# Is boat insurance required?



## lmholmes11

Are you required to have boat insurance in Michigan?


----------



## SoggyPaws

I guess the answer is "it depends".

If you still have a loan on it, the the bank will require you to carry insurance.

If it's paid for, then no it not required but still a good idea. I have only had to file a claim once in all the years of boat ownership but it was nice. Hit a log floating just under the surface out of Frankfort at full speed. Just about sheered the out drive right off.

That was back a bunch of years ago when a log barge tipped in bad weather and dumped all those log off into Lake Michigan. What a mess that was.

For the low cost, it's good....well....insurance.:lol:


----------



## paulywood

Boat insurance is not required, but it is very inexpensive and probably a good idea.


----------



## Jasper302

I have my boat insured for 7k. Its just under 95.00 a year.


----------



## SoggyPaws

Jasper302 said:


> I have my boat insured for 7k. Its just under 95.00 a year.


I was trying to remember what we pay. The wife does the bills. I wanted to say the new (used and paid for) boat, 18.5 Regal, is less than 100 bucks or right around there. The 24 footer was something like 120 for the year for 10k insurance.


----------



## lmholmes11

Thanks for the reply guys. I fiured it would be pretty cheap. I just didn't know if I don't have insurance on the boat by the time i wanted to go out for the first time this year, if I would get a citation. Thanks again.


----------



## Islander26

Lets not forget the liability issue in this day and age....


----------



## just ducky

Check with whoever you have for home insurance. When I bought my new Lund a few years ago, I checked with my agent, and I added a small rider to my home insurance policy to provide minimal coverage for both on and off the water. I'm not sure what it costs, but I recall it was peanuts when done that way.


----------



## Michigander1

just ducky said:


> Check with whoever you have for home insurance. When I bought my new Lund a few years ago, I checked with my agent, and I added a small rider to my home insurance policy to provide minimal coverage for both on and off the water. I'm not sure what it costs, but I recall it was peanuts when done that way.


 Not good idea.If something happen to your boat it will jack everything else up too.Your best bet is Bost US ins.I had them for yrs .2 claims and never a problem,Mich


----------



## wally-eye

Michigander1 said:


> Not good idea.If something happen to your boat it will jack everything else up too.Your best bet is Bost US ins.I had them for yrs .2 claims and never a problem,Mich



Didn't happen with me. Had my boat insured with Auto Owners as a rider on my house policy. 2004 Tracker bought new in April 04 and in May 04 was cruising across Muskegon lake and hit a submerged railroad tie wrapped in heavy chain.......tie was underwater about 18 inches......hit it with motor and literally ripped the prop and the the entire contents of the prop housing out.....:rant::rant::rant: Needed a entire new lower unit ($2400) on a month old boat/motor. Insurance paid and my boat premium/house premium never went up a penny........ The premium for the boat ins. was around $89 a year........glad as heck I had it.....:coolgleam


----------



## Scott K

Jasper302 said:


> I have my boat insured for 7k. Its just under 95.00 a year.


Does that cover it just when it's in the water or would it cover an accident out on the road or the boat stolen out of your yard etc?


----------



## Michigander1

wally-eye said:


> Didn't happen with me. Had my boat insured with Auto Owners as a rider on my house policy. 2004 Tracker bought new in April 04 and in May 04 was cruising across Muskegon lake and hit a submerged railroad tie wrapped in heavy chain.......tie was underwater about 18 inches......hit it with motor and literally ripped the prop and the the entire contents of the prop housing out.....:rant::rant::rant: Needed a entire new lower unit ($2400) on a month old boat/motor. Insurance paid and my boat premium/house premium never went up a penny........ The premium for the boat ins. was around $89 a year........glad as heck I had it.....:coolgleam


 Did you need a tow in ? When i spun my cuppler on my boat in TC they charged me the min they left the dock.Boat US covered it thank God.Or else i would have to pay on the spot.Pretty sure it was like $125.00 an hr.Tow company works out of Ecorse channel.Just know that your towing on the water is covered alone is worth it to me .Funny thing is a 2 k boat and a 2400 dmg to replace the cuppler .Mich


----------



## wally-eye

Michigander1 said:


> Did you need a tow in ? When i spun my cuppler on my boat in TC they charged me the min they left the dock.Boat US covered it thank God.Or else i would have to pay on the spot.Pretty sure it was like $125.00 an hr.Tow company works out of Ecorse channel.Just know that your towing on the water is covered alone is worth it to me .Funny thing is a 2 k boat and a 2400 dmg to replace the cuppler .Mich




No tow needed. About a mile from the launch and just dropped the trolling motor and put it on high as I stewed and cussed all the way to the launch and back to the house.... Only good thing was that D&R in Kzoo had a new lower unit in stock so I was only out of service 4 days....... Brand new boat about $15k and a month or so old and $2400 damages, funny only problem I ever had with that boat and we beat the snot out of it.......


----------



## bigbuck

Boat insurance is not required by the state, if you have a llienholder they will require it. Depending on the type, size, and age of the boat will determine where it is best insured. I'm a licensed insurance agent and most of the time I put my clients boat on their homeowners policy if they have one. This is usually but not always the best bet. A loss on your boat does not automatically increase your homeowners insurance. I was involved in a not at fault auto wreck totaling both boat and vehicle. this did not result in an increase in my insurance rate.


----------



## PrestonDee

Like others posting in here, am a bit confused about all the insurance options, laws, etc. So thanks to everyone for the informative posts! Also thought I'd add in my two cents. I read a couple good articles on http://www.boatinsurance.org - nice site that compares companies, policies and all that. So hope it helps anybody still confused as well.


----------



## Priority1

The liability is the big reason to carry the insurance. If you damage another persons property or injure someone YOU are responsible. Without insurance guess what happens.


----------



## tdejong302

I was told my agent that I need to carry seperate insuarance for my boat and 4 wheeler. They are both covered then if the garage burns down. If I loose the trailer while towing. Or if I god forbid hit something. I always thought you were covered while towing your boat/2 wheeler. Your vehicle insurance covered it. I was told no. You need seperate insuranc.e 

You also need to add tackle,equipment to the boat binder too.


----------



## UNREEL

Shop around, and I don't mean for cost, I mean for coverage. Boat US wanted to insure my boat for like 20,000 and only give me 5,000 for equipment (electronics, tackle, etc). Um, no. I ended up spending an additional 150 per year but for the coverage I wanted. Besides, its Auto-Owners. You won't find better coverage for anything, anywhere.
_Posted via Mobile Device_


----------



## rieverr

INSURE it 
I have my boat insured for x $$ amount..
5G.. for everything inside
$450$ for the year no madder what happens to it or how..
Plus if u hit me ul pay for it:lol:


----------



## Priority1

UNREEL said:


> Shop around, and I don't mean for cost, I mean for coverage. Boat US wanted to insure my boat for like 20,000 and only give me 5,000 for equipment (electronics, tackle, etc). Um, no. I ended up spending an additional 150 per year but for the coverage I wanted. Besides, its Auto-Owners. You won't find better coverage for anything, anywhere.
> _Posted via Mobile Device_


That's a big 10-4 on Auto Owners. I even have a small annuity through them that gives me a better break on Homeowners, Boat, and Vehicles. I have had others but I just can't seem to beat their service and price.


----------

