If you are purchasing a boat, you should seriously consider boat insurance. While it may not be required, boat insurance provides financial support is certain situations, and can also give you greater peace-of-mind when you take to the water.
What Does Boat Insurance Cover?
Like car insurance, boat insurance come in many forms and, depending on the plan you purchase, will cover a wide variety of issues. Collision damage, for example, can cover repairs and replacements for your boat. There is also liability insurance, including property damage and bodily injury, that covers you financially if your boat were to cause an accident. Additional coverage can include medical payments, roadside assistance, vandalism, and even theft.
How Much Does It Cost?
It will vary depending on the type of boat you have, what waters you use, and selected coverage, but boat insurance can run from about $75 to $500 a year.
You May Need Boat Insurance When…
…It’s Legally Required
The first and probably most common reason to get boat insurance is when it is legally required by your state or region. Many states will require that you have some form of insurance, usually liability insurance, which simply covers you in the event that you damage someone else’s property or cause injury when driving your boat. This is similar to minimum requirements for car insurance. It’s required as a protection for other people on the road, or in this case, on the water.
…You Took Out a Loan for the Purchase
The second situation that may call for boat insurance is when you took out a loan to purchase the vessel. Lenders will want to make sure their investment is properly covered, and insurance reduces the risk that they will not be able to recover all of their assets in the event that the boat is destroyed and the borrower stops making payments. The type and amount of insurance required by the lender may vary, but virtually all boat loans will require insurance of some kind.
…Storing the Boat at a Marina
The other situation that generally requires boat insurance is when you are storing your boat at a marina. There are dozens or even hundreds of boats moving through these areas, and this can create a lot of liability for the owners of the marinas as well as the boat owners themselves. By requiring insurance, especially liability insurance, marinas are better able to protect their financial security. If you are going to store your boat at a marina, be ready to purchase boat insurance of some type.
There are other situations that call for insurance, but these are the three most common reasons.
Enhance Your Experience On The Water
If you are looking for a wonderful vessel, check out the full selection from Scout Boats. We have outstanding boats for inshore, offshore, saltwater, and freshwater fishing. No matter which Scout you choose, you’ll have incredible comfort, advanced technology, and some of the best fishing features you can find!
