If you own a boat or plan to buy one, you may be wondering if you should get boat insurance. The answer is yes, you need to get boat insurance. There are different reasons for this that include the safety of you and your passengers. If you are still wondering, consider the following reasons why you need to get boat insurance.
1. You may need insurance to get a spot at a marina. Some marinas require proof of insurance before they will give a spot and accept your contract. This is part of their safety and liability precautions and is also good for you.
2. You need insurance to protect your investment. Boats are generally not cheap to buy and you need to protect it with insurance. Insurance will cover your boat for fire, vandalism, accidents, breakdowns, and theft. Most insurance will specify whether it is valid for when the boat is in water or on land.
3. You need insurance to protect yourself in the case of an accident. If you are responsible for an accident where another person, boat, or swimmer gets injured, you will be liable to pay their medical and repair costs. With insurance, you will pay a smaller amount, if any, because the policy will cover any costs.
4. You need insurance to protect passengers. When people are on the boat with you, they should be covered by your insurance. If an accident happens and they get hurt, your insurance should be able to cover expenses for their medical costs.
5. You need insurance to prevent environmental damage. In accidents, boats can spill oil into the water, leave wrecked hull or other pieces in the ocean and cause damage to the ocean, the environment, and potentially other boaters. Your policy should include Fuel Spill Liability and Wreckage Removal so you don’t have to do it yourself. The law requires clean-up and if your policy covers this, you will spend less money and effort on cleaning up.
Insurance for your boat is not something you want to skip. Do some research about available insurance providers and what their policies include. Ask a lot of questions and find the policy that works for you.