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DMV Boat Insurance

While most people associate the state Department of Motor Vehicles (DMV) with cars, the DMV also handles boats. The DMVs of some states do require boat owners to have insurance, though it is not required in most of the country. There are many areas of uncertainty for boat owners when it comes to insurance, such as whether home insurance covers boats and which type of boat insurance is the best. Read on to learn more about boat insurance

boat-insurance

Is Boat Insurance Required?

As previously mentioned, a minority of states do require that boat owners carry insurance. These states are Arkansas and Utah. Even though boat insurance is not legally required in the rest of the country, it still may be required by private companies. For example, if you financed the purchase of your boat your lender may require you to have insurance. Also, some marinas require all the boats on their property to be insured. Even if boat insurance is not legally required where you live, insuring your boat is a good idea because you will be protected from the cost of potentially expensive repairs.

Does Home Insurance Cover Boats?

One of the most common misconceptions about boat insurance is that it is unnecessary due to coverage by home insurance. However, home insurance only protects boats in very specific circumstances. First, the boat must be on the insured property. Second, only small, unregistered boats that are not eligible for boat insurance can be protected by home insurance.

Types of Boat Insurance Coverage

There are several types of boat insurance, just as there are several types of car insurance. The main types of boat insurance are liability coverage, boat coverage, and medical coverage. Liability coverage protects you against lawsuits related to your boat, boat coverage covers repairs, and medical coverage will help pay for medical expenses incurred in a boating accident.

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Getting Boat Insurance

There are a few things that you should keep in mind when searching for boat insurance. In general, the bigger and more valuable the boat, the more expensive insurance is. However, the type of boat also matters. For example, a speedboat will likely cost more to insure than a fishing boat.

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