How Much Does Boat Insurance Cost In Michigan?

An average boat insurance cost can typically range from $75 to $500 per year in Michigan. Sailboats have a rate that is about 1.5% of its value (example: $20,000 would cost approximately $300) and rates can be higher in hurricane-prone areas. However, there are variances in the cost of boat insurance. These differences depend on:

The residential state
The type, size and age of the boat
The size and horsepower of the motor
Type of motor (inboard or outboard)
The location in which the watercraft will be used (inland or open seas)
If any additional coverage options were selected
Gender and age

There are also discounts that most insurance companies will offer to boaters, including:

Layup (using the boat only part of the time)
Discount for fresh water usage
Taking the boat safety course
Good driving record
Good credit
Not to mention bundling discounts with your home and other auto policies

How Much Boat Insurance Do I Need?

This depends on the watercraft’s value, motor size, and how it is being utilized. An example of this would be if you are the owner of a new performance speed boat. You would need more insurance for bodily injury and property damage liability. For cases of liability insurance it is highly recommended to buy at least $1,000,000; preferably more for performance crafts. However, other coverage (comprehensive or collision) amounts should be based specifically on the value of the watercraft.

Are Passengers Included?

Boat insurance does cover any watercraft passengers and the owner in an accident. These are covered under the liability portion of the insurance policy. However, it is important to note that any persons that are being pulled behind the boat (water skiers, wakeboarders, knee boarders, etc.) may not be included depending on the policy. It is important to ask an agent and know who is covered and how they are covered before engaging in the activities.

Boating This Summer & Need Insurance?

Compass Insurance Agency is the place to find the best quotes for all of your boating needs. Don’t let the lack of insurance keep you from enjoying the water this summer. Compass can provide you with all the best coverage option(s) to get you and your passengers insured so you can get out on the water and enjoy without worry. Just click the link below or call so we can find out how much boat insurance costs for you and exactly how much boat insurance you’ll actually need.