Friday, July 12, 2024

How Much Is Boat Insurance In Minnesota

Requirements For Boater Registration In Minnesota

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You will need to undergo new boat registration if you own a new watercraft that is less than 16 feet in length. The correct placement of registration decals can be found in the state boating guide, which can be downloaded at the Minnesota state website. Although you cannot register your boat online, you may choose to do so in person. If you intend to register in person, you will need to take the following steps first:

  • Print and fill out the Water Title & Registration Application .
  • Submit the sales tax receipt you received during the purchase of your boat, along with the required fee and application at any Deputy Registrar of Motor Vehicles in your community.
  • If you prefer to mail in your boat registration materials, they should be sent to the DNR License Center in St. Paul. Once you complete the in-person or mail registration process, you will receive your registration materials in the mail a few days later. If you purchase a boat that is more than 16 feet in length, the retailer will complete the registration process on your behalf. You must also register your canoes or kayaks in person.

    Types Of Minnesota Boat Insurance Coverage

    Your boat insurance policy may have several different coverage components. In some circumstances, it may be necessary to file claims against multiple sections of your policys coverage instead of just one. The terms of your coverage will depend on your policy and insurer, but common boat insurance protections include:

    Find Cheap Homeowners Insurance Quotes In Your Area

    Most states don’t require boaters to purchase insurance for their watercraft. However, many marinas do require some form of insurance if you wish to use a slip or mooring. Additionally, your bank will require insurance if you are financing the purchase of a boat. Even if these requirements don’t apply in your situation, it’s still generally a good idea to get boat insurance.

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    The Cost Of Boating Accidents

    Take a look at some statistics from the Coast Guard for 2019 about boating accidents:

    • 4,168 accidents involving recreational boats resulted in $55 million in property damage.
    • 556 deaths and more than 2,559 injuries were due to boating accidents.
    • 70% of boating deaths were drownings.
    • 33% of deaths occurred when the driver had no boater safety instruction.
    • Open motorboats were listed in 47% of all boating accidents.
    • Alcohol was deemed the leading factor in fatal boating accidents.

    What To Expect From Average Boat Insurance Prices

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    If theres one topic that always excites people when I bring it up at cookouts or dinner parties, its boat insurance.

    And how much fun is it when you and your friends break out the pen and paper and start calculating the cost of the boat insurance you need to keep your family reliably covered.

    Fun stuff, right?

    Okay, so maybe talking about boat insurance isnt all that exciting, but it is important. Seriously.

    Its important from a simple legal standpoint and to protect your familys financial future.

    As a boat owner, boat insurance is an investment you really shouldnt skip. Thats my answer to one of the most common questions people ask. That question is:

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    Factors That May Impact Boat Insurance Costs

    Boat insurance costs will vary based on many factors. Insurance companies use their own expertise to determine which factors they use and how they are weighted.

    These factors may include but are not limited to:

    The type of boat being insured.

    The value of the boat being insured.

    The intended use of the boat.

    The location of the boat.

    The age of the boat.

    The size of the boat.

    The size of the engine on the boat.

    How often the boat is used.

    The owners years of boating experience.

    The owners credit history

    The owners boating safety education

    The type of policy being purchased.

    Lets dive into each of these.

    Minnesota Risks And Boating Dangers

    With boating, there are the usual risks. You could capsize your vessel, collide with another watercraft, injure someone, or lose your boat to theft, fire, or high winds. In Minnesota, though, the stakes are even higher. During the shoulder season, there is the risk of freezing and ice damage, as well as colliding with underwater objects hidden by the spring thaw. Then there is the possibility of varmint damage due to a long off-season.

    All of this spells trouble for the average boater, whether your boat is on the water or safely stored away. Without the right insurance coverage, you could face significant out-of-pocket costs due to boat damage, injuries, third-party property damages, and even litigation.

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    Boat Insurance In Minnesota

    Having boat insurance in Minnesota can work for keeping your time on the water a relaxing and stress-free time. If you own a boat in Minnesota, then you can answer the question, Do I need boat insurance in Minnesota with a very strong yes. Yes, but its not necessary by law. You need it to be safe and cover you in a case of a covered loss or damage or an injury to one of your passengers. All boats in the state of Minnesota must be registered motorized or not motorized with few exceptions to the law. In order to register the boat, you will need proof of insurance. As an MN boat insurance agent can tell you, they can help you find the proper type of Minnesota boat insurance for your craft.

    If you are concerned that you dont know how to choose the right kind of boat insurance in Minnesota, thats why it is vital for you to find an independent agent who sells this type of insurance who can clear up any questions you may have.

