Although less famous for its boating than its neighbors Michigan and Minnesota, Wisconsin nevertheless provides
Wisconsin Boat Insurance
So, does Wisconsin require boat insurance? Not in the slightest. Wisconsin’s state government is in line with most other states and does not require insurance on any watercraft. However, certain circumstances do require Wisconsin boat insurance without fail.
- Loans: If you buy a vessel in Wisconsin and need a loan to do it, your lender will require you to buy Wisconsin boat insurance. Indeed, if your lender doesn’t prescribe some level of boat insurance, you should probably find another lender. It would be foolish for any lender to let the insurance requirement slide. Until your loan is paid off, your lender is several thousand (or hundred thousand) dollars in the red. Your boat is their collateral on that loan. If you stop paying for whatever reason, they can seize your boat. If your boat were to sink, however, it would become useless as collateral. There would be nothing to seize. Your lender doesn’t want to lose that money, so the requirement remains. Your lender will appear on the insurance policy as the lien-holder. If you file a claim at any point, the insurance check will list your lender as the co-payee.
- Marinas: Most marinas, yacht clubs, and dockyards in Wisconsin will require insurance. Marinas want to protect themselves financially from any mistakes their members make. If your vessel damages the boat of another guest, they would like to avoid litigation. They would vastly prefer your respective insurance companies take care of the issue.
Small Boat Insurance
So if you aren’t worried about marinas or loans, is Wisconsin boat insurance still worth the price? It’s a reasonable question. Over 21% of Wisconsin households use kayaks or canoes. Kayaks have become the most common affordable fishing platforms across much of the U.S., Wisconsin included. The shallow drafts on kayaks allow them access to incredible fishing locales in smaller lakes and rivers that are inaccessible to larger craft. In addition, many folks have paid off their pontoon or speed boat, and keep them at home. Even so, we highly recommend insurance for everyone. Boat insurance is extremely important for small boats, even if you aren’t required to have it.
You should always
You should also buy insurance on any boat you lend out, no matter how slow it is. If someone injures themselves or another person on your boat, you can be held liable, even if you were not present. In addition, Jet Skis,
You should also at least consider Wisconsin boat insurance for kayaks and canoes. It is more difficult to make the case for liability insurance on kayaks, as it is difficult to paddle into something hard enough to cause real damage. Once again, if you lend it out, just get liability insurance. If you and your immediate family are the only users, you might not need liability insurance. Even so, it’s generally cheap and never hurts to have. Furthermore, you should think about insuring your kayak itself to protect it from theft or vandalism. Many newer fishing kayaks and canoes can cost up to $1-2k. Hull insurance on that kind of boat is likely to be cheap. If someone steals it off your car or out of your garage, insurance can help you replace it. Click Here for more information on kayak insurance.
Much like Minnesota, Wisconsin is a safer state to
The fatality rate is low in Wisconsin, roughly 3.3/100,000 boaters. That’s significantly lower than most other states, but there are some worrying trends. The number of