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Every summer, thousands of fishermen and recreational boaters hitch their boat trailers up to the back of their SUVs or pick-up trucks and head to one of the many beautiful lakes in Minnesota. While your homeowners insurance policy may provide a limited amount of coverage for damage to your boat, the motor, or the trailer, it is usually not enough to be fully protected. To be fully protected, you need to buy a separate boat insurance policy.
Boat insurance provides some of the same types of coverage you may see on an automobile insurance policy. You can buy property damage and bodily injury liability insurance that covers other people who are physically injured or suffer personal property damage. Liability insurance covers guests aboard your boat as well as people in other boats or around your boat. A typical boat policy may also include medical payments for injuries you, the boat owner, suffer. Boat insurance can pay for damage to your boat from collision or other perils such as fire or wind.
In general, power boats that are capable of high speeds will cost more to insure than a sailboat because they can do a great deal more damage if they collide with another boat or immovable object (like a dock) while traveling at high speed. Think of the cost as being the difference between insuring a fast sports car versus a family sedan.
Insurance agents that sell boat insurance can answer all of the questions you may have. Do you have to pay for boat insurance for the year if you only use your boat for three months of the year? They can tell you ways to save money on a policy such as taking a boat safety course, getting a multi-policy discount, or installing safety devices on your boat. Before you select just any policy, let your independent agent get you some quotes. That way, you can compare rates and get the most affordable boat insurance policy that meets your needs.