Even though boat insurance is not required in Minnesota, it's still recommended that you have it. An agent at Central Lakes Insurance Brokers serving Edina, MN will help you determine the best boat insurance for your needs. Boating accidents can happen to anyone, and boats are a massive investment that you should protect. Although not required, some marinas may have requirements for insurance, and you may be obligated to carry insurance if you are financing your boat.
What Boats Should Be Insured?
For any boat you own in the state, you should have insurance, even if it's locked up in storage or docked. A boat that is in storage or docked can still experience vandalism or be stolen, and insurance would help protect your asset. Whether it's a small boat or a huge yacht, every ship should be insured to cover loss, damage, or injury. Home insurance policies can sometimes protect small watercraft, like canoes or kayaks, but boat insurance will provide you better coverage should anything happen.
What Does Boat Insurance Cover?
Boat insurance coverage can depend on a number of factors in Minnesota, including how large the boat is. There are three types of insurance you want to consider. Bodily injury liability is for injuries that happen on board that is caused by negligence. Property damage liability helps pay for damage your boat does to another person's property. Physical damage helps pay for your boat if it is damaged or destroyed.
There are additional coverage options for boating equipment, having your boat towed, coverage for boaters that don't have any insurance but are involved in an accident with you, and coverage for medical bills for any of your boating passengers. Other coverage can be wreckage removal or fuel spill liability if there is an accident. Coverage will depend on if you are getting full replacement value or actual value for your boat.
Contact an agent at Central Lakes Insurance Brokers serving Edina, MN to get a quote for boat insurance.