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Great Lakes State Agency

4800 S Cedar St
Lansing, MI 48910

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Boat/Watercraft Insurance

Boat/Watercraft Insurance in Michigan

When you own a boat in Michigan, a million things cross your mind regarding insuring your vessel. Do I need boat insurance? Doesn't my home insurance cover me? What does boat insurance cover? The short answer is that you need boat insurance to protect your water vessel from damage or loss.

Need more info on boat insurance? Please follow the below guide from the Great Lakes State Agency of Lansing, MI if you want peace of mind while on the water.

Is boat insurance mandatory?

Boat insurance isn't compulsory in Michigan, but if your watercraft is loan-financed, your lender may require you to purchase boat insurance to protect the asset.

Types of boat coverages

Boat insurance is offered in various options. Some include:

  • Collision coverage: It covers physical damage to the boat when it collides with other boats or stationary objects.
  • Comprehensive coverage: Covers your boat against damage from non-collision perils like lightning, vandalism, falling objects, theft, fire, and many more.
  • Liability coverage: Provides bodily injury coverage for physical harm other people sustain in an accident for which you are legally liable. Furthermore, it covers property damage for damages you cause to third parties property.
  • Medical payments coverage: Pays for medical and funeral expenses for you and your passengers if involved in a boating accident.
  • Emergency assistance: It provides services like towing, gas delivery, and other services when your boat breaks down in the water.
  • Uninsured/underinsured boater coverage: Provides bodily injury and property damage coverage when you collide with a boater bearing little or no insurance.

When purchasing collision or comprehensive coverage, you need to consider the below:

  • Actual cash value: This pays for the actual value of the boat minus the depreciation. The insurance company determines the market value at the time of damage and compensates you for that.
  • Agreed value: When your boat is damaged or totaled, your insurer compensates you for the amount you had agreed beforehand.

Would you like to purchase boat insurance in Lansing, MI? Whether it's a yacht, sailing boat, fishing boat, or Jet Ski, please contact Great Lakes State Agency for an affordable quote.

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