Boat Insurance in Minnesota
Having boat insurance in Minnesota can work for keeping your time on the water a relaxing and stress-free time. If you own a boat in Minnesota, then you can answer the question, “Do I need boat insurance in Minnesota” with a very strong “yes.” “Yes”, but it’s not necessary by law. You need it to be safe and cover you in a case of a covered loss or damage or an injury to one of your passengers. All boats in the state of Minnesota must be registered motorized or not motorized with few exceptions to the law. In order to register the boat, you will need proof of insurance. As an MN boat insurance agent can tell you, they can help you find the proper type of Minnesota boat insurance for your craft.
If you are concerned that you don’t know how to choose the right kind of boat insurance in Minnesota, that’s why it is vital for you to find an independent agent who sells this type of insurance who can clear up any questions you may have.
What Kinds of Boats Need to Be Insured?
Do you need boat insurance in Minnesota? Yes, you do for just about any kind of boat with a few exceptions such as nonmotorized watercraft 10 feet in length or less (but again, it is not necessary by MN law).
It doesn’t matter if it is a small personal watercraft or Jet Ski or a huge yacht, you should have boat insurance to cover you in a case of a covered loss or damage or an injury to one of your passengers.
Even a boat that is kept locked up in storage or docked most of the time, can be subject to damage, vandalism or being stolen. That means you do need MN boat insurance to pay for those problems if they occur or face high replacement costs for your boat and its contents. It’s better to find out what boat insurance cost MN boat owners, then to pay even more if your boat is stolen or destroyed.
What Does Boat Insurance Cover
The exact kind of Minnesota boat insurance you need depends on numerous factors. Part of the choice depends on the size of a boat, for instance, a small boat would require different coverage than a larger one, for instance. However, there are three main kinds of MN boat insurance, including
- Bodily injury liability to pay for any injuries sustained by someone on your boat that is your fault or because of negligence
- Property damage liability to pay for costs connected with your boat damaging someone else’s property
- Physical damage paying for your boat and related property getting damaged or destroyed.
Your agent can tell you all about other types of boat insurance in Minnesota that you can consider purchasing. These would cover things like gear and equipment associated with your boat like your anchor, life jackets, etc., coverage for fishing gear, coverage to have your boat towed, coverage against uninsured or underinsured boaters that you may suffer an accident, and coverage for medical bills for you or any boat passengers.
Who Needs Boat Insurance
Anyone who owns a boat needs MN boat insurance to cover them in a case of an accident, if it was stolen, if it is vandalized or if an uninsured or underinsured boat owner damages or destroys your boat or hurts your passengers. Do you need boat insurance in Minnesota? Yes, it is necessary to have it for any and all boats or other watercraft operated in the state.
You may own a small watercraft like a kayak or a canoe and figure you are covered for losses via your homeowner’s insurance, however, that may be true, but only up to a specific amount, which might not be enough if your craft is damaged or destroyed. So, you should speak with an agent to find out how much Minnesota boat insurance is needed and how much it cost.
Factors that Affect the Cost of Boat Insurance
Here are some facts to discuss with an insurance agent when thinking of buying Minnesota boat insurance. These include the areas you will be covered, i.e. US waters, international waters, coastal waters, etc. You also have to know the value of your boat and if you want replacement coast or not, plus you need to know what the best deductible is for your budget.
Just like if you buy auto insurance you have to consider things like liability and medical costs if someone is hurt or killed in a boat accident that is your fault. You might also need such things as coverage for wreckage removal and fuel spill liability, as well as your own personal effects and boat’s content.
Other possible coverage options are unattached gear (gear not attached to the boat, but designed to be used on a boat) or emergency package for things like towing, bringing you gas or oil if you run out, etc.
How much does Boat Insurance Cost
On average, Minnesota boat insurance costs several hundred dollars a year up to possibly over a thousand dollars a year depending on the type you buy. It also depends on the kind of boat, its size, how you use the boat, etc. It also may affect the cost if you have a good or bad driving record if you have had other claims in the past, if you have taken a safety course, your credit score and your age and gender.
Talk to your agent to be sure. Be sure to get the right amount of insurance you need for your specific boat and the way you intend to use it.