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    Boat insurance can protect you from unexpected losses like storm damage, fire, and vandalism. It can also provide coverage if your boat is damaged by events outside your control, like weather or collisions with another boat or object. Liability coverage can cover costs you incur if you’re responsible for another person’s injuries or property damage.

    Even though there are no Minnesota boat insurance laws that require a policy, some marinas require a certain amount of liability coverage before allowing you to moor on their property. Lenders may also ask that you carry comprehensive and collision coverage until your loan is fully paid off.

    We insure over 1.6 million watercraft countrywide, and we can help protect yours too. Get a boat insurance quote today to get started.

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    The Size Of The Engine

    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.

    What Kind Of Boat Insurance Do I Need

    Like many other insurance policies, boat insurance can typically be separated into a few types: liability, uninsured motorist, and collision/comprehensive coverages.

    Liability insurance is the minimum standard required by most states, banks, and marinas. The boat insurance professionals at recommend buying at least $1,000,000 in liability insurance. The recommended amount of liability coverage can be even higher if you have a fast, powerful boat that is both riskier and can cause more damage.

    With uninsured/underinsured motorist coverage, the standard minimum is $10,000. Ensure that you take into account any potential injuries and damages you may need to cover if you or one of your passengers is injured or your vessel is badly damaged.

    The last type of boat insurance we will cover is collision coverage and comprehensive coverage. These types of coverages should be based specifically on the value of your boat. Check with your lender or your marina to see if there are insurance policies in place.

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    Uninsured Or Underinsured Watercraft Coverage

    This coverage helps protect you against damages suffered in an accident caused by a driver who has no liability coverage or inadequate liability coverage.

    Coverage is offered between the increments of $100,000 – $1,000,000, at various fixed levels.

    Getting the right balance of boat insurance coverage can make a big difference if the unexpected should happen out on the water. Be sure to reach out to your American Family Insurance agent to learn about how these boat insurance endorsements can be applied to your policy.

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    Some of us carry insurance because we have to. Some of us carry insurance because we know better than to go without it.

    Insurance is primarily a matter of paying a bit of money now so that you don’t have to pay a lot of money later, and it comes down to a relatively simple question: If something happens, can you afford to pay for it out of pocket? Insurance is there so that we have a backup plan when the answer to that question is no.

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    How Much Boat Insurance Do I Need For A Non

    In some cases, a non-motorized boat could be covered under your homeowners policy, but only a review of your existing insurance policy will reveal the policy limits. Make sure you know these limits before an accident happens. The limits are typically low, and it is smart to find out if you need added coverage based on the value of your watercraft. A kayak, small sailboat, RIB, or canoe may have a value far higher than the typical $1,500 limit in a standard homeowners policy.

    How Much Does A Boat Insurance Cost

    In the United States, private ownership of boats is obviously not as crucial and ubiquitous as owning cars. However, the interest of Americans in recreational boating is also difficult to ignore, considering that over 87 million adults participate in any of its related leisurely activities . Recent statistics have counted up to 13.28 million American households owning boats.

    While 2.65 million American families are planning to buy a boat, it is also important for prospective owners to be aware of its potential dangers. The US Coast Guard submitted a report concerning the fate of unfortunate boat owners in 2016 counting a total of 4,463 accidents that incurred up to $49 million worth of property damage. The need for boat insurance is predicated by these frequencies, especially given the fact that open motor boats account for 47% of these accidents.

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    Dont Forget To Properly Maintain It

    Maintenance is a huge part and cost of owning a boat. It determines the reliability and life span of the engine. If properly maintained, the boat and engine can last for 20-30 years. Then if it is abused, maybe only 2 or 3 years!

    Was the engine properly broken in? What kind of engine do you have? Is it an Inboard or An Outboard? The cost will differ between the type of engine and also how many engines you have.

    We give a great break down about the differences between an Inboard and an Outboard and whats right for you.

    In that article, we give a better break down of what your general costs are and what needs to be done for your regular maintenance periods. Here we will just stick to the numbers to factor what it cost to own a boat.

    The General Numbers for Inboard Vs. Outboard Maintenance Cost:

    • Inboards: Average $200-$500 per engine in parts.
    • 2-Stroke Outboards: Average $150-$300 per engine in parts.
    • 4-Stroke Outboards: Average $300-$1000 per engine in parts.

    On our 23 boat we are going to be sporting a beautiful 300 HP Suzuki! This year we will go ahead and do the impellers so we will go with about the max of $1000.

