Boat and Watercraft Insurance

Minnesota Lakes Insurance can help make your time on the water relaxed and worry-free! We will find you comprehensive insurance that protects you, your passengers, your watercraft and your boating equipment. Did you know the average boat costs less than a dollar a day to insure? You’ll enjoy being on the water even more when you aren’t worried about your liability and the safety your passengers, or your investment.

Minnesota Lakes Insurance can help you determine the right amount of coverage to meet your specific needs.

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Agree Value Coverage Option

The value of watercraft vehicles decrease with use and time just like automobiles. Actual cash value policies can make it difficult to replace a boat that has been stolen or destroyed. This means that if your boat is a total loss you will get the value you insured it for, minus any deductible.


Like car insurance, personal liability coverage provides coverage to other boaters and boat owners in the event you are at fault for an accident on the water. This coverage will pay to repair or replace the property of someone else. It will also cover any necessary medical care, including lost wages and other costs incurred as a result of a boating accident for which you are at fault. Operating a boat is a big liability risk, so be sure to ask about excess liability umbrella coverage.

Medical Payments

Medical payments coverage will pay for the cost of needed care that is the result of a boating accident. Coverage amount options vary between companies, but could be $500 to $10,000 and covers you, your passengers, and even your water skiers/tubers/etc., regardless of who is at fault.

Physical Damage Coverage

Physical damage coverage pays for the cost to repair or replace your watercraft and most permanently attached equipment, including your trailer, if it is stolen or damaged.

Uninsured/Underinsured Watercraft Bodily Injury

Since boat coverage is not always mandatory, many boaters choose not to get insurance. If you are hit by an uninsured or underinsured boat operator, and you are injured, this type of coverage pays for medical treatment, lost wages and other costs associated with the accident.

Personal Effects

Your policy can provide coverage for many personal effects, including clothing, jewelry, cell phones, scuba/snorkeling and other sporting equipment and fishing equipment. Limits vary by company so be sure to discuss what you carry in your boat when requesting a quote.

Unattached Equipment Coverage

This pays to repair or replace equipment that isn’t permanently attached to your boat or personal watercraft, but is designed for use primarily on a boat. This includes items like lifesaving equipment, water skis, anchors, oars, fire extinguishers, tarps, etc.

Emergency Assistance

Some boat policies offer emergency and towing coverage when on the water. This can provide assistance for towing, labor and delivery of gas, oil or a loaned battery if the watercraft is disabled while on the water.

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