boat insurance question

[tad7777]

boat insurance question

do you have to have insurance on your boat?? is it a law?? i have had boats all my life & never insuranced them,, they was small fishing boats,, now that i have a lake boat i am thinking of geting insurance,, what would it be good for??? Tad

 

[andrewkafp]

Re: boat insurance question

Re: boat insurance question

Well I'm a long way from Indiana... <br />but if the boat has any value, and you can afford it, you should insure it.<br />We had to insure ours, as we need to tow it many kms to water and there is the added hazard of road and traffic as well as theft and damage or sinking.

 

[roscoe]

Re: boat insurance question

Re: boat insurance question

You can insure it for fire, theft, or vandalism. <br /><br />You SHOULD insure it for liability. To cover your assets in case you hit another boat or a swimmer, or you're towing your buddy's kids on a tube and they get hurt. Also will provide the needed $$ for medical care and victim will have the best care available.<br /><br />If you have homeowners insurance, or even renters insurance, you should be able to get a rider on that policy.

 

[mattttt25]

Re: boat insurance question

Re: boat insurance question

if it's small and cheap, just get liability. i did that with my waverunner incase i killed someone. homeowners and renters insurance should cover some, usually up to $1000.

 

[Brewman61]

Re: boat insurance question

Re: boat insurance question

Check with the state to see if any is required. Minnesota doesn't require insurance. Check your homeowners or renters insurance to see if mabye you have some minimal coverage. Like others posted, liability isn't a bad idea.

 

[45Auto]

Re: boat insurance question

Re: boat insurance question

The primary purpose of insurance is to cover you if you accidently injure someone or damage someone else's property. If someone slips on your boat and gets hurt, or you bump someone in the water, or you bump somebody's fancy boat, you can easily be looking at judgements in the tens of thousands of dollars. If you're really unlucky and injure someone badly, say a bad cut with the prop, you'll be looking at judgements in the millions of dollars.

Without insurance, you'll lose almost everything you own and be paying for the damages out of your pocket, possibly for the rest of your life.