Boat Insurance 101: Why Do You Need A Policy?

​Boat insurance is often a massive investment that might entail large costs in the case of an unforeseen repair or disaster. So, while only two states are legally requiring boat owners to purchase boat insurance, it would be in your best interest to get one. 

You should be financially protected with boat insurance if you injure or harm others while boating. You should not become complacent with just your home insurance since it may not cover you when your boat is on the water.

Moreover, boat insurance should protect your boat or personal watercraft if it gets stolen or destroyed. 

If you want to drive your boat in peace, you should get boat insurance. Here are the reasons why:

1. To Protect Yourself
   If you hurt another boat, boater, swimmer, or passenger while operating your boat, you would be accountable for their medical and physical damage bills. The good thing is that your liability insurance may help you pay for the injured. It should also cover the cost of the property you damaged. 
   
   There's also a chance that the harmed party may potentially sue you. Even if you're not found guilty, legal fees may quickly build up and cost you money. However, your insurer may help you cover these charges with your insurance. 
   
   
2. To Protect Your Property
   Your boat comes at a hefty price, so you definitely wouldn't want to waste it. And that's why you have to purchase boat insurance with physical damage coverage. 
   
   This physical damage coverage includes collision coverage, which should pay for the cost of repairing or replacing your boat if it's damaged in an accident. It should also cover damages caused by situations beyond your control, such as weather, theft, or fire.
   
   
3. To Protect the Environment
   If your boat experiences significant damage and leaks oil or gasoline into the water, it's your obligation as a boat owner to pay for cleanup and disposal. This is a time-consuming and costly process mandated by law. However, if you have fuel spill liability insurance, your insurer should cover any fines caused by the fuel spill.  
   
   It's also within your liability if your boat sinks to the bottom of the lake. You are responsible for its cleanup and removal. Fortunately, your insurer may also cover the cleaning and removal of your sunken boat through wreckage removal insurance.  

Conclusion
Although not all states require boat owners to have insurance, having one will significantly benefit the owner. With boat insurance, you may protect yourself, your boat, and the environment.  

At Arnold Insurance Agency, LLC, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (318) 965-5953 or Click Here to request a free quote. Any coverage discussed is not guaranteed. Contact us today to go over your specific needs and we are happy to help you find a policy that works for you and your budget!