Minnesota is the land of 10,000 lakes and many us like to spend time on the water. If you are one of them and have a boat, don't forget to renew or update your boat insurance. While it's not required like it is for a car, it's a good idea to have at least liability coverage. Oak Tree Insurance has access to several companies for boat insurance. Here's an example of coverage to consider when buying a new boat.
1. Physical damage - pays for the boat in the event it's damaged, stolen or even sinks.
2. Personal property - pays for all the fishing equipment, life jackets and other items you bring along.
3. Liability and medical payments - what if an action you did driving the boat injured another person or property? This pays for the injuries to a person and replaces property you damaged.
4. Uninsured boater - This pays for your medical injuries if someone runs into you or your family members and they didn't have insurance.
5. Spill Liability - Spilled gas or oil in the lake could be big expense to you if it happens. Think about the logs and rocks you can't see but could cause damage to the motor, and then the lower unit starts spilling oil and then the gas line ruptures, etc...
6. If you have an older boat with a motor 50hp or less and have a homeowners insurance or renters insurance policy, you may have liability coverage in that policy already. Contact your agent for clarification.