Do You Need To Have Boat Insurance?

Whether or not you need boat insurance depends on a few factors. It’s not like car insurance, which you need wherever you live. Let’s take a closer look at some of the circumstances in which you may be required to get boat insurance.

State Laws

Some states do require you to equip your vessel with liability insurance, particularly with certain types of boats like high-speed powerboats. You may also be required to get liability insurance if your boat is kept and/or operated in state parks or state-run marinas.

Loan Requirements

If you have a loan on a boat, your lender will likely require you to get boat insurance. This helps protect your property, as well as the investment your lender made in the vessel. Requirements may vary from lender to lender, so you’ll have to ask what types of coverage and limits you’ll need.

Marina Requirements

Even if your boat is paid off, many marinas require you to show proof of insurance before you can rent a slip or mooring. This usually pertains to liability coverage, which helps protect others from damages you may cause on the water.

Additional Considerations

Even if only liability insurance is required, you should consider buying a full all-risk policy. These include coverage for a much wider array of damages and losses — such as fire, weather incidents, theft and sinking. A good policy will also include protection for personal belongings and sporting equipment you keep onboard.

Ready to protect your vessel? Call Miller Insurance Agency at (409) 899-9531 for more information on Beaumont TX boat insurance.