Minnesota Boat Insurance

Get a full analysis of Minnesota boat insurance costs, coverage, and companies.

Written by Ann Herro

Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.

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Find the Best Boat Insurance Options in Minnesota

Minnesota is famous for its lakes and waterways, earning it the nickname the “Land of 10,000 Lakes.” The state has more than 14,000 bodies of fresh water covering at least ten acres each.

That makes Minnesota a great place to own a boat, no matter what kind of boat you own or what you use it for. And if you own a boat in Minnesota, you need to protect your investment and your assets with the right boat insurance.

A local independent insurance agent can help you learn more about boat insurance in Minnesota and find you a policy that meets your needs and budget.

Best Boat Insurance Companies in Minnesota

We selected the following carriers as some of the best boat insurance companies in Minnesota. They are highly rated for their mix of valuable coverage offerings and competitive pricing.

• Progressive: Progressive is based in Ohio and offers personal insurance, including boat insurance. Minnesota residents can look to Progressive for most of their personal insurance needs.
• Safeco Insurance: Safeco has been protecting individuals and families with personal insurance coverage since 1923. With a comprehensive range of insurance coverage, including boat insurance, Safeco helps Minnesota boat owners protect what’s important.
• Foremost Insurance Company: Foremost was founded in 1952 and offers a wide range of coverage, including boat insurance, in 50 states.
• Nationwide: Nationwide provides boat insurance and other popular types of personal insurance coverage in Minnesota. The company is headquartered in Columbus, OH, and is represented by independent insurance agents in 50 states, including Minnesota.
• Travelers: Travelers offers highly-rated boat insurance in Minnesota. The company provides a variety of other personal insurance options, including auto, home, and renters insurance.

An independent insurance agent in your area can help you learn more about these and other Minnesota boat insurance companies. A local agent can help you get competitive quotes for the coverage that fits your needs.

Minnesota Boat Insurance Requirements

There is no legal requirement for boat insurance in Minnesota.

Boating insurance can help you recover the costs of medical payments, property damage, and wreckage fees after an accident. That is why many Minnesota boaters choose to insure their vessels, regardless of the fact that it is not a legal requirement.

If you financed the purchase of your boat, your lender is likely to require you to have boat insurance until your loan is paid off. Also, if you dock your boat at a marina, having boat insurance might be a stipulation of your marina lease agreement.

A local independent insurance agent can help you learn more about the requirements for boat insurance in Minnesota and can help you find a policy that fits your needs.

What Boat Insurance Covers in Minnesota

Boat insurance in Minnesota works much like car insurance. It provides both liability coverage and physical damage coverage. You can tailor your coverage depending on the type of boat you have, how and where you use it, and the types of items you keep onboard.

Liability insurance is essential for boat owners:

• Bodily injury liability coverage: Covers the medical costs associated with injuries sustained by other boaters or by guests and visitors while aboard if you’re at fault for an accident.
• Property damage liability coverage: Covers damage to other people’s property, such as docks, marinas, and other boats, if you’re at fault for an accident.

You can also obtain coverage for physical damage to your own watercraft:

• Collision coverage: Covers repairs to or replacement of your own boat, motor, trolling motor, or any permanent boating equipment due to damage caused by a collision with another boat or an object while on the water.
• Comprehensive coverage: Covers repairs to or replacement of your own boat, motor, trolling motor, or permanent boating equipment due to damage or loss caused by anything other than a collision, such as theft, vandalism, fire, or a storm.

Depending on your needs, you’ll likely want to add some additional coverage, such as:

• Personal property coverage for equipment such as tools, life preservers, anchors, and oars
• Coverage for fishing equipment like rods, lures, nets, and tackle
• On-water towing and labor coverage for a disabled vessel
• Medical payments coverage for hospital and funeral expenses for you or your passengers
• Uninsured/underinsured boaters coverage for an accident with another boater with insufficient or no boat insurance

An independent insurance agent in Minnesota can help you determine which coverage types may be beneficial for your unique needs.

Save on Boat Insurance

Our independent agents shop around to find you the best coverage.