How Much is Boat Insurance in Minnesota?

How Much is Boat Insurance in Minnesota
Photo by Maxi am Brunnen

Getting your watercraft insured in Minnesota is ideal for making your time on the lake a relaxing one.


If you’re a boat owner in this state, then getting the answer to your concern of “how much is boat insurance in Minnesota” is vital.

Boat insurance averages $250 annually. If you are concerned that you don’t know how to choose the right kind of boat insurance, you should seek the help of an agent who deals with insuring boats.

Let’s look at insurance costs in Minnesota.

How Much is Boat Insurance in Minnesota?

If you get a policy that costs more than $1,000 a year, you’re looking at a premium of at least several hundred dollars a year. Everything from boat size and type to the intended use is considered.

This includes your driving record, whether or not you’ve had previous claims, whether or not you’ve completed any safety courses, plus your gender and age.

If you’re still unsure, consult with your agent. If you want to use your boat in a risky way, make sure you have adequate insurance coverage.

Variables That Affect Boat Insurance Premiums

When you need Minnesota boat insurance, ask your agent about the seas in which you’ll be able to operate the vessel. You also need to determine the value of the watercraft as well as the optimum deductible for your financial situation.

When purchasing boat insurance, just like when purchasing vehicle insurance, you must take into account factors including liability and medical expenses in the event of a boat accident in which someone is injured or killed.

Wreck cleanup plus fuel spill insurance policy, and coverage for your personal belongings and the contents of your yacht, are all possibilities.

Equipment that is not connected to the boat but is intended for use on one is another choice for coverage, as are emergency packages that cover towing and delivering you oil or gas should you run low.

Which Boats Require Insurance?

Only non-powered watercraft under 10 feet in length are exempt from the recommendation of having your boat insured.

In the event of a protected loss or damage or physical harm to one of the riders, you must have boat insurance. It doesn’t make a difference if it’s a simple personal watercraft, a jet ski, or a Catamaran.

Even if you tether the boat to a dock or storage facility, it is still vulnerable to vandalism, theft, or other harm. 

What Is Insured Under A Boat Policy?

Several variables go into determining what Minnesota boat insurance coverage you’ll choose. As an example, if you have a tiny boat, you’ll need different coverage than if you have a huge one.

Minnesota boat insurance falls into three basic categories:

  • Liability for bodily injury to pay for every harm that somebody on your boat suffers as a result of your error or negligence
  • When your boat damages another’s property, you’re legally obligated to cover any costs that arise as a result of that damage
  • Paying for the repair or destruction of your boat and other property in the event of a collision or other accident
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