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Unlike auto insurance, coverage for boats isn’t always required. However, this doesn’t mean you should automatically discount its importance. Owning a boat provides unparalleled enjoyment, but what is intended to be a fun investment can be stressful and costly if you aren’t adequately protected. 

3 Advantages of Having Boat Insurance 

1. Comply With Coverage Requirements  

Although boaters aren’t obligated to carry insurance under Missouri law, there are other instances when it’s a requirement. If your boat purchase is financed, your lender will probably mention getting coverage to protect their interests in the investment. This is similar to the requirements lending institutions have for home and auto insurance. Additionally, marinas often have stipulations regarding insurance for those who wish to secure it on land. 

2. Protect Your Investment 

auto insuranceBoats are expensive, and if a disaster strikes, there’s a good chance that extensive repairs or replacement aren’t affordable. Boat insurance will cover the damages resulting from fire, accidents, theft, and vandalism. While homeowner’s insurance may offer limited coverage extending to your boat, it won’t be sufficient enough to pay for losses in any of these circumstances. 

3. Reduce Liability Risks 

Injuring someone else or damaging property while you’re out on the water, could mean taking financial responsibility for the damages. Just like auto insurance, boat insurance will protect against any property damage or personal injury claims filed against you. Without liability coverage, a lawsuit can cause a significant financial burden.  

 

If you invest a lot of time, effort, and money into a boat, it’s imperative to have the right insurance to cover any disasters that arise. If you aren’t sure which policy to choose, our team at Steven Hall – Farmers Insurance Group will assist with the decision-making process. We are proud to offer high-quality products for Mountain Grove, MO, residents. From home, life, and auto insurance to business, motorcycle, and recreational policies, we can help you find coverage for all aspects of life. Call us at (417) 926-7900 to request a quote, or visit us online for more information.

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