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Boat Insurance

Regardless of the type of boat you own, you may need to purchase boat insurance. In many areas, boat coverage is required by law, and you may need to learn more about the legal requirements for coverage in your location. Most legal requirements for coverage relate to liability insurance, but some boat owners also may need to purchase additional coverage to comply with a financing company’s requirements. Many financing companies want boat owners to maintain a minimum replacement or repair coverage amount. Typically, this equates to the value of the boat, but the requirements vary by company. It is wise to learn more about the minimum lending requirements that your financing company has before purchasing a policy.

Understanding the minimum insurance requirements in place for your boat is an important initial step to take when you are in the market to purchase a new boat coverage policy. However, you also may need or want to purchase additional coverage. For example, you may want additional liability insurance beyond what your local laws require. You may need or want to purchase coverage on your boat’s trailer if you have one. It may also be wise to purchase personal property and personal injury coverage. Personal property coverage may pay to replace items on the boat that are damaged or destroyed in an accident or another event, and this may include fishing poles, life jackets, radio equipment, entertainment equipment, a sound system, water skis and various other items. Personal injury coverage may pay for medical bills and related expenses for yourself or others who are injured in an accident you cause.

When you purchase a boat, you may only have wonderful experiences planned for your upcoming times on the water in your boat. However, accidents, mishaps, theft and natural weather events can all result in property damage, medical expenses and more. While you may be required to purchase a minimum amount of boat coverage, you also may benefit from purchasing additional coverage. By understanding more about the different types of coverage available and how it can benefit you, you can make a more informed decision when buying boat coverage.






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