Michigan Boat Insurance
Get a full analysis of Michigan boat insurance costs, coverage, and companies.
Written by
Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
Find the Best Boat Insurance Options in Michigan
With the longest freshwater coastline in the U.S. and its many scenic lakes and rivers, Michigan is a great place to own a boat. Whether you take a speedboat out on the clear waters of Torch Lake or enjoy yachting on Grand Traverse Bay, if you are a boat owner in the Wolverine State, you can benefit from the protections afforded by boat insurance. Boat insurance in Michigan protects your finances from the cost of an accident on the water.
A local independent insurance agent can help you learn more about boat insurance in Michigan and find you a policy that meets your needs and budget.
Best Boat Insurance Companies in Michigan
How can you make the best choice for boat insurance in Michigan?
We selected the following carriers as some of the best boat insurance companies in Michigan. They are highly rated for their mix of valuable coverage offerings and competitive pricing.
- Progressive: Progressive is based in Ohio and offers personal insurance, including boat insurance. Michigan residents can look to Progressive for most of their personal insurance needs.
- Safeco Insurance: Safeco has been protecting individuals and families with personal insurance coverage since 1923. With a comprehensive range of insurance coverage, including boat insurance, Safeco helps Michigan boat owners protect what’s important.
- Foremost Insurance Company: Foremost was founded in 1952 and offers a wide range of coverage, including boat insurance, in 50 states.
- Nationwide: Nationwide provides boat insurance and other popular types of personal insurance coverage in Michigan. The company is headquartered in Columbus, OH, and is represented by independent insurance agents in 50 states, including Michigan.
- Travelers: Travelers offers highly rated boat insurance in Michigan. The company provides a variety of other personal insurance options, including auto, home, and renters insurance.
An independent insurance agent in your area can help you learn more about these and other Michigan boat insurance companies. A local agent can help you get competitive quotes for the coverage that fits your needs.
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Michigan Boat Insurance Requirements
There is no legal requirement for boat insurance in Michigan.
Boating insurance can help you recover the costs of medical payments, property damage, and wreckage fees after an accident. That is why many Michigan boaters choose to insure their vessels, regardless of the fact that it is not a legal requirement.
If you financed the purchase of your boat, your lender is likely to require you to have boat insurance until your loan is paid off. Also, if you dock your boat at a marina, having boat insurance might be a stipulation of your marina lease agreement.
A local independent insurance agent can help you learn more about the requirements for boat insurance in Michigan and can help you find a policy that fits your needs.
What Boat Insurance Covers in Michigan
Boat insurance in Michigan works much like car insurance. It provides both liability coverage and physical damage coverage. You can tailor your coverage depending on the type of boat you have, how and where you use it, and the types of items you keep onboard.
Liability insurance is essential for boat owners:
- Bodily injury liability coverage: Covers the medical costs associated with injuries sustained by other boaters or by guests and visitors while aboard if you’re at fault for an accident.
- Property damage liability coverage: Covers damage to other people’s property, such as docks, marinas, and other boats, if you’re at fault for an accident.
You can also obtain coverage for physical damage to your own watercraft:
- Collision coverage: Covers repairs to or replacement of your own boat, motor, trolling motor, or any permanent boating equipment due to damage caused by a collision with another boat or an object while on the water.
- Comprehensive coverage: Covers repairs to or replacement of your own boat, motor, trolling motor, or permanent boating equipment due to damage or loss caused by anything other than a collision, such as theft, vandalism, fire, or a storm.
Depending on your needs, you’ll likely want to add some additional coverage, such as:
- Personal property coverage for equipment such as tools, life preservers, anchors, and oars
- Coverage for fishing equipment like rods, lures, nets, and tackle
- On-water towing and labor coverage for a disabled vessel
- Medical payments coverage for hospital and funeral expenses for you or your passengers
- Uninsured/underinsured boaters coverage for an accident with another boater with insufficient or no boat insurance
An independent insurance agent in Michigan can help you determine which coverage types may be beneficial for your unique needs.
