Four Reasons Why You Need Boat Insurance

Boat owners invest quite a bit of money to enjoy those sunny days on the water.  Yet accidents can happen, and the bigger your vessel, the more important it becomes to protect yourself from financial loss. In 2016, the North Carolina Wildlife Resources Commission reported 147 boating accidents, 22 of which were fatal. Even though North Carolina does not require insurance for boat operation, here are four reasons why you need to have boat insurance for your watercraft.

#1 Your Boat

Obviously, boat insurance will likely cover your vessel, wet or dry, in the event of things like fire, accident, theft or vandalism. Typical policies cover items such as sails, lifesaving equipment, hulls, and engines. Additional items such as GPS and onboard systems and even emergency assistance packages may also be available to cover things like on-water towing or delivery of gas.

#2 The Environment

Speaking of gas.  In the event your craft is severely damaged, fuel and/or oil leaks may occur into the surrounding water and/or land. It is the boat owner’s responsibility to pay for the chemical cleanup- ouch! The clean up also includes salvaging sunken vessels and submerged boat parts.

#3 Your Passengers

Injuries to the people aboard your vessel are your responsibility, and those costs can certainly add up, particularly when another boat is involved that does NOT have coverage. Medical expenses, loss of income and legal fees for your passengers? No need to dig into your savings–Boat Insurance has them covered.

#4 Yourself!

An accident can cause serious injuries. You could end up spending a lot of money in legal fees defending yourself, even if you are not found liable. Your personal medical expenses and loss of income can be substantial as well. Boat insurance protects you, just as it does your passengers, in the event the other boaters involved do not have coverage to handle your needs.  Also, if you owe on your boat, your lender may require a specific level of coverage.  Not adhering to their guidelines can result in insurance purchased on your behalf by your lender at significantly greater cost to you.

Bottom line—Boat Insurance policies are not that expensive. Especially when you weigh the cost against the benefits. You’ve already invested in your floating fun.  Protect your boat so you can keep enjoying those sunny days on the water. With over 370,000 registered boats in the state, boat insurance just makes sense.

Contact us today to go over your boat insurance options and get covered!

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