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Does Insurance Cover a Stolen Boat?

Updated: April 2018

Boat insurance typically helps cover theft. If you're a boat owner, here are some factors to consider about insurance if your boat is stolen.

Speed boat driving near shore.


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Boats that are taken from your dock, the marina or from a mooring are typically covered by property coverage as part of your boat insurance policy. If your boat is stored inside or outside in a marine storage building, the primary insurance may be held by the owner of the storage facility, but your policy may provide secondary insurance.

Boats may also be stolen while they are on trailers. If your boat is stolen while you are moving it from one place to the other, it may be covered by your boat insurance. Your boat trailer may also be covered if you purchased the appropriate coverage on your boat policy. Read your policy or contact your agent for specific details.

You might be tempted to cancel your boat insurance when your boat isn't in use, but this could leave you uninsured if your boat is stolen or incurs covered damage during those months.


A boat insurance policy's property coverage generally helps cover the boat itself and equipment that is permanently attached, such as the anchor, fuel tanks, motors, masts, spars, horns, lights, depth finders, mooring cleats and lines.

Unless other items are specifically scheduled or added by endorsement, standard boat insurance policies typically provide limited coverage for accessories such as fish finders and navigation devices, televisions and satellite receivers, sound systems, computers, scuba and diving gear, and water skiing and fishing equipment. You may be able to purchase additional coverage for your boating equipment or personal effects.

Non-boating-related belongings that you bring on board, like prescription glasses, cameras, money, clothing and jewelry, are not usually covered by standard boat insurance policies. However, if you have homeowners insurance, it may help provide coverage for those types of belongings.

Some boat insurance policies also cover dinghies and tenders and their attached motors. Ask your insurer whether your policy covers that type of equipment.

Adequate insurance can be important for a boat owner, so it's a good idea to find out exactly what is covered by your policy and ask your agent what you can do to help protect important belongings that aren't covered by your standard policy.


The amount you'd receive from your policy if your boat is stolen depends on the type and amount of coverage you purchased. Boat policies typically offer coverage on an "actual cash value" or "agreed amount value" basis, according to the Insurance Information Institute. Here's a breakdown of those coverage options:

Actual cash value.
This is typically the depreciated value of the boat at the time it is stolen. If you wanted to replace the stolen boat with a more expensive model, you'd likely need to pay the difference out of your own pocket.

Agreed amount value.
The amount paid is a specific amount you and your insurer previously agreed you would be reimbursed if your boat was stolen and declared a total loss. This type of coverage is generally available for newer boats. While you may pay more for this coverage, your insurer will not factor depreciation into the amount you're reimbursed if your boat is stolen.

When choosing your coverage, it's a good idea to consider how much you would be willing (or able) to pay out of pocket to replace your boat if it's stolen.

Whether your boat is on the water, hitched to a trailer or in storage, you probably don't expect it to be stolen. But boat insurance can give you the peace of mind that comes with knowing you have some safeguards in place, just in case a thief targets your boat.

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This content is for informational purposes only and may not be applicable to all situations.

Coverage subject to terms, conditions, and availability. Policy issuance is subject to qualifications. Allstate Insurance Company, Allstate Indemnity Company, Allstate Fire and Casualty Insurance Company, Allstate Property and Casualty Insurance Company, Northbrook, IL. © 2020 Allstate Insurance Company, Northbrook, IL.
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