Boat Insurance

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What is Boat Insurance

Insurance is a transfer of risk from one party to another. Boat insurance is a contract that transfers the financial risk of causing an expensive accident to the insurance company. If you cause bodily injury or property damage to someone else with your boat, the insurance company will cover those costs, up to the specified policy limits. In return for taking on the risk of a potential costly accident, you must pay a premium to the insurance company. The premium is paid whether or not you experience a claim.

The insurance company is able to make this work because they collect premiums from many people but usually only a percentage of those people make a claim in a given year. The premium charged can vary from person to person based on a number of factors that the company believes makes you more or less of a risk. You can learn more about how boat insurance works from the Insurance Information Institute.

How to Shop for Boat Insurance

Boat insurance - Fishing boat cruising on a large lake

Figure Out Your Coverage

The first step is knowing what insurance coverage you need for your boat. Some things to consider are:

  • What is the value of my watercraft(s)?
  • How much can I afford to pay out of pocket for costs?
  • How are my boats used and stored?
  • What is my estimated net worth?

Get Multiple Insurance Quotes

The best way to find great insurance rates is to get quotes from a multitude of insurance companies. Each company targets people based on different characteristics. This means the same insurance company may offer drastically different rates for you compared to your friend, neighbor, or coworker.

Compare Insurance Companies

Once you’ve narrowed down your options to a handful of insurance companies, research each company’s claims satisfaction ratings, customer service ratings, financial stability, and any unique coverage offerings.

Add Your Discounts

Don’t forget to add any discounts for which you qualify. Many discounts are common to most insurance companies, but each usually offer specific discounts too.

We Can Help

Let us walk you through the process and get insurance quotes from over 15 top companies on your behalf.

Boat Insurance Coverage Available

Watercraft Liability
Covers injury or property damage you cause with your watercraft.

Covers damage to your boat caused by a collision with an object or watercraft.

Covers damage to your boat caused by something other than a collision.

Covers your injuries when the at-fault party has too little or no insurance.

Fishing Equipment
Covers fishing property you keep on your boat.

On-Water Towing
Covers the cost of towing your boat to shore if it becomes disabled on the water.

Medical Payments
Covers medical expenses for you or guests that are hurt in a boating accident.

Watercraft We Can Cover


Fishing boats

Sail boats

Cabin Cruisers

Wakeboard Boats

Waverunners / Jetskis

Jet boats

Deck boats

Frequently Asked Questions

Does boat insurance cover towing?

When towing your boat, liability coverage is provided by the auto insurance of the vehicle doing the towing. If, for example, you back into a parked vehicle with your boat trailer, your auto insurance will cover this claim. If your boat is damaged in the accident, your boat policy may cover those damages, depending on the options you’ve chosen.

Is boat insurance coverage required in Minnesota?

Boat insurance isn’t required by law in MN but should be carefully considered by boat owners. Watercraft liability insurance is often relatively low cost and could save you a bundle if you’re ever responsible for a boating accident.

Preserve & Protect

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