Many states don’t require boat owners to carry boat insurance. However, this doesn’t necessarily mean that you shouldn’t invest. You should consider other variables before deciding to skip boat insurance. Our team at Premier Insurance Agency is committed to helping Detroit, MI boat owners understand the benefits of boat insurance. 

What is Boat Insurance?

Boat insurance provides protection or coverage for your watercraft. Like car insurance, boat insurance can provide everything from liability coverage to full coverage insurance that would cover damage or the loss of your boat. This insurance also includes coverage for your boat, regardless of whether it’s on land or in water. Of course, liability coverage would cover damage you cause to another person’s property or boat and injuries that you may cause to others. The state of Michigan doesn’t require boat owners to purchase boat insurance. 

How much boat insurance should I invest if I’m financing my boat?

Although Michigan state law doesn’t require boat owners to carry boat insurance, any marina you frequent may require boat insurance if you plan to dock your boat. You may also be required to carry boat insurance if you lease your boat or have a boat loan. State law may not require you to invest in boat insurance, but other factors may require purchasing boat insurance. If you have questions about boat insurance and want to explore your options, call us. We’d be happy to answer all of your questions. 

Even though Michigan law doesn’t require boat insurance, it may still be necessary if you plan to dock your boat — many marinas require proof of insurance. Lenders also typically require a set amount of coverage if you’re financing your boat.