While boat insurance isn’t required in Virginia Beach, VA, there are a number of reasons to have it. Even if the state doesn’t require it, if you are financing your boat it may be required through the terms of your finance agreement. Marinas and other boating events may require you to have it. While home insurance may provide some protection for your boat, it likely won’t be enough coverage if insurance is required.
Litigation: Lawsuits are common in our culture and you could be sued for just about anything. For example, if you take your friend out on your boat and there is a large wave that causes your friend to slam down hard on the seat, they could be injured. While at first he or she may say that they aren’t injured, if they are then you can be held responsible for medical payments, time off work, and damages for pain and suffering. Boat insurance can help you with the costs to defend yourself and pay for any damages you owe.
Investment Protection: Without proper insurance coverage, you could be at risk of losing your investment to an accident or another effect. A strong storm can sink a boat, while a fire on a boat nearby can burn your boat and damage it. The more expensive your boat is, the more likely you will want to have boat insurance.
When choosing a policy, there are a few things you should consider. If your boat isn’t worth that much and you just want the liability coverage, you can get a liability only policy. However, if you are trying to protect your investment, you will want an all-risk policy that will cover a number of perils. An agent at Insurance Shopper VA can help you determine the right policy for your needs.
Contact Insurance Shopper VA, serving Virginia Beach, VA, to get a quote on boat insurance.