Boat Insurance

Why do you need to insure your boat?

It’s really all about protecting yourself financially.

• If you hurt another boater or swimmer, you could be sued for medical expenses, which can easily reach hundreds of thousands of dollars.
• If you hit a dock or underwater rock, it can cause thousands of dollars in damage.
• If you have a loan on your boat, the bank will likely require physical damage insurance.
• Weather can cause a lot of damage to a boat docked on a river or lake.

Is watercraft insurance required by law?

As of August 2021, watercraft liability insurance is not required by law in Minnesota. If you have a loan on the boat, your lender will likely require physical damage insurance. Regardless of the law, it’s a good idea to have coverage on your boat, especially on motorized watercraft.