Maine Boat Insurance

Get a complete analysis of Maine boat insurance costs, coverages & companies.

Christine Lacagnina Written by Christine Lacagnina
Christine Lacagnina
Written by Christine Lacagnina

Christine Lacagnina has written thousands of insurance-based articles for by authoring consumable, understandable content.

Yachts and small fishing boats in Maine marina. Find Maine Boat Insurance.

Find the Best Boat Insurance Rates & Companies in Maine

Boating is one of the most popular pastimes in Maine. With thousands of lakes and ponds, the state's residents enjoy many different boating activities. However, it's important to keep in mind that accidents can happen even to the most experienced boater, which is why having boat insurance is crucial.

Fortunately, a Maine independent insurance agent can help you find the right boat insurance. They'll get you matched to the ideal policy for your unique vessel. But first, here's a breakdown of boat insurance in Maine, including how much it costs and more.

Best Boat Insurance Companies in Maine

Knowing where to shop for the best boat insurance in Maine is a great place to start when you're ready to get coverage. Check out the coverage offered by our top picks for quality boat insurance in Maine below.

  1. Peerless: This insurance company offers boat insurance, home insurance, and car insurance. The carrier is highly rated by both AM Best and the Better Business Bureau (BBB) and offers 24/7 claims reporting.
  2. Progressive: This insurance company offers boat insurance and several other types of personal and business insurance. The carrier has an outstanding rating from AM Best and offers 24/7/365 customer service.
  3. Travelers: This insurance company offers boat insurance and several other types of personal and business insurance. The carrier is highly rated by both AM Best and the BBB and has tons of discount options.

A Maine independent insurance agent can help you find affordable boat insurance from one of these carriers.

What Boat Insurance in Maine Can Cover

Boat insurance policies can be customized depending on your exact needs and preferences. However, you can expect to find the following coverage options from most carriers in Maine:

  • Boating liability insurance: This can cover the cost of third-party claims of bodily injury or personal property damage caused by you and your boat.
  • Collision insurance: Pays for damage to your boat from a collision with another object, regardless of fault. 
  • Comprehensive insurance: Pays for damage to your boat due to a non-collision event such as a flood or theft. 
  • Medical payments insurance: This can cover medical expenses if you or your passengers get injured in a boating accident, regardless of fault.
  • Towing insurance: This can cover the cost of having your boat towed back to shore if it becomes disabled while out on the water, such as if you experience engine failure or steering problems.
  • Equipment insurance: This can cover the loss of or damage to any equipment and accessories not installed by the manufacturer, such as boat hoists, GPS units, marine instruments, and kicker motors.
  • Uninsured/underinsured boater insurance: This can cover your property damage and medical costs if you're involved in a boating accident caused by an uninsured or underinsured boater.
  • Personal effects insurance: This can cover personal items like fishing gear, water skis, scuba gear, cameras, cellphones, and portable speakers if your property gets lost, damaged, or stolen.
  • Fuel spill/wreckage cleanup insurance: This can provide you with the funds and resources necessary to remove wrecked boats and debris from the water and clean up any resultant fuel spills if you're responsible for a boating accident.

A Maine independent insurance agent can help you assemble a complete boat insurance policy with every type of coverage necessary.

Is Boat Insurance Required in Maine?

Boat insurance isn't required by law in Maine. However, you might be required to have boat insurance by your lender if you finance your boat. 

Further, certain marinas might require you to have coverage before you can dock your boat there. But regardless of whether coverage is required, you might still want to get a policy. Having boat insurance can mean the difference in being able to replace your vessel after a total loss caused by many possible disasters, including collisions and vandalism. 

What Boat Insurance in Maine Will Not Cover

In Maine, boat insurance comes with its own set of exclusions, similar to anywhere else. Don't expect your boat insurance to cover any of the following:

  • Normal wear and tear of your boat
  • Mold damage to your boat
  • Damage to your boat's trailer
  • Faulty or defective machinery (unless you purchased mechanical malfunction coverage)
  • Damage to your boat caused by marine life, insects, or animals

Take some time to review your boat insurance policy's specific coverage exclusions so you can avoid filing claims that are bound to get denied.

Average Cost of Boat Insurance in Maine

Boat insurance in Maine costs an average of $344 per year. However, many different factors can influence your boat insurance premiums, such as:

  • The boat's value, age, length, and engine size
  • Where the boat is stored
  • The make and model of the boat
  • Your driving record and claims history
  • The amount and types of coverage you need

The more valuable your boat is and the more expensive it would be to repair or replace, the more you can typically expect its coverage to cost.


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What Boat Insurance Discounts Are Available in Maine?

Many boat insurance discounts are available in Maine. However, the specific discounts offered vary by carrier. Look for the following boat insurance discounts in Maine:

  • Bundling discounts: If you bundle your boat insurance with home insurance, auto insurance, or another type of coverage through the same carrier, you can often earn a discount on each policy.
  • Lay-up discounts: If you only use your boat during summer, you might qualify for extra savings.
  • Security discounts: If you protect your watercraft against theft, vandalism, etc., with security devices, your insurer might grant you a discount.
  • Affiliation discounts: An affiliation with various alma maters, companies, and organizations can earn you a boat insurance discount.
  • Boater safety course discounts: Completing a state-approved boater safety course can often earn you a discount on boat insurance.
  • Loyalty discounts: Continuing your coverage with the same boat insurance company for a set number of years can earn you a discount over time.

Your Maine independent insurance agent will help you find any boat insurance discounts you qualify for to help you earn the most savings possible.

Popular Questions about Maine Boat Insurance

Maine doesn't require boat insurance by law. However, you might be required to have boat insurance if you finance your boat or dock it at a marina.

In Maine, boat insurance costs an average of $344 per year. However, many factors, such as the make and model of your boat, can influence these costs.

We found that Peerless is the best boat insurance company in Maine. Peerless earned our top pick thanks to its rates, coverage options, and customer service.

If you cause an accident while towing your boat, you can rely on your boat insurance policy to cover expenses related to third-party injuries or property damage. Your boat insurance can also pay for medical treatments for you and your passengers.

You're not required by law to have boat insurance in Maine. You might need a policy, however, if you dock your boat at a marina or have financed your boat.

In Maine, boat insurance covers whatever you select to go into your policy. You might choose to get a basic liability-only policy, or you may add extra coverage options for protection against losses related to collisions, vandalism, etc.

Maine independent insurance agents can help you find the boat insurance you need from a top-rated local carrier. Independent insurance agents work hard to find quality coverage at the most affordable rate. They'll shop and compare boat insurance quotes from a number of different carriers for you. And down the road, they can help you file boat insurance claims or update your coverage as needed. 

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