carefully and consult with a licensed insurance professional to determine appropriate coverage for your specific situation. Premium estimates are general ranges and your actual cost may vary based on individual underwriting factors.
The Stan Steele Agency is licensed to conduct business in New York State. License information available upon request.
Protect Your Vessel Today
Whether you're fishing the Finger Lakes or cruising Lake Ontario, make sure you're properly protected on the water.
Why Boaters Choose Stan Steele Agency
- ✓ Multiple carriers for competitive quotes
- ✓ Coverage for all types of watercraft
- ✓ Local expertise on NY waterways
- ✓ Agreed value options available
- ✓ Fast certificates for marinas and lenders
Serving boaters across Western New York • Finger Lakes, Lake Ontario, Erie Canal and beyond
