If you’re interested in purchasing and operating a boat in Minnesota, there are a few key questions that should come to mind. One of these questions is, do you need insurance for your boat?
1. Does Minnesota Require Boaters to Have Insurance?
The short answer to this question is no. It’s not a requirement by the state of Minnesota for boat owners and operators to carry boat insurance. This doesn’t mean there aren’t rules and regulations that need to be followed and a comprehensive list can be found here.
Also if you’re interested in finding out about boat licensing rules for Minnesota, you can find that information here.
2. Should You Buy Boat Insurance?
So even though Minnesota doesn’t require you to purchase boat insurance, should you purchase it anyway? The collective answer seems to be yes. By purchasing boat insurance, Upside Insurance makes the point that you’re protecting yourself from many issues that could arise.
For example, if you and your boat are involved in any accident, boat insurance provides you with liability insurance that covers any damage to another person’s boat, property, or person. The liability aspect of boat insurance is important, and the state of Minnesota does recommend that if you own watercraft, you should have, at the very least, liability boating insurance.
3. What Else Does Boat Insurance Cover?
- Damage to Your Boat
- New Boat Replacement
- Fuel Spill Liability
- Medical Payments in Case of Accident
- Salvage Coverage and Wreck Removal
The above list is an example of boat insurance coverage provided by Geico, and you can find an example of boat insurance here. Boat insurance policies may differ depending on the insurance you purchase, from which company, and the insurance policy you choose.
Some optional boat insurance features include:
- Towing Coverage
- Weather Damage
- Coverage for Personal Property
- Coverage for Fishing Equipment
Other special coverage features may also be available depending on your selected policy choice.
4. Can My Existing Homeowner’s Insurance Cover Me?
You may be wondering if an existing insurance policy, like your homeowner’s insurance, may cover your boat? For the most part, auto and homeowner policies have restrictions when it comes to boat coverage. These can include limitations on size, horsepower, and liability. Also, depending on the state you live in, and the insurance company you use, there are further rules and restrictions associated with any coverage for boats that may be provided through an existing auto or homeowner’s policy. Also, note that the majority of these policies don’t provide liability coverage which is heavily recommended by the state of Minnesota for active boaters.
It’s assumed that if you don’t purchase or possess separate boat insurance coverage, you may end up in a situation where you, and your boat, may not be covered. So even though Minnesota doesn’t require boat insurance, it’s in your best interest to purchase it.