In some states, like Connecticut, you do not have to purchase or maintain liability insurance to own, register, or operate a vessel; however, private institutions like lenders and marinas may require proof of liability coverage before boaters can use their products or services. Although a homeowners insurance policy might replace the small rowboat in your garage, it will not cover any larger or more valuable water vessels. Here are just a few reasons to invest in a separate policy designed specifically for boats.
Why All Boat Owners Should Have Insurance
1. Protect Themselves
The main reason to purchase boat insurance is to protect your investment. If you want to finance a vessel, for example, the lender will likely require proof of insurance, so they can recoup the full value of the boat should something happen. If you purchase a vessel outright, having coverage will protect your bottom line and ensure you can replace it in case of a loss.
2. Protect Others
Waterways may not be nearly as congested as roadways, but boating collisions can and do occur. Fortunately, liability insurance covers any damages up to the policy limits that accident victims incur in a crash. This kind of coverage can apply to both those riding in the boat with you and those on the other vessels that were involved.
3. Get the Most Out of Their Vessel
Most marinas require boaters to provide proof of liability insurance before they can dock on the premises. This relieves them of certain kinds of fault while protecting everyone who is stationed in the vicinity. If you purchase and maintain boat insurance, you will not have to worry about finding places that accommodate uninsured vessels. You will also have peace of mind knowing any damages will be covered in case of an accident.
If you want boat insurance in Connecticut, turn to K.L. Smith Agency in Willimantic. Since 1956, they have been helping both individuals and businesses obtain the necessary coverage to protect themselves and their assets in all eventualities. Whether you need life and health plans for your family, homeowners insurance for your property, or a commercial auto policy for your flower shop, they will provide personalized and attentive service every step of the way. To contact a knowledgeable boat or homeowners insurance agent on their team, visit the website or call (860) 423-9294.