What You Need To Know About Boat Insurance

An insurance policy for your boat is a great way to protect your investment.  Boat insurance helps to protect your boat from numerous risks, such as theft, vandalism damage, and collision. 

Everyone can agree that many vessels are not cheap and can be a large investment. Boat insurance helps to protect your investment.

The Argument for Boat Insurance

Today, there are insurance plans available for just about everything that you own. Some insurance is mandatory like Madison Wisconsin car insurance.  Other insurance is not mandatory but strongly suggested like renter’s insurance which more and more people are opting for (between 2011 and 2016 12% more policies were issued).

Boat insurance in Madison Wisconsin is not required by law but it is insurance you should seriously consider. There are plenty of risks out on the water, and while your boat is docked that insurance can help to mitigate.

You would not drive your car without auto insurance because of the potential dangers, why would you drive your boat without insurance? Most people think it is safer on the water than it is on the street but the fact is boating can be just as dangerous as driving a car. Consider the following:

  • According to the United States Coast Guard, recreational boating accidents in 2017 resulted in over 600 deaths.
  • In 2017 4,000 recreational boating accidents in the US were recorded many of them while docking the boat, totaling over $46 million in reported damages.
  • Most accidents occur according to the US Coast Guard on vessels that are less than 21 feet.

What happens to the boats that are not insured after an accident? The owner has to make some tough decisions about whether or not repairing the boat is something they can afford. They also have to absorb the costs of any liability or damages to other people’s property that may have occurred.

Without boat insurance after an accident, you may be left high and dry and faced with a tremendous amount of financial loss. Insuring your boat will ensure that you are covered against financial losses after an accident.

Protect Your Investment

This type of insurance not only protects your investment after an accident but it can also protect your investment after vandalism, theft, fire, and more. Learn more about insurance for your boat from a trusted insurance agent.