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When Do You Need Boat Insurance?

When Do You Need Boat Insurance?

Boating is a relaxing pastime that many people enjoy. But considering it’s the middle of winter, a lot of these people consider us to be in a boating “off-season”. However, that doesn’t mean that your boat should cease to have coverage. You don’t have to keep the same policy all year; you can change it, as long as you keep consistent coverage, but it’s always important to have some coverage. It’s possible to alter a policy to reflect the current way that the boat is being used. So if, say, your boat is sitting in a garage for the next few months instead of hitting the water, you could change your policy to reflect that. That consistent coverage will come in handy in the event of a natural disaster or accident that could damage the boat. Wherever the boat is stored, there’s always some risk involved—even when it’s in your front yard. That’s why it’s so important to maintain coverage, even when it’s the off-season.

The answer is simple: you always need boat insurance coverage, and here are some good reasons why.

When You Need Boat Insurance

While you’re probably not required by law to have boat insurance (unlike car insurance), that doesn’t mean it isn’t an important thing to have. Here are some of the situations where you might need boat insurance, even if it’s not a legal requirement:

  • Some states require some kind of liability coverage when the boat goes over a certain horsepower, or if you’re keeping the boat in a marina, according to BoatUS.
  • Most marinas will require some kind of coverage if you’re going to utilize their services. They aren’t going to want to be liable if something happens at their marina and your boat is damaged. This is especially important in the cases of natural disasters. If you aren’t sure what your state requires, take the time to look it up or ask an insurance agent.
  • You will need boat insurance if you’re financing a boat, according to ValuePenguin. When you’re financing a boat you have to have coverage for it because it’s simply not all yours. The bank partially owns it too and they’re going to want coverage for their assets. Even if you have a homeowners policy, this won’t transfer over to certain types of boats. It really depends on the size of the boat to determine the kind of coverage you’ll need. The type of coverage available through this specific policy will be limited.

Why Boat Insurance Matters

The main reason why it’s so imperative to keep coverage year-round is simply because there’s savings attached to it. It’s cheaper to stay covered long-term, instead of temporarily halting insurance and starting it back up again later. Companies often give back to their consumers who continuously utilize their services. If you’re loyal to your insurer, they’ll help you out back. Adjusting coverage is always fine, but staying covered is the best gift that you can give yourself. When you have a separate policy for your boat, you can always purchase add-ons to enhance your coverage. And to top it off, another winter storm could always hit, putting that policy to use. This is why you need Newport Beach Boat Insurance through Mariners Insurance.


About Mariners Insurance

Mariners General Insurance Group was founded in 1959 to protect boat owners and marine business clients. We are marine insurance experts and insure boats worldwide – in every ocean on the planet. Marine insurance is critical if you own a boat or nautical business. Trust the professionals with all of your Boat Insurance needs – trust Mariners Insurance. Call us at (800) 992-4443 any time you have questions or concerns about insurance for your vessel or marine business.