Escanaba, MI, is an ideal place for boating. The sailing conditions are predictable, making planning boat trips easier for local residents. The sailing areas in this region can accommodate watercraft of all types and sizes. Michigan doesn’t require boat owners to have watercraft insurance before sailing.

Do You Ever Need Watercraft Insurance in Michigan?

Though not required by law, obtaining an insurance policy becomes necessary if you finance your boat. This is because the lender would want an assurance that the watercraft is fully insured throughout the loan repayment period. If there’s any confusion on which policies you need, your lender can provide you with minimum coverage requirements.

If you buy a boat without needing financing, buying insurance isn’t required. Once your boat loan is paid off, you can choose to discontinue your insurance policy. However, there are several compelling reasons to keep your boat insured. Liability coverage provides compensation for injuries to you or other passengers during a boating accident. Property coverage offers compensation for damages to your boat incurred during accidents on water or land. Additionally, it covers the replacement cost of a stolen boat. Uninsured/underinsured insurance coverage comes into play if you encounter an accident with a boater who has no insurance policy or an inadequate one.

Watercraft Insurance from Luft Insurance Agency

At Luft Insurance Agency in Escanaba, MI, we are a family-owned, full-service insurance agency committed to helping boat owners find the right insurance policy for all kinds of watercraft and boating activities. Our goal is to ensure that monetary compensation is readily available in case of any mishap. Contact us today to learn more about our policies or request a quote.