Boating is an ideal way to spend a warm summer afternoon, whether you’re relaxing alone or entertaining family and friends. However, owning a watercraft comes with many unique risks that can cause significant financial loss. As such, you should speak with an insurance agent about securing coverage to sufficiently protect against any unexpected events that arise on or off the water. Here are some of the top reasons to insure your vessel.

3 Reasons to Get Adequate Boat Insurance

1. Meet Insurance Requirements 

Though boat insurance is a smart investment, it is not a legal requirement in a majority of states. However, if you financed the purchase through a lender, your loan terms likely stipulate that you must be able to show proof of a policy that covers the full value of your watercraft. This will protect the lender in case of a loss. Marinas will also usually ask to verify insurance information before allowing you to use their facilities.   

2. Limit Liability Risks

Standard boat insurance policies provide liability coverage for accidents you cause while out on the water. This will help cover your financial burden for any third party injuries or property damage that occurs as a result. It will also pay for injuries your passengers may sustain while riding on the vessel, as well as legal fees if a lawsuit is brought against you. Without insurance, you would be responsible for paying for everything out of pocket. An insurance agent will make certain the policy limits are high enough to cover any liability you may incur. 

3. Protect the Investment 

Boats can be a substantial investment; therefore, it’s wise to make sure the vessel is protected against the unexpected. If you add collision, comprehensive, and uninsured or underinsured boater coverage to the policy, it will also help pay to fix or replace your watercraft if it gets damaged or stolen. If you aren’t appropriately covered, you may not be able to afford the necessary repairs or a new boat. 

Looking for quality and affordable boat insurance? Contact Stidham Insurance Agency. Their team of knowledgeable and experienced insurance agents will compare options and assist you in customizing a policy to your needs. For more than 45 years, residents throughout Moore County, TX, have relied on the agency’s industry expertise to help them make informed decisions about coverage. Call (806) 935-6888 to arrange a free consultation with a friendly insurance agent, or visit them online to learn more about the various products they offer.