9 Reasons to Invest in Boat Insurance

If you have a boat, you have a way that you and your family can have some fun. You can go out and fish and you can do all kinds of water sports depending on what type of boat you have. But you also might be wondering if you should have boat insurance.

Below are nine reasons why you should get boat insurance.

#1: Many Places Require It

There are many inland waterways and marinas require you to have boat insurance before you are able to launch your boat there. So you want to keep yourself and your boat legal.

#2: Safety Reasons

You may think that you don’t need it because your boat isn’t worth a lot of money. But think of it this way – your boat may not be worth a lot but the insurance will help with protecting you if your boat damages someone else or someone else’s boat.

#3: Legal Protection

If you are covered, this means that you have protection against damage claims or personal injury claims that can be financially crippling. The small amount that you pay for insurance can help you with avoiding going bankrupt if you are in an accident.

#4: Road Coverage

If you are towing your boat behind a vehicle, the motor insurance usually does not cover things that are towed behind the car. So you want to ensure that you are covered when you are towing.

#5: Recovery Coverage

Insurance is especially important if you are someone that is prone to a lot of storms. If your boat sinks when it’s in a harbor or while it’s on a mooring, the insurance can cover it.

#6: It’s Made for You

Your boat insurance is able to be tailored so that you’re getting the protection you want to have and need and you don’t have to pay for the coverage that’s not important. So talk to a broker or insurer who specializes in boat insurance to help you choose the right one for you.

#7: Protection Against Theft or Loss

When your boat is insured, the items that are on your boat also will be covered. The insurance will protect against their theft or loss while they are on board.

#8: Required by Lending Institutions

Just like it is with an automobile, if you are buying a boat through a bank loan, the bank will want to know that your boat is covered so that they are also covered.

#9: Plan for the Future

Even if you’re just thinking about buying your first boat, it’s possible to arrange for coverage in advance so you aren’t scrambling at the last minute to get it.


These are nine of the best reasons why it’s a good idea to have boat insurance on your boat. Even if it’s not required by law, it’s a good idea to get it so that your investment is covered along with the people who are on your boat. You may never need it, but wouldn’t it be better to have it and not need it than the other way around?