Just Bought Your First Boat? 5 Smart Reasons To Properly Insure It, Too!

With summer looming, people of all ages are once again looking forward to enjoying some sunshine and water fun. Boating is an increasingly popular way in which many people plan to enjoy time on the water this summer. If you are one of the many who loves boating and have recently purchased a boat of your own, or if you plan to do so in the near future, you may not have given much thought to insurance. The following information will help you understand why boat insurance is important for every boat owner. 

Even if your state does not require you to carry boat insurance

Boat insurance is not a legal requirement in some states. Somewhat surprisingly, boat insurance is actually not a legal requirement in 48 of the 50 states - with Arkansas and Utah being the two exceptions. 

Boat owners in every state, however, are likely to find that marinas and some types of storage contracts can require them to carry boat insurance in order to use their facilities. In addition, boat owners who have a mortgage on their boat or those that choose to participate in certain boating events are also often required to have proof of adequate insurance coverage.  

Even if you only plan to go boating once or twice a year

Another commonly heard reason that boat owners opt out of purchasing boat insurance is that they only plan to use the boat a couple of times each year. Boats can incur many types of damage, even when sitting idle for long periods of time, including theft, vandalism, and damage from storms, fire, or floods.

In some cases, boat owners may have limited coverage under their homeowner's insurance policy. But this coverage is often dependent upon the actual incident, the physical location of the boat, and the terms of the homeowner's insurance policy. 

A safer plan is to always purchase comprehensive boat insurance to protect against liability and cover any losses, no matter where your boat is parked, kept, or used.

Even if you think you have some coverage through your auto policy

Boat owners can also feel that separate boat insurance is unnecessary because of an assumption that their car insurance will cover it while it is under tow. In many cases, however, this is not the case.

In fact, many auto insurers require any trailer, including boat trailers, to be specifically listed on the auto policy before any coverage is provided. And of course, once the boat is unhooked and in the water, there is no coverage at all through the auto policy. 

Purchasing a full coverage boat insurance policy is the best way to ensure that your boat will be properly covered when under tow, parked, or in use out on the water. 

Even if your only passengers are family members

In order to save money, boat owners sometimes think that skipping boat insurance is an acceptable option if they limit their passengers to just family. This is a mistake because even boating accident that only involves the immediate family members can still be financially devastating. Especially if the injuries are serious and require emergency care, hospitalization, surgery, and rehabilitation.

In addition, even minor boating accidents can involve the need for towing or boat recovery services that can add up to thousands of dollars, if the boat was not fully insured. 

Even if you think you cannot afford boat insurance

Failing to purchase boat insurance due to concerns about the cost are generally unfounded. Boat insurance is usually very inexpensive. In fact, recent information suggests that most annual boat insurance policy rates are only about 1.5 percent of the boat's actual value, on average.

To get a quote or just learn more about boat insurance and all the reasons why you do need to have it, contact a boat insurance provider such as Veronica's Auto Insurance in your area. 

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