In Michigan you’re never more than 6 miles away from water and never more than 85 miles away from one of the Great Lakes. Between the Great Lakes and Michigan’s 11,000 inland lakes and over 300 rivers, our state is a haven for people who love boating and water sports. Owning a boat in Michigan is a uniquely delightful experience; however, with pleasure comes responsibility, and an important aspect of this responsibility is having the right boat and watercraft insurance. In this blog we will talk about Michigan boat insurance and the options you have for other types of watercraft insurance.
Boat Insurance in Michigan
If you’re a Michigan boater, boat insurance is not just a luxury—it's a necessity. The state's abundant waterways provide endless opportunities for enjoyment, but they also present a number of risks. From unexpected storms on the Great Lakes to the potential for boating accidents and theft, the right insurance policy ensures that your investment will be protected. Some marinas and loan agreements actually require proof of insurance to acquire or operate a boat, which means insurance is not only a wise choice but, in many cases, a mandatory one.
Types of Boat Insurance Coverage to Consider
Which types of boat or watercraft insurance do you need? There are a number to consider:
Liability Insurance
Every boat owner should have liability insurance which covers damages to property and injury to others if you're found at fault in a boating accident. Given the potential for costly lawsuits, liability insurance is indispensable.
Physical Damage Coverage
This type of coverage protects your boat from theft, vandalism, and direct damage due to collisions with another boat, dock, or submerged object. Michigan has many different boating environments, from crowded marinas to secluded coves, so, depending on how and where you intend to use your boat, if you want to be protected from risk, you should consider getting physical damage coverage.
Uninsured/Underinsured Watercraft Coverage
Unfortunately, not all boaters are responsible and carry sufficient insurance. This type of coverage protects you if you're involved in an accident with a boater who does not have adequate insurance.
Personal Property Coverage
This type of insurance covers the items that people bring along with them when they go boating, from fishing equipment to electronics to any type of personal belongings.
Towing and Assistance
Not every boat trip is smooth sailing. That’s why there’s towing and assistance coverage. If your boat should become disabled on the water, this will cover the costs of emergency services, including fuel delivery, towing to the nearest facility, and more.
How Much Will Your Boat Insurance Cost?
A number of factors can affect the cost of your boat insurance in Michigan. Larger boats and vessels with higher horsepower engines are typically more expensive to insure. It can also cost more if you intend to boat in the open waters of Lake Michigan rather than on a small inland lake. Where you store and moor your boat can impact your insurance rates, with certain areas posing more risks than others. And many insurers offer discounts to boaters who have completed certified boating safety courses.
Insurance companies often provide ways to reduce premiums. Completing boating safety courses, opting for higher deductibles, and bundling your boat insurance with other policies, such as your home or auto insurance, can result in significant savings. It's worth discussing these options with your insurance agent to tailor a policy that fits your budget while still providing you with enough protection from risk.
Summer in Michigan is right around the corner, and boating is such an enjoyable way to relax and enjoy the beauty of our state. By understanding the types of boating insurance available and the factors affecting your rates, you can make informed decisions about how to protect your boat, your finances, and your peace of mind.
If you’re new to the boating community and you don’t know what kind of insurance would be best for your needs, contact us at Navisure Insurance Group. We will be happy to talk with you about boat insurance or any other type of insurance you might need.
COREY VANDERMEER | PRESIDENT
Corey started his insurance career in the claims department for a national carrier and learned the basics of insurance coverage and how it’s applied. From there he decided to take the jump into sales and joined an independent insurance agency. Here he learned how to build coverage around the needs of each individual and cater to every client. When Corey decided to start an insurance agency he did so with the intention of simplifying the process of getting insured. With a focus on technology and simplicity; his goal was to create an insurance agency that was different from those currently dominating the market place.
When he’s not working, Corey enjoys golfing, fly fishing and spending time with his wife and kids. Together they enjoy traveling to Northern Michigan and to his wife’s hometown of San Francisco.