Just like any other vehicle, boats are high-value purchases that are vulnerable to a wide range of risks. Fortunately, you can avoid the financial consequences of these potential hazards by investing in boat insurance. If you’re new to owning a watercraft, here’s some information about how personal marine insurance works and how it can give you peace of mind.  

What You Should Know About Boat Insurance

Is boat insurance required in Texas?

Although minimum liability auto insurance is required in Texas, there are no state laws that require boat owners to purchase insurance. However, if you’ve financed a vessel, your dealership may require some form of boat insurance to protect their investment.

What does a liability policy cover?

Boat owners should purchase, at minimum, a liability policy. These plans are designed to protect against damages that you are held liable for. For example, if someone is injured on your vessel or if it damages other property, this policy will cover those claims up to a certain amount. It can also extend legal assistance if you are sued for a boating incident.

What if I want to protect the value of my boat?

If you want to protect the value of your boat, you’ll need more than standard liability insurance. Work with your insurance agent to design a plan that will cover the cost of repairs or a replacement if your vessel is damaged. When forming these policies, review the risks that you’re protected against—such as flood, vandalism, and fire damage.

Should I insure my boat during the off-season?

Even if you’re not using your boat during the winter months, you should still maintain the insurance policy. With this coverage, you can be protected against losses from damages that occur when your vessel is in storage—such as those caused by theft, vandalism, or fire. During these months, you may qualify for a lower premium due to non-use.

What factors influence my rate?

Your boat insurance rates will ultimately be decided by the financial risk it covers. Liability policies, for instance, are largely influenced by the purpose of boat usage, operator history, and average time on the water. Policies that protect your property will also be determined by the value of the vessel and how you store it.

Whether you enjoy summers relaxing on Lake Waco or fishing on the Gulf, Texas Brand Insurance in Hubbard, TX, offers the boat insurance you need to sail with security. This independent insurance company provides access to a wide range of nationally-recognized carriers that can offer the level of coverage you need at an affordable price. Taking a personalized approach, this agency will spend time learning about your property and risks to ensure you get a policy that gives you peace of mind. To learn more about their vehicle coverage options, visit this provider online. For a free quote, call (254) 576-1180.