North Carolina has countless freshwater lakes and over 300 miles of Atlantic coastline, so boating is a favorite activity in the Tarheel State. If you own a pleasure craft, it's important to talk to an insurance agent about buying coverage to protect it against damage, theft, and vandalism. To help you understand your options, MP Davis Insurance Agency, the premier broker in Randleman, NC, answers some frequently asked questions about boat insurance below.

Common Questions About Boat Insurance

Is Boat Insurance Legally Required?

Boat insurance is not mandatory in North Carolina. In fact, it is optional in most states. However, you may have to insure your boat if you plan to finance its purchase. Your lender will almost certainly require coverage to protect their interests while the loan is outstanding. Many marinas also require boat owners who lease a slip to insure their boats against possible damage to the docks and other crafts. 

What Does Boat Insurance Cover?

Boat insurance works very much like car insurance. Collision coverage protects you against losses from accidents with other crafts, docks, and property, while comprehensive coverage protects you against fire, theft, and vandalism. Liability coverage pays for damages and injuries you cause while operating the boat and any resulting legal fees. You also protect yourself against the cost of oil spill cleanup, medical payments, and uninsured boaters.

How Much Boat Insurance Do You Need?

This depends on the value of your boat and the type of boating you do. For instance, if you operate a high-speed boat on a small, busy lake, you may need more liability coverage. If you own a large pleasure cruiser, you'll need more collision coverage than you would for a two-person fishing boat.

Does Boat Insurance Cover Engine Damage?

In some cases, it does. However, it depends on your insurer and the coverage you have. If you’re not sure whether or not your engine is covered, ask your insurance agent to choose a policy with no machinery damage exclusion.

To discuss your boat insurance options with an experienced and knowledgeable insurance agent, contact MP Davis Insurance Agency in Randleman, NC.  They've been serving the Piedmont-Tri Area and beyond for more than 40 years, so they have the knowledge and expertise to help you protect your boat, home, car, and property. Visit their website to get in touch or call (336) 498-7606 to request a quote.