    Bringing or total cost of owning a boat to $19,537.

    The Location Of The Boat

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    Some areas of the world are more dangerous to boat in than other areas. The insurance plan you get will reflect this reality.

    For instance, a person using their boat off the coast of Alaska is far more likely to suffer damage to their boat than someone who uses their boat in a sheltered inlet in New Jersey.

    Even the areas that the boat will be driven through can change the cost of insurance. For example, a boat owner in Philadelphia who uses their boat in New Jersey will have to drive through the city to get to their destination.

    This increases the chances that the boat will be in an auto accident and thus increases insurance costs.

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    How Much Is Boat Insurance In Minnesota

    Minnesota has a short boating season due to cold winters, so the annual cost of boat insurance is on the lower end. In addition to the type of coverage you opt for, many factors determine the cost of Minnesota boat insurance, including:

    • Your age: Generally, the older you are, the more affordable your rate may be.
    • Make, model, and year of the boat: Insuring larger, older, or more expensive boats often leads to higher premiums.
    • Boating experience: More experienced boaters may pay less for boat insurance than newer boaters.
    • Claims history: This may include both accidents in which you were at fault and not at fault.

    Pro tip:

    If you carry comprehensive and collision with Progressive, you automatically receive Full Replacement Cost coverage, meaning we’ll pay to make sure your boat or personal watercraft is returned to pre-accident condition without factoring in depreciation.

    Inland Marine Insurance Minnesota Policy Information

    Inland Marine Insurance Minnesota. Most people have never heard the term “inland marine insurance,” so if you’re unsure what it is, you’re not on your own. Although its name might suggest otherwise, inland marine insurance is not insurance for a boat. It is insurance that protects the inventory you transport from place to place over land. It covers personal property and valuables stored in your business. In some instances, it may also fill in any gaps that your homeowner’s policy leaves behind.

    In addition, inland marine coverage Minnesota also protects your valuables if you ship them and they become lost or if the value of your shipment exceeds the declared limit value that is provided by your shipper. This is usually a very small amount, sometimes as little as $50. Anytime you have valuables being shipped or in transit, this coverage can save you thousands of dollars if a loss occurs.

    Inland marine insurance Minnesota protects your property from theft, damage or loss with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.

    What is the Difference in Inland Marine and Ocean Marine?

    If you have goods shipped or transported via a vessel on the open water, then ocean marine insurance is the coverage you need. For protection of your items and inventory when they are offloaded from a sea-faring vessel, inland marine coverage Minnesota is the protection to buy.

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    Who Offers The Best Boat Insurance Rates

    Many insurance companies offer competitive boat insurance rates. Shop around to make sure you are getting the information you need to make an informed decision. Sites like and provide reviews for many different insurance companies and are great places to begin your research. Speak with other boaters find out what features are important to them and why. Do your homework by researching different companiesâ offerings and you will be prepared to make the best decision for your needs.

    Recreational & Fishing Equipment

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    If your boat carries special gear, make sure it is covered by your insurance. While standard safety equipment like life jackets are often included in coverage, more expensive accessories like GPS devices may need a special listing on your policy.

    Contact us today and let Pentagon Insurance Agency keep the wind in your sails with a free insurance quote for your boat.


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    The Type Of Policy Being Purchased

    We recommend that you buy marine insurance designed to cover property and injury-related specifically to the boat.

    However, your boat may be covered by different types of policies.

    Here are 4 types of policies that may apply:

  • Homeowners insurance policies.
  • Umbrella insurance policies.
  • 1) Homeowners Insurance

    People who store their boat on their property may be able to use their homeowners insurance policy should the worst happen.

    This is especially true if the boat is small and stored inside the house or the garage.

    For example, a kayak stored in the basement of a persons house will be covered if the house burns down and the kayak is destroyed.

    In fact, some homeowners insurance policies may protect the kayak even if it is chained up at the homes back dock. However, the same rule might not apply to a larger boat.

    A homeowners insurance policy will often only cover up to $1,000.00. This means that if your $700.00 canoe is stolen, your insurance company may reimburse you.

    However, it also means that if your $35,000.00 boat is stolen, youll only be reimbursed $1,000.00 for it.

    For this reason, most people will get an additional insurance policy to help cover their boat.

    On top of this, a homeowners insurance policy cannot cover a boat that is out on the water or out on the road. This means that a person will need to get another policy whenever they intend on using the boat.

    Failure to do so will leave them out of luck should something happen.

    2) Vehicle Insurance

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