While we have already discussed a few of the reasons it is important to purchase marine insurance for your boat, we wanted to discuss a few additional reasons why you should consider purchasing a marine insurance policy (boat insurance) for your personal watercraft. Here are a few of these reasons.
You May be Required to Purchase Marine Insurance
If you are currently looking into purchasing a boat, you may be surprised to discover that you may be required to purchase a marine insurance policy (aka boat insurance) for your boat. If you plan on financing your boat rather than paying for it in cash, your lender will likely require you to purchase marine insurance for your boat. Additionally, if you plan on storing your new boat in a marina, the marina will likely require that you have proof of insurance before they allow you to dock your boat there. Marinas want to make sure that you have a way to pay for any damage you may cause while driving your boat through their property.
Coverage While Towing
Many boat owners also assume that their auto insurance will cover them if something happens to their boat while they are towing it to and from the marina, however, this is another false assumption. Depending on your auto insurance policy, damage to your boat trailer may be covered in the event of an accident, however, most policies will not cover damage to your boat itself. Thusly, if you plan on towing your boat from location to location, marine insurance will be vital in order to ensure that you are covered if you get in an accident while towing.
Protect Your Property
Perhaps the most important reason to insure your boat is to protect your property. For many boat owners, their boat is their greatest investment after their home. Making sure that your boat is properly protected in the event that you are in an accident should then be your number one priority after purchasing a boat in order to ensure that your investment is protected.
If you would to like to discuss your options for marine insurance (boat insurance) please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:30 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
Rob Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953.