Do you need boat insurance in Michigan? If so, you may be debating whether or not it’s wise to invest in boat insurance. Although it is not required by law in Michigan, doing so is strongly suggested.
Is boat insurance required by law in Michigan?
Boat insurance isn’t legally required in Michigan like car or health insurance. But, there are times when you might need it. For example:
- If you have a boat loan, your lender will probably ask you to get boat insurance. This is part of the deal when you finance your boat.
- If you’re docking your boat at a marina, the marina might ask you to have boat insurance. It’s often a part of the agreement when you lease a spot.
- If you’re sailing in certain places, like the Great Lakes or Canadian waters, you might need boat insurance to follow the rules there.
Even if it’s not a must by law, having boat insurance is a smart move. It gives you peace of mind and protects your finances
How much is boat insurance in Michigan?
Boat insurance in Michigan can vary in cost based on a bunch of things like what kind of boat you have, how old it is, how much it’s worth, its size, where and how often you go boating, your driving history, the kind of coverage you choose, and the deductible you pick. Trusted Choice1 says the average boat insurance policy in Michigan is about $208 a year, which is less than 60 cents a day. But remember, your price could be different based on your own situation.
Want to know what you’ll pay for boat insurance in Michigan? It’s a good idea to look around and compare quotes from various insurance companies. Another great option is to chat with an independent agent. They can help you find the perfect policy that fits both your needs and your budget. Plus, they’re super helpful in pointing out any discounts or savings you might qualify for, like discounts for bundling policies, being a safe driver, completing a boating safety course, or even for when you’re not using your boat (lay-up discounts).
Ways to Reduce Boat Insurance Costs in Michigan
Several options exist to mitigate the expense of yacht insurance in the Great Lakes State.
1. Completing a Boating Safety Course
Insurers often reward boaters with discounts for taking courses that teach them how to operate their vessels safely on the water.
2. Installing Safety Equipment
Insurance premium discounts are another perk of installing safety features like fire alarms, life preservers, and signalling devices.
Michigan boat insurance requirements
Having the following items on your boat in Michigan will ensure that you comply with US Coast Guard requirements.
Personal Flotation Devices (PFDs)
Enough personal flotation devices (PFDs) are crucial for boating safety. As federal law requires, everyone on board a boat must wear a life jacket that fits properly. Personal flotation devices (PFDs) must be in good working order, easily accessible, and the right size for the wearer.
Sound-Producing Devices
Having some noise makers on board is also crucial for boating safety. These gadgets send out a distress signal or let other boats know you’re in the area. There must be a bell, whistle, or horn on board any vessel exceeding 39.4 feet, while a whistle or horn is required for vessels under that length.
Visual Distress Signals
Federal law requires boats in coastal or Great Lakes waters to carry visual distress signals (VDS). These signals can reach out to nearby vessels or search and rescue teams in a crisis. Boats under 16 feet long only need to have midnight visual distress signals, while boats 16 feet long or beyond must have daytime and nighttime signals.
Fire Extinguishers
Boats with an engine, fuel tanks, or appliances for cooking or heating must carry fire extinguishers. The boat’s length and the number and size of fire extinguishers should be considered. One B-I USCG-approved fire extinguisher is required on all vessels under 26 feet long.
Navigation Lights
If you want to use boats at night or in low visibility, you must equip them with navigational lights. You must keep the lights on from sunset to sunrise and during times of decreased visibility, and you must ensure that they are visible from at least two miles away.
In conclusion, Michigan does not mandate boat insurance but strongly suggests it. It safeguards your boat, your guests, your ability to enter the marina, and your sanity. Contact your insurer to discuss your boat insurance choices.