All boat owners should have boat insurance. Caring for a boat is a big expense. And insurance provides compensation should your boat become damaged or is stolen. You might live in a state that requires liability coverage for your boat so make sure to check. And a marina could require you to insure your boat before docking it, and lenders can require you to have insurance before they will provide a loan.
An insurance agent can tell you the best type of coverage for your boat. This is important because the type of boat you have will affect your coverage. For instance, coverage for a yacht is different than coverage for a pontoon. The cost of repairing or replacing a yacht is expensive and can cost significantly more than dealing with a pontoon. A pontoon is similar to a motorized raft, and is only used on slow moving rivers and lakes. Replacing or repairing this type of boat is generally less than for a yacht, and the insurance cost reflects this. Most boats have unique insurance requirements specifically for that boat and that is why you must get the proper coverage.
Types of Policies
The simplest type of coverage is liability insurance. This covers property damage, physical injury, pollution, and wreckage removal. You can also request towing insurance as an add-on for when the boat needs to be towed either on or off the water. It is possible that road towing might be covered by your auto insurance policy, so check it. There is also coverage for commercial boats, charter boats, and boat rentals. Check with an insurance agent to see what type of boat insurance is right for you.