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Why You Should Carry Boat Insurance

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If you live near the ocean or a lake, you may be thinking about buying a boat. Cruising around on a boat on a warm and sunny day can definitely be fun and relaxing. However, before you get your boat on the water, it is a good idea to invest in adequate insurance.

Here are a few good reasons to purchase boat insurance.

Boating Docks Require It

When you are not using your boat, you will have to store it in a boating dock. However, many boating docks will not allow you to store your boat if you can't provide proof of insurance. They want to make sure that they will not be held responsible if something should happen to your boat.

Protect Yourself Against Liabilities

Even if you are very careful while operating your boat, accidents can still happen. If you cause injuries to another boater, passenger or swimmer, you will be held liable for their medical bills and other losses. As you can probably imagine, this can get very expensive.

Therefore, it is important to have adequate boat insurance. It will cover the injured person's damages.

Protect Your Boat from Damage and Theft

A boat is likely one of your largest investments, so it is wise to protect it with insurance. If your boat suffers damage from a storm or accident or gets stolen, your insurance policy will pay for the damages. This can provide you with peace of mind.

Safeguard the Environment

If you have adequate boat insurance, it can also protect against any damage your boat does to the environment. For example, if your boat leaks oil into the water, you will be responsible for paying for the cleanup, which can get quite pricey.  An insurance policy can cover the cleanup, so you will not have to worry about any out-of-pocket costs.

Secure a Loan

If you have to take a loan out to purchase a boat, you will likely be required to buy insurance. The lending company will ask to see proof of coverage before approving you for a loan. They want to protect themselves if something should happen to your boat.

As you can see, there are a lot of advantages to insuring your boat. If you are ready to purchase a boat insurance policy for yourself, you should schedule a meeting with an insurance agent to talk about your options as soon as possible.


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