A boat insurance policy covers a variety of different types of risks. It can cover damage to the boat itself and the liability if someone is injured on your boat. In a previous article we provided with a Basic Boating Tips Checklist. In this article, you will learn what boat insurance covers and how to choose the right type.
Do I need boat insurance?
The State of Michigan requires that “All watercraft, unless exempt, must be registered with the Michigan Department of State[.]” Boats that are not required to be registered include non-motorized canoes and kayak for noncommercial purposes. Also exempt are paddle boats (16 feet or shorter) that are used for personal purposes.
Thus your typical motor boat will need to be registered with the state of Michigan. Michigan law does not seem to require boat insurance for noncommercial purposes. However, while it might not be required, it is certainly recommended.
Insuring your boat makes sense. This way, you can ensure that it is protected from the risks it is exposed to every time you take it out on the water. If you don’t insure it, you’ll be left to cover any damage it might suffer in an accident. Without proper insurance, it may cost you much more to repair or replace your boat.
What to look for in a boat insurance policy?
It is important to remember that a good boat insurance policy is NOT just insurance for the boat, it is also insurance for the boaters. It is good idea to have a policy to protect the boat from physical damage, theft, and fire. Even more critical is a policy that covers the medical expenses for you and your passengers in the event of injuries. Also, it’s smart to buy a policy that provides liability coverage in the unfortunate circumstance that you accidentally injure someone or damage their possessions with your boat.
There are additional ways to tailor fit your boat insurance policy. For example you can buy coverage to protect your personal belongings or coverage for winterizing accidents.
At E&Y Agency we will compare boat insurance quotes to find the best coverage for your boat and budget. Call us at 248-362-1313 or fill out the form below. We can get you anchored with a solid insurance policy!