Average Cost of Boat Insurance in Michigan
Different boats require different types of coverage, and the cost of boat insurance in Michigan varies.
Your boat insurance premiums will be based on the coverage and deductibles you choose, as well as:
- How often you use your boat your driving record
- Previous boat insurance claims
- Safety courses you have taken
- Horsepower of the boat
- Your age and gender
- The year, make, and model of the boat and motor
- Where you live and perhaps even your credit score
You may be eligible for certain discounts on your Michigan boat insurance policy. Some insurers offer a layup discount, as well as a discount for successfully completing a boating safety course. What’s more, you will likely be eligible for a discount if you bundle your Michigan boat insurance policy with your home and auto insurance.
Save on Boat Insurance
Our independent agents shop around to find you the best coverage.
How to Find the Best Boat Insurance Quote in Michigan
An independent insurance agent can help you find the best Michigan boat insurance for your needs. A local agent can get quotes from multiple insurance companies to make sure you get the best coverage at the right price. Working with a local agent is the best way to get knowledgeable, superior service from someone who understands the needs of boat owners in your community.
Find an independent insurance agent in your area now.
Michigan Boat Insurance FAQs
Most boat owners in Michigan need boat insurance. It simply makes sense if you want to protect yourself from the costs of boat-related accidents and if you want to cover your investment in your boat.
If you’re at fault for a boat accident, you’ll be responsible for paying the medical bills for injured parties and for paying to repair any damage that you do to other people’s property. Boat insurance provides liability coverage for these situations.
What’s more, boat insurance in Michigan can cover damage to your own boat if it’s damaged in a collision, vandalized, stolen, damaged by a storm, and more.
Boat insurance in Michigan is optional unless you’re required by a lender to purchase it or if a marina or harbor where you dock your boat requires you to have it.
Boat insurance in Michigan typically includes liability coverage and physical damage coverage. Liability coverage helps you pay for medical expenses and property repair costs for other parties when you injure someone or damage someone else’s property while operating your boat.
Physical damage coverage, in the form of comprehensive and collision coverage, helps you pay for damage to your own boat in a variety of circumstances.
You can also add on the following types of optional coverage, depending on your needs:
- Personal property coverage
- Fishing equipment coverage
- On-water towing and labor coverage
- Medical payments coverage
- Uninsured/underinsured boaters coverage
Boat insurance is recommended for most watercraft with motors, including fishing boats, pontoon boats, speed boats, leisure crafts, and yachts. Boat insurance generally does not cover canoes, kayaks, or personal watercraft.
Every type of boat has the potential to be stolen, damaged, or involved in an incident that results in harm to another person or another person’s property. Even if your boat is docked or stored in your garage, it can be vandalized, damaged in a fire or storm, or stolen. Boat insurance can help you in all of these situations.
Several factors go into calculating boat insurance costs in Michigan, so you can expect your rates to be different from other boat owners you know. Your boat insurance cost can be influenced by the following:
- The type (or types) of boat you are insuring (e.g., bass boat, sailboat, yacht, etc.)
- Your boat’s length and the size of its engine
- Where your boat will be stored when not in use (i.e., at your home, at a marina, etc.)
- Your driving record and claims history, both on and off the water
- The amount of coverage you desire
- The size of your deductible
You may be eligible for certain discounts on your Michigan boat insurance policy. Your independent insurance agent can help you determine all of the discounts that you’re eligible for.
Travelers, Progressive, Safeco, Foremost Insurance Company, and Nationwide are some of the best boat insurance companies in Michigan. They are highly rated for offering broad coverage, top-notch customer service, and a variety of affordable options for boat owners.
A local independent insurance agent can help you find a competitively priced boat insurance policy that meets your needs. Independent agents aren’t tied down to one carrier. They can get quotes from multiple insurance companies so you can choose the Michigan boat insurance policy that best fits your needs and budget.
An independent agent can also help you find other types of personal insurance, such as auto, home, or renters insurance.
https://www.michigan.gov/som/about-michigan
https://www.valuepenguin.com/boat-insurance/is-boat-insurance-required