Serving Clients Throughout Michigan
As the home of the Great Lakes with 22% of the world’s fresh water, there’s no better place to boat than Michigan. Of course, owning a boat is expensive. Expenses associated with registration, mooring, winter storage, and gas can really add up fast. When your boat is involved in an accident, the resulting expenses can be especially financially crippling if you don’t have insurance.
A boat insurance policy with Doyle & Ogden will provide you with the peace of mind you need in knowing that an accident won’t break your bank account. A policy with Doyle & Ogden is more than just insurance though, it’s access to personalized help from experienced and compassionate insurance agents. No matter what type of personal watercraft you own, Doyle & Ogden has you covered.
- What does boat insurance cover?
- Additional types of boat insurance coverage
- Is boat insurance required by law in Michigan?
- What factors affect boat insurance rates?
- Get a free boat insurance quote
What Does Boat Insurance Cover?
Coverage with boat insurance can vary based on the type of boat or personal watercraft that you own. However, coverage typically includes:
- Any damage sustained to your boat’s hull, sails, machinery, furnishings, motor, or trailer
- General liability
- Fuel spill liability
- Medical payments
- Salvage coverage & wreck removal
- Damage to property or other boats caused by your boat
- New boat replacement (for new boats)
Additional Types of Boat Insurance Coverage
There are several additional types of coverage that boat owners can add to their policies. Some of the most popular types of additional coverage can be found below.
Consequential Damage Coverage
Standard coverage will protect you in the event of an accident, but consequential damage coverage will cover losses to your boat that result from normal, everyday wear and tear. Destruction from mold, corrosion, and rot are all covered with consequential damage coverage.
Towing your boat across a body of water is not cheap. Many towing companies charge upwards of $400/hour. A towing bill isn’t something you want to have to handle alone. You can buy additional towing coverage to make your towing bill more manageable in the event of an accident.
Cruising Extension Coverage
If you plan on leaving the US with your boat, you can add additional temporary coverage to protect your property overseas. This option is typically added for those who boat down to Mexico or the Bahamas.
Specialized coverage can be tailored to protect custom or upgraded items on your boat like an expensive navigation system or propellor.
Is Boat Insurance Required By Law In Michigan?
Unlike auto or health insurance, boat insurance is not required by law in the state of Michigan. Nevertheless, operating a boat without insurance is inherently risky. When an accident occurs, you will be entirely responsible for any and all related expenses if you don’t have insurance. It is in your best interest to explore the benefits boat insurance offers.
What Factors Affect Boat Insurance Rates?
Because of the complicated and complex risks involved with boat ownership and operation, boat insurance rates can vary greatly. There are ultimately a number of different factors that affect boat insurance rates. Factors include ownership experience, claim history, boat navigation area, storage location, boat speed, boat condition, and more. Actuaries will take all or a number of these different factors into consideration when setting rates.
How To Save Money On Boat Insurance
Some boat owners will start looking for insurance with the preconception that boat insurance is expensive, but that certainly does not have to be the case. Moreover, there are several things you can do to achieve a lower premium rate. Many companies offer discounts for bundling in other insurance packages like home or auto.
You can also earn discounts for having safety features installed on your boat, such as an automatic fire extinguisher system, GPS systems, depth finders, and more. Typically companies will even offer additional discounts for passing an approved boating education course. You can speak with one of our knowledgeable insurance representatives to learn how much you could stand to save on your boat insurance policy.
Why Choose Doyle & Ogden As Your Boat Insurance Provider
Doyle & Ogden is a local, independent, full-service insurance agency based out of Grand Rapids, that serves individuals throughout Michigan. Since 1958, our agency has taken great pride in being able to provide boaters with the best coverage at the right price. With over 10 companies to shop and compare from, we are confident we can provide you with an unbeatable policy. Contact us today by filling out a contact form or calling (616) 949-9000 to request a free quote.