3 Reasons Why You Need Boat Insurance

Boat Insurance

Unlike on-road vehicles, in most states, boat insurance is not required. However, your bank or marina may expect boat insurance beyond a typical homeowners’ policy. To avoid unexpected losses often associated with having a watercraft, here are three reasons why you need boat insurance.

1. Offset Litigation Costs

Properly insuring your boat may protect you from liability claims that could arise due to unexpected injury or damage. Many boat insurance policies pay for legal damages incurred during a suit and provide a defense attorney to represent you.

2. Investment Protection

Generally, purchasing a boat costs thousands, and protecting your investment from unforeseen losses is crucial. Often all-risk policies with consequential coverage protect your watercraft by allowing a boat insurance claim covering damage associated with storms, fires or vandalism.

3. On-water Storage

While not all marinas require boat insurance, most need proof of coverage before they’ll accept a contract to house your boat. Additionally,  some marinas will want to be listed on your policy before they lease a slip or mooring.

Even if your watercraft may be aging and not worth as much, it’s still a good idea to purchase insurance coverage. You can buy a flexible policy that fits your needs and avoid even higher costs that could arise due to collision, damage or injury.

Responses are currently closed, but you can trackback from your own site.

Comments are closed.