Getting insurance coverage for your boat makes smart financial sense. Boat insurance may or may not be required in your state, but even if it is not you should consider it. And in some cases you will need insurance if you require a bank loan to purchase the boat. In any case, insurance coverage is not a bad thing to have in order to protect your investment.
The most basic type of coverage you can get is liability. You could be financially responsible for any damages you cause while boating. Liability coverage helps pay for things such as damage to another boat or medical expenses for someone that you injure.
Optional coverage is available for things such as repairing or replacing your boat following an accident. You can also get coverage that will help you in case the boat is stolen or vandalized. You might also want to get personal property coverage for items you keep on the boat. Towing assistance is an option as well.
Think about the type of coverage you need. If your boat is hardly ever on the water, then you can probably do with liability. And if it is stored at your home, then you might even have options as part of your homeowner’s insurance. But if your boat is kept at a dock or out on the water often, you probably need more extensive coverage. Consider how much you want to pay per month and find boat insurance that fits your needs.