At this time there are no state or federal laws that require that you carry insurance for your boat, so you might ask yourself whether you really need boat insurance coverage. No matter how often you might use your boat or how safely you can operate it, you should strongly consider boat insurance coverage. Here are just a few reasons you should take the time to get a free boat insurance online quote.
Depending on where you live you may be required to carry liability coverage, and if you use a marina either at home or when traveling they are likely to require that you carry boat insurance. Besides requirements to have a boat insurance policy it’s a very inexpensive way to protect your investment. Causing major damage to your boat doesn’t require negligence, it can be as simple as hitting a log floating just under the surface of the water and sheering the out drive off. You can read more about types of marine insurance here.
If you seldom use your boat, you might feel like having a boat insurance policy is unnecessary. It’s safely stored away for many months out of the year, resting comfortably on land instead of in the water. Many boat insurance policies account for a certain amount of time that the boat is not in use. Policies that take lay-up dates into consideration may be a good option for you. Also, if your boat is only in use a few months out of the year, you may still need on-water towing or roadside assistance during that time.
There are times when it may cost more to repair your boat than it does to replace it. A boat insurance company takes this into consideration with plans that have a total loss feature. When repairs are more than the cost of replacement owners may be reimbursed for the value of the boat (prior to the damage). Some policies also feature a disappearing deductible, meaning that the amount that the owner needs to pay out of pocket before the boat insurance coverage kicks in decreases each year if there haven’t been any accidents. Eventually, the deductible could reach zero, meaning that there would be no out of pocket expenses should you need to file a claim. This is a nice benefit if you don’t file frequent claims.
While it isn’t always mandatory to carry boat insurance, most people find that it’s beneficial to have some sort of coverage. A boat insurance online quote could reveal that the rates are lower than you thought, and could amount to some serious savings down the road. There are a variety of options for boat insurance coverage at Global Marine Insurance Agency, which means that there’s a perfect fit for you!