Thursday, June 30, 2022

How Much Does Boat Insurance Cost In Michigan

Watercraft And Recreational Vehicle Requirements

An in Depth Look at the Cost to Owning an Offshore Boat

This page contains title and registration requirements for mopeds, recreational vehicles, off-road vehicles, snowmobiles and watercraft and information about use of Michigan waterways by owners of watercraft registered in another state.

Mopeds

Moped are not titled but must be registered. Three-year sticker expires on April 30. Mopeds may be operated on streets drivers must be at least 15 years old and licensed. Moped must be registered as an ORV if used off-road. Registration must be renewed upon transfer of ownership. Helmet use required if under age 19. See registration fees.

Off-Road Vehicles

Also known as off-highway vehicles, this classification includes off-road motorcycles, three-, four-, and multi-wheeled all-terrain-vehicles , air and tracked ATVs, and off-road utility vehicles. All ORVs must be titled. Any on-road vehicle may be registered as an ORV. Dual registration is permitted. One-year ORV license is issued by the Department of Natural Resources expires March 31. Fee– $16.25. If used exclusively on private property, an ORV may not require an ORV license.

Recreational Vehicles

All trailer coaches, travel trailers, 5th-wheel trailers, pop-up campers, and all trailers over 2,500 lbs. must be titled and registered. Pickup camper units are titled only. Title Fee – $15.00. Registration Fee – Based on empty weight.

Snowmobiles

Watercraft

Part-time and non-residents

Why Choose Doyle & Ogden As Your Boat Insurance Provider

Doyle & Ogden is a local, independent, full-service insurance agency based out of Grand Rapids, that serves individuals throughout Michigan. Since 1958, our agency has taken great pride in being able to provide boaters with the best coverage at the right price. With over 10 companies to shop and compare from, we are confident we can provide you with an unbeatable policy. Contact us today by filling out a contact form or calling 949-9000 to request a free quote.

Best Boat Insurance Providers Of 2021

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How Much Does Boat Insurance Cost

The average annual cost of boat insurance is a few hundred dollars, though it can run over $1,000 per year, depending on the type of boat and your personal profile.

The type of boat, its length, and its expected use will largely dictate your boat insurance rates. Whether you have a speed boat, a small fishing boat, or a yacht will make a big difference in what you pay.

In general, boat insurance costs typically range from $200 to $500 per year, on average.

Voluntary Michigan Boat Insurance

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Michigan law requires all motorized boats and watercraft to be registered, but not insured. That means a lot of boaters will likely skip the added annual expense of comprehensive boaters’ insurance. The exception may be when the owner is still paying off a purchasing loan. Many banks or lenders will require boaters to carry insurance on the vessel until it is paid off. That way, if the vessel crashes before it is paid off, the bank still gets its money.

Boat insurance may not be mandatory, but it is still a good idea. Depending on the language of your policy, it can pay for injuries caused by a boat crash, cover costly repairs, and even replace the vessel if it is stolen. But not all boat insurance is the same. Look out for these limits on your coverage.

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Look For Great Boat Insurance Rates Each Year

Once you have a boat insurance policy, dont just sit back and consider yourself done with the process beyond making payments.

Theres a reason why insurance companies run commercials and web ads all the time. They want you to switch plans and join them.

Many insurance companies will offer enticing rates and incentives for you to switch to their brand, so shop around from time to time.

You could save thousands of dollars over the years by always opting for the best available boat insurance plan.

Financial Strength & Reputation

Before choosing an insurance policy, be it for cars, homes, or boats, you should verify if the company will be able to pay out claims in the future. The best way to ensure this is to look at their financial strength according to the rates they receive from credit rating agencies such as AM Best, Standards & Poors, and Moodys.

Another thing that can guide your decision of whether or not to purchase a policy from a given company is checking their reputation among customers. You can do this by looking for patterns in complaints and at customers’ overall satisfaction, ratings, and comments in customer review websites.

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Average Cost Of Boat Insurance

Current estimates have reckoned the national average is around $300 to $500 per yearly premium. In some cases, the annual percentage could increase up to $1,000. While anyone can take a good guess between these numbers, there is a precise way of determining the exact price to insure a boat.

According to boat insurance experts, a good ballpark figure for the annual premium is 1.5% of the vessels market value. Take, for instance, an entrepreneur owns a 30-foot long schooner that is worth $39,000:

39,000 x .015 = 585

Judging from this calculation, the estimated cost of the annual boat insurance premium for a $39,000 schooner is $585. Any insurance premium that costs a thousand bucks must have owned a luxury vessel that is worth a fortune. While this calculation is practically infallible, it is also important to consider other factors that can marginally increase the premium.

