Most states don't require boaters to buy insurance for their boats, but it's still a good idea to consider it. Even if you don't need it for legal reasons, boat insurance can help offset the risks associated with operating a boat on the water. Depending on your boat's size and accessories, you may need additional coverage. Boat insurance policies can be customized to cover your boat, passengers, personal belongings, and yourself.
It's also important to note that it generally costs less to have insurance for fresh water than for salt. Finally, as your boat ages, your insurer may require a policy with real cash value. If you're wondering whether you need boat insurance, here are some factors to consider:
- Legal Requirements: Most states don't require boaters to buy insurance for their boats. However, many marinas require some type of insurance if you want to use a pier or mooring.
In addition, your bank will require insurance if you are financing the purchase of a boat.
- Risks: As with any potentially hazardous activity, having an insurance policy can help offset the risks associated with operating a boat on the water.
- Lender Requirements: A lender may also require boat insurance if you are financing the boat, and many marinas also require protection if you are going to dock there.
- Homeowners Policy: Boats may be covered by a homeowners policy, but there are generally limitations on the size and value of the boats that can be transported with that policy.
- Cash Value: Over time, as your boat ages, your insurer will likely insist on a policy with real cash value and will often give you substantial savings.
- Liability Insurance: Liability insurance also covers your legal fees if you are sued for an issue covered by the policy, such as a boating accident.
First and foremost is whether or not it is legally required in your state or by any lenders or marinas you may be using. Additionally, it is important to consider the risks associated with operating a boat on the water and how an insurance policy can help offset those risks. Finally, it is important to note that as your boat ages, your insurer may require a policy with real cash value. In conclusion, even if your state doesn't require it, consider the implications of not having boat insurance. Check with your lender or marina to see if there are insurance policies available.
Finally, as your boat ages, your insurer may require a policy with real cash value.
