Boat & Watercraft Insurance
What is a better way to experience the Great Lake state than boating? Let us find an insurance plan that best fits your needs and can help keep you afloat. Great Lake State Agency shops carriers to find you the best price and plan possible.
Boat & Watercraft Insurance
What is a better way to experience the Great Lake state than boating? Let us find an insurance plan that best fits your needs and can help keep you afloat. Great Lake State Agency shops carriers to find you the best price and plan possible.
What is Boat Insurance?Â
If you own a boat in Michigan, the thought of insuring your vessel can be overwhelming. Is boat insurance separate from my home insurance? What does it cover? How much is it? You need boat insurance if you want to protect your water vessel from damage or loss. We’ll help sort out which policies are best for you and go beyond the basics of what’s covered and why.
If you have been looking for more info on boat insurance in Michigan, then look no further. Follow our guide below to help narrow down boat insurance and make the right decisions for your needs.
What is Boat Insurance?Â
If you own a boat in Michigan, the thought of insuring your vessel can be overwhelming. Is boat insurance separate from my home insurance? What does it cover? How much is it? You need boat insurance if you want to protect your water vessel from damage or loss. We’ll help sort out which policies are best for you and go beyond the basics of what’s covered and why.
If you have been looking for more info on boat insurance in Michigan, then look no further. Follow our guide below to help narrow down boat insurance and make the right decisions for your needs.
Is Boat Insurance Mandatory?
In Michigan, boat insurance isn’t compulsory. But if your watercraft is
loan-financed by a bank or credit union, your lender may require you to purchase boat insurance to protect the asset.
Actual Cash Value vs. Agreed Value
When purchasing collision or comprehensive coverage, you will need to consider the below:
Actual cash value: This option would pay you out the actual cash value of the vessel, but does factor in depreciation. The insurance company determines the market value when the damage is done.
Agreed value: If your vessel is damaged or totaled, your insurer will compensate you for the amount you agreed on in advance.
Is Boat Insurance Mandatory?
In Michigan, boat insurance isn’t compulsory. But if your watercraft is loan-financed by a bank or credit union, your lender may require you to purchase boat insurance to protect the asset.
Actual Cash Value vs. Agreed Value
When purchasing collision or comprehensive coverage, you will need
to consider the below:
Actual cash value: This option would pay you out the actual cash value of the vessel, but does factor in depreciation. The insurance company determines the market value when the damage is done.
Agreed value: If your vessel is damaged or totaled, your insurer will compensate you for the amount you agreed on in advance.
Types of Boat and Watercraft Coverage Options
Boat insurance is offered in various options to meet your needs, including:
Types of Boat and Watercraft Coverage Options
Boat insurance is offered in various options to meet your needs, including:
The Right Plan at The Right Price
Great Lakes State Agency is a trusted auto insurance agency located in Lansing, MI. We specialize in customer service and offering quality coverages to Michigan boaters at competitive prices. Whether you want to insure a yacht, fishing boat, Jet Ski or sailing boat, contact The Great Lake State Agency for an affordable quote today!
The Right Plan at The Right Price
Great Lakes State Agency is a trusted auto insurance agency located in Lansing, MI. We specialize in customer service and offering quality coverages to Michigan boaters at competitive prices. Whether you want to insure a yacht, fishing boat, Jet Ski or sailing boat, contact Great Lake State Agency for an affordable quote today!