Boat insurance protects you from a variety of losses. Do you need boat insurance? It’s not always required, but it is a good idea.
When Is Boat Insurance Required?
Your state, marina or lender may require boat insurance. Some states require coverage if your boat meets specific criteria, such as exceeding 50 horsepower. Check with your state’s marine board to ensure you have the minimum required coverage.
If you keep your boat in a marina, they will probably require some kind of coverage. They don’t want to be liable for accidents or natural disasters that damage your boat while in their marina. If you’re financing your boat, your lender will require coverage.
Keep It Covered Year-Round
It’s a good idea to keep your boat covered year-round, even when you’re not using it. You can change your coverage throughout the year to reflect your current needs.
When your boat is in storage, it could still be subject to damage from theft, vandalism or natural disasters. Keeping it insured protects you from financial loss.
Maintaining year-round coverage, even during the off-season, means savings for you. You can adjust your policy as needed, but your insurer will probably reward you for your loyalty.
All Boats Need Insurance
Big or small, all boats should have some kind of insurance coverage. You may opt for full coverage for your expensive boat or a low-cost liability-only policy for your less valuable one. If you have a boat, you need boat insurance.