The Size Of The Engine

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A boats engine size will also dictate how much insurance is needed to cover the boat. Larger engines cost more to maintain, repair, and replace.

If your boat has multiple engines, this will incur more insurance costs.

When a boat with multiple engines is destroyed, all of the engines need to be replaced. Insurance companies will take this into account when they write up their policy.

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How To Save Money On Boat Insurance

Some boat owners will start looking for insurance with the preconception that boat insurance is expensive, but that certainly does not have to be the case. Moreover, there are several things you can do to achieve a lower premium rate. Many companies offer discounts for bundling in other insurance packages like home or auto.

You can also earn discounts for having safety features installed on your boat, such as an automatic fire extinguisher system, GPS systems, depth finders, and more. Typically companies will even offer additional discounts for passing an approved boating education course. You can speak with one of our knowledgeable insurance representatives to learn how much you could stand to save on your boat insurance policy.

Best For Additional Benefits: Boatus

BoatUS

  • No. of Policy Types: 3
  • Coverage Limit: Varies

BoatUS offers boat insurance as well as towing services and additional discounts on boat charters and services.

  • Coverage for fishing and watersports gear

  • Teamed up with Geico

  • Overload of boating services on site

BoatUS offers boat insurance through the Boat Owners Association of the United States and was acquired by GEICO in 2015. The company has been in business since 1966, resulting in a mix of online customer reviews. But a great majority are positive, especially in the area of claims service. BoatUS offers boat policies in all 50 states for many different types of personal watercraft and yachts.

While membership is not required to get a quote, added benefits for BoatUS members include discounts on popular boating and fishing businesses, fuel, slips, and charter cruises. The basic membership fee is relatively inexpensive at $25/year and goes up to an Unlimited Gold Towing membership for $179 that comes with perks like 100% payment dock-to-dock tows as well as $3,000 for tows outside of TowBoatUS service area. Other membership packages include Unlimited Freshwater Towing for $90/year and Unlimited Saltwater Towing for $165/year.

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Can You Boat On Lake Michigan

You can safely go out on Lake Michigan in boats that are 15-ft long, but it is recommended to use a boat that is closer to the 20-ft range in the off-season and even larger during the season to avoid being tossed around in the chop. Many people will tell you about their adventures and what has worked for them.

How Much Boat Insurance Do I Need

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Beyond any state legislation or binding agreements with your lender or marina, the answer to this question may come down to your individual tolerance for risk. As discussed in earlier questions, some states do have minimum requirements for liability insurance coverage. Check with your state government to see whether you are required to meet a coverage threshold. The amount of boat insurance you may need depends on a number of factors, including the boatâs value, motor size, and age. Like other vehicles, high-performance boats will likely command a higher level of coverage to compensate for the amount of damage they are able to inflict.

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Boat/watercraft Insurance In Michigan

Even though the State of Michigan is close to the Great Lakes, boat/ watercraft insurance is not a legal requirement. Grand Rapids, MI is one of the biggest boating cities in Michigan so it is important that the residents know what to look for. Different types of watercraft insurance provide different levels of coverage. Even though homeownersâ and auto insurance may cover boats and watercraft, the coverage may not be sufficient. The cost for boat and watercraft insurance depends on age of the boat, its condition, value and whether or not you live on it. At Alliance Financial & Insurance, we can help you find the boat/ watercraft insurance cover in Grand Rapids MI and the surrounding areas. The following are some of the available types of boat insurance coverage

How Much Coverage Do You Need

With the exception of Arkansas, Utah, and Hawaii, where some type of liability coverage is required, boat owners dont need a minimum amount of boat insurance in most states. This means that finding the right policy for you will mainly depend on four factors: first, the type of boat you have, second, what you use it forfishing, sports, recreation with family or friends, etc., third, how protected you want your boat to be, and fourth, how much are you willing to pay.

If your intention is purchasing a well-rounded boat insurance policy, it should at least feature some type of liability coverage, collision, and medical payments. These three options will cover damages caused to property, physical damages to your boat, and medical expenses for you or passengers. Adding extra coverage to your policy such as towing and roadside assistance can also come in handy. Keep in mind that sometimes companies include services in their policies that others offer for an additional cost. In order to find the best policy and price, you should at least get three quotes from different companies and compare what coverage and services they feature in their policies.

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Best For Additional Coverage Options: Foremost

Foremost

  • No. of Policy Types: 3
  • Coverage Limit: Varies

Foremost offers various boat insurance packages with unique add-ons including trip interruption services.

