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Although states like Alaska don’t ask boat owners to carry insurance, this doesn’t mean you shouldn't consider getting coverage. Having insurance for your watercraft will not only provide you with different types of protections, but your marina or bank may also require you to own a policy. Here’s more on why purchasing boat insurance is a smart idea.

Why Is Insurance Essential for Boat Owners?

Owning a boat lets you explore and enjoy the beauty of the open water, but it can also entail considerable expenses. Thus, it’s wise to protect your investment. Boat insurance is much like car insurance in that it gives drivers peace of mind while behind the wheel. You will have coverage in case of damage or theft, and you will be safe from liability risks if an accident happens. 

marinaOften, lending institutions will ask you to present proof of insurance if you are looking to finance or lease your boat. They will usually set minimum requirements for certain coverage types, as well as ask for a policy that covers your boat’s full value.

When you need to moor your watercraft at a marina, you might need to provide proof of your boat insurance before availing of their facilities. Keep in mind that the marina might also have additional policy requirements, so it’s best to check if yours qualifies.

What Insurance Covers

Boat insurance typically offers coverage for injuries you or your passengers may sustain while on your vessel and for damages to your watercraft. You can select between replacement cost or actual cash value in case of a total loss. Just like with car insurance, there are various kinds of coverage options, such as collision, comprehensive, property damage, and bodily injury coverage.

If you are interested in add-on features, you can pick from common options like mechanical breakdown coverage, on-water or roadside towing assistance, ice damage coverage, and personal property coverage.

 

When you’re ready to pull up to the marina in a new boat, get in touch with Dewey's Cook Inlet, Inc. in Anchorage, AK. This reputable marine dealer is proud to carry an extensive selection of boat makes and models, as well as quality boat accessories and marine equipment. They can also give you advice on the type of insurance you’ll need when purchasing any of their watercraft. Call this boat dealer at (907) 344-5092 or visit them online for answers to frequently asked questions about their service.

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