Minnesota Boat Insurance
Get a full analysis of Minnesota 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 Minnesota
Minnesota is famous for its lakes and waterways, earning it the nickname the “Land of 10,000 Lakes.” The state has more than 14,000 bodies of fresh water covering at least ten acres each.
That makes Minnesota a great place to own a boat, no matter what kind of boat you own or what you use it for. And if you own a boat in Minnesota, you need to protect your investment and your assets with the right boat insurance.
A local independent insurance agent can help you learn more about boat insurance in Minnesota and find you a policy that meets your needs and budget.
Best Boat Insurance Companies in Minnesota
We selected the following carriers as some of the best boat insurance companies in Minnesota. 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. Minnesota 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 Minnesota 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 Minnesota. The company is headquartered in Columbus, OH, and is represented by independent insurance agents in 50 states, including Minnesota.
- Travelers: Travelers offers highly-rated boat insurance in Minnesota. 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 Minnesota boat insurance companies. A local agent can help you get competitive quotes for the coverage that fits your needs.
Minnesota Boat Insurance Requirements
There is no legal requirement for boat insurance in Minnesota.
Boating insurance can help you recover the costs of medical payments, property damage, and wreckage fees after an accident. That is why many Minnesota 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 Minnesota and can help you find a policy that fits your needs.
What Boat Insurance Covers in Minnesota
Boat insurance in Minnesota 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 Minnesota can help you determine which coverage types may be beneficial for your unique needs.
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Average Cost of Boat Insurance in Minnesota
Different boats require different types of coverage, and the cost of boat insurance in Minnesota varies.
Your boat insurance premiums will be based on the coverage and deductibles you choose, as well as:
- How often you use your boat and 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 Minnesota 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 Minnesota boat insurance policy with your home and auto insurance.
How to Find the Best Boat Insurance Quote in Minnesota
An independent insurance agent can help you find the best Minnesota 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.
Minnesota Boat Insurance FAQs
Most boat owners in Minnesota 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 Minnesota 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 Minnesota 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 Minnesota 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.
Boat insurance costs in Minnesota vary based on several factors, including:
- The type, size, and age of the boat
- The size/horsepower of the motor
- Whether you will be using your boat on inland waters or the open sea
- The amount of coverage you purchase and the policy options you choose
You may be eligible for certain discounts on your Minnesota 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 Minnesota. 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 Minnesota 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.valuepenguin.com/boat-insurance/is-boat-insurance-required