  • Unique add ons like onboard pet coverage

  • Trailer coverage

  • Contact agent for specific coverage maximums

  • Website could give more details

Foremost is a part of the Farmers Insurance Group of companies. It is a specialty insurance company that has been in business since 1952, and it’s known for providing affordable coverage for boat insurance in all 50 U.S. states. Foremost offers some unique coverage options for an additional premium, including hurricane haul-out, enhanced towing services, fishing tournament fee reimbursement, additional pollution liability coverage, pet coverage and trip interruption service.

There are several discounts available through Foremost that are designed to save you money on your premium. This includes a lay-up discount, paid-in-full discount, boating safety course, protective device discount, multi-policy discount, multi-unit discount, loss-free renewal discount, prior insurance, insured age , and affinity and alliance discounts for boat operators who are a part of an approved affinity group or alliance organization. Coverage is also available for classic boats over 25 years old.

Boat Insurance: An In

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Your prized boat probably didnt come cheap. Whether you own a bass fishing boat or a yacht, its important to find the right boat insurance that will come to the rescue if you have damage or theft. Heres how to understand boat insurance policies.

In this article

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Popular Coverages With Our Pontoon Boaters

Water sports coverage

Included on every Progressive watercraft policy at no extra cost, well pay for any injuries or property damages for which the boat owner is liable. This includes waterskiing, knee boarding, wake boarding, wake surfing, tubing, or other similar activities. Parasailing, kite boarding, or other activities in which someone is pulled through the air will not be covered.

On-water towing

Progressives Sign & Glide® on-water towing pays for jump-starts, soft un-groundings, and fuel delivery if your boat is disabled on the water. Download and use our app or contact our towing center by calling .

Disappearing deductibles

For every claim-free policy period you have with us, well subtract 25% from your deductibleall the way down to zero! For example, your $1,000 deductible will go down to $250 after three claim-free policy periods.

Replacement cost personal effects

Well pay what it costs to replace your lost/damaged items with brand new ones, assuming they cant be fixed. You can add FULL replacement coverage up to $5,000 to cover cell phones, tablets, cameras, clothes, sunglasses, SCUBA, and other items that may not be boating-related. Plus, we offer a separate fishing equipment coverage to cover fishing rods, tackle, tackle boxes, and more. Well cover these items if theyre damaged, stolen, lost, or even fly off your boat.

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What You Should Know When Insuring Your Pontoon Boat

  • Know your pontoons year, make, and model for the most accurate quote youll need the hull identification number to start a policy
  • You can add insurance for your fishing and ski equipment
  • Completing a boater safety course could bring down your pontoon boat insurance cost
  • We offer coverage for your pontoon boats trailer

The Owners Credit History/insurance Score

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The insurance company will do a soft credit history check.

This means that their inquiry will not show up on your credit, but they will know your history.

They will use this information to determine how much your premiums will be on your policy.

Any history you have with other insurance companies will also come into play.

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Boat Insurance Costs And Discounts

How much youll pay for boat insurance depends on the level of insurance coverage you want, as well as the size, horsepower, type and value of your boat.

You can choose your deductible, which is the amount deducted from your insurance check if you make a claim. A typical policy has deductibles of $250 for property damage, $500 for theft and $1,000 for medical payments, according to the Insurance Information Institute. Liability claims against you do not have a deductible.

Insurance companies offer a variety of ways to save money, including discounts for:

  • Having a diesel-powered boat.
  • Not having made a previous boat insurance claim.
  • Carrying other policies, such as car or homeowners, with the same insurer.
  • Taking safety courses.

Comparing Boat Insurance Providers

Owning a boat is a major expense and you should choose your boat insurance provider with care. Remember to research the company and check out its ratings and reviews. Some other things to keep in mind when comparing providers include:

  • Coverage options: What type of coverage is offered? Make sure you understand the different plans and if things like running aground or hitting the dock are covered.
  • Pricing: Know how much youre paying for coverage and what that includes. Also, keep due dates in mind and if a downpayment is required.
  • Discounts: What discounts does the provider offer? Some things to ask about are bundling discounts, safe boater discounts, age-based discounts, and discounts for experienced boatmen
  • Specializations: Know if the provider specializes in marine coverage and make sure the agents are knowledgeable because it is much different than auto insurance. Some companies specialize in recreational boating and others specialize in commercial boating and yachts.
  • Coverage Exclusions: Research ahead of time what is not covered so you know before you choose a policy. Some providers wont insure boats that go above a certain amount of knots and others wont insure boats with aftermarket parts.

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What Is The Best Type Of Boat Insurance

The best type of boat insurance is insurance coverage that adequately meets your legal and contractual obligations and allows you to feel comfortable about your exposure to risk. Because each individual situation is different, it is important that you determine what coverage factors matter most to you and your family. Spend time researching your options and speak with multiple insurance brokers or agencies. Allthingsboat.com has an excellent review of boat insurance providers.

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