THURSDAY, OCTOBER 14, 2021
Purchasing a new boat? Here's why boat insurance is a must for protecting your investment. With the cost of new boats running from $10,000 for a small water boat to $200,000 and up for a luxury vessel, most boaters agree that full coverage of their new vessel is not an option, but a necessity.
Additionally, if the prospective boat buyer intends to finance the purchase, in almost every instance, full coverage insurance will be required by the lender. This just makes good sense.
Although in many states boat insurance is not required by law, it is always wise to insure any property that requires such a substantial investment. Few people would consider going without home, auto, or life insurance, because of the many risks to themselves and their loved ones. Along the same lines, boat owners will want to be certain, not only that their property is protected, but their families and loved ones who will likely be accompanying them on any boating excursion.
Imagine the sense of regret, if, in an effort to cut corners by saving mere pennies on insurance premiums, an unexpected accident, or natural disaster caused the loss of the entire vessel. Without insurance the boat owner has no way to recoup this loss.
Boat insurance can protect against theft, injury, accident or natural disaster, insuring that in case of such an unfortunate event, your vessel can be replaced for a minimal out of pocket expense.