Boat/Watercraft Insurance
Before heading onto your new boat, personal watercraft (PWC), or jet ski, ensure you are not breaking any watercraft laws. While some laws may be transparent, there are specific requirements for owning and operating boats and PWCs.
What is Required?
While you may not be required by your state to possess boat or PWC insurance, Golden Way Insurance Services Inc. highly recommends having insurance. If there is an accident or other damage to you, your passengers, or your vehicles, there is optional protective coverage available. Some of the most common boat and PWC insurance coverages include:
- Collision
- Comprehensive
- Emergency
- Liability
- Medical
- On-water towing and labor
Other Parties that May Require Insurance
While your state may not require insurance, there is a high probability that the bank will require you to provide proof of insurance. The policy typically requires you to cover the full value of the boat, and there may be minimum requirements for specific coverages. Additionally, you must list the bank as the lienholder on the policy so it will be the co-payee on compensation in the event of a loss.
Additionally, most marinas and ports require boat insurance at a minimum limit to use their facilities. This protects the marina or port from any liabilities that you or your craft may cause. You will need to provide proof of insurance set to the minimum requirements before signing a contract for the mooring.
Should you get Boat Insurance?
If you do not finance and store your boat or PWC at a marina, then there is no boat insurance requirement. Some homeowner’s insurance policies only cover the boat if subjected to physical damage while on your property, but damage while in the water is not covered. Therefore, it is recommended to purchase boat insurance still, even when not required.
For more information on understanding your options, contact Golden Way Insurance Services Inc. now! Our experienced staff can help find you the best policies to fit your needs and budget.
While our office is located in California, we serve all across the following states: California, Texas, Tennessee, Michigan, Florida, New Jersey, Arizona, Nevada, and Indiana.
