Everything You Need to Know About Boat Insurance in Indiana

Indiana has a prolific boating culture thanks to its scenic waterways and nearby Lake Michigan. No matter what type of boat you have, chances are you might need insurance. Boat insurance in Indiana protects you and your boat, on and off the water. Let's take a look at how boat insurance coverage works.

Is Boat Insurance Required in Indiana?

If you live in Indiana, it's good to know that boat insurance isn't required by state law. However, some marinas may require boat liability coverage at a minimum. If you lease or finance your boat, your lender might also require various coverages for your boat just like with a car. This covers your boat in the event that it's damaged or stolen. Boat insurance coverage levels are similar to car insurance.

For example, bodily injury and property damage liability insurance covers injuries and boat damage that you're liable for. Comprehensive insurance covers theft, fire, and weather-related issues. Collision insurance covers collision damage from hitting another boat, dock, or an object.

If you own your boat outright, you aren't required to carry insurance, but this coverage can be valuable if you end up in an accident on the water.

What is the Cost of Boat Insurance in Indiana?

The average cost of boat insurance in Indiana is usually under $300. However, that's with full coverage. You can also get liability-only for as little as $100 depending on the provider. Your insurance cost depends on the type of boat you have, your boating experience, your history of insurance claims, and the amount of horsepower your boat has. You can often save money on boating insurance by bundling it with your other insurance policies.

Other ways to lower the cost of boat insurance in Indiana include being the original owner of the boat, paying your policy in full, being a responsible driver, and taking a safety course. Finding the best insurance coverage in Indiana will depend on where you live and the factors mentioned above.

Breakdown of Indiana Boat Coverage

There are various additional boat coverages you can get in Indiana. For example, wreckage removal means your insurance company pays to remove your sunken boat from the water. You may also have fuel spill coverage if a wreck causes a fuel spill in the water. If you plan to use your boat for watersports, it can be useful to have watersports coverage to protect you and your passengers from injuries related to these activities.

Another type of coverage protects fishing equipment and gear. You can get up to a full replacement cost of $10,000 for gear, phones, and various other items. There's usually a $1,000 limit per item.

Indiana law requires watercraft to be registered with the Bureau of Motor Vehicles and boat operators must be at least 15 years old with a boater education course. All watercraft must carry an approved flotation device per person on board.

Come visit us at Reeder-Trausch Marine to explore your boating options. Our boating experts can give you more information about state laws and insurance options as well.