How Much Does Boat Insurance Cost in Minnesota?
Minnesota pricing is near the national average. Updated for 2026.
Boat Insurance Pricing in Minnesota
In Minnesota, the average cost for boat insurance is $816 per year, which is 2% higher than the national average of $800. Most Minnesota residents pay between $204 and $3,060.
Minnesota has costs that track closely with the national average, though prices can still vary between urban and rural areas within the state.
Boat insurance covers damage to your watercraft, liability for injuries, towing, fuel spill liability, and personal property on board. Coverage types include agreed value (full replacement) and actual cash value (depreciated value).
Minnesota vs National Average
What Affects Boat Insurance Cost in Minnesota?
Boat Type
Personal watercraft (jet ski): $200-$500/year. Fishing boat: $300-$800. Pontoon: $300-$700. Cabin cruiser: $500-$2,000. Yacht (40'+): $2,000-$10,000+
Value
Roughly 1-3% of the boat's value annually. $20,000 boat: $200-$600/year. $100,000 boat: $1,000-$3,000/year
Location
Inland/lake: lower rates. Coastal saltwater: 20-40% more. Hurricane zone: significant surcharges
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💡 Tips to Save on Boat Insurance in Minnesota
- 1.Complete a US Coast Guard or state boating safety course for 5-15% discount
- 2.Agreed value policies cost more but pay the full insured amount without depreciation
- 3.Higher deductibles ($1,000-$2,500) save 15-25% on premiums
- 4.Bundle with auto/home insurance for 10-20% multi-policy discount
📈 Boat Insurance in Minnesota Cost Trends (2020–2024)
Prices have increased +17.7% over the last 5 years
| Year | National Avg | YoY Change |
|---|---|---|
| 2020 | $693 | — |
| 2021 | $722 | +4.2% |
| 2022 | $769 | +6.5% |
| 2023 | $791 | +2.9% |
| 2024 | $816 | +3.2% |
Based on national averages adjusted for annual inflation. Actual costs vary by location and project scope.
💬 What Did You Pay?
Real costs reported by homeowners for Boat Insurance in Minnesota
Recent Reports
Frequently Asked Questions
Is boat insurance required?
No state requires boat insurance by law (unlike auto insurance). However, if you finance your boat, the lender will require it. Marinas often require liability insurance. Even without a requirement, it's strongly recommended — boat accidents can result in liability claims of $100,000+.
Does homeowners insurance cover my boat?
Most homeowner policies provide very limited boat coverage — typically $1,000-$1,500 for the boat and $500 for accessories. This is inadequate for most boats. A separate boat insurance policy is needed for proper coverage.
Boat Insurance Cost in Other States
Related Cost Guides for Minnesota
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