The law in Michigan requires that motorized watercraft and boats be registered but they do not need to be insured. While boat insurance may not be mandatory, it’s still a good idea for several reasons. You may be required to purchase boat insurance if you are still paying off your boat with a bank or lender. How much insurance you need will depend on the size and how you are using your boat. For example, if you have a new performance speed boat then you may want more insurance for property damage and bodily injury liability. Other coverage amounts, such as collision or comprehensive, should be based on the value of your boat. An agent at Jeff Kaplan Agency can help you determine how much coverage to get.
Your boat insurance coverage will depend on what type of insurance you select. The main protection you want in boat insurance is bodily injury and property damage liability. When you are using your boat, there is always the possibility of an accident, and someone could get hurt or property damage could happen. Bodily injury liability will cover injuries on your boat and include items such as lost wages, hospital bills, and different legal expenses. Property damage liability will help prevent you from having to pay for damages on your own. You may also want coverage to protect your boat since it is an investment. Comprehensive coverage is for any non-related incidents. This helps you if your boat is vandalized, stolen, or damaged but not by an accident. Collision coverage will pay for damage caused by an accident. It’s important to read both your collision and comprehensive coverage because there are some things that may not be covered, such as oil spill cleanup or personal property on your boat. If you want these items included, you can get additional coverage.
Contact Jeff Kaplan Agency to get a quote on boat insurance.