Warm weather is upon us. With summer just around the corner, people are starting to get their boats ready for the season. There are 75 lakes in Kosciusko County alone and many more in the surrounding areas. Boating is a great summer activity; however, there are many risks that come along with it. Boaters insurance can protect you from many of these risks.
Liability auto insurance is required in every state. However, only 2 states require boaters insurance. Utah requires any boat with an engine with over 50 horse power to have insurance. Arkansas requires liability coverage on all powerboats. Although it is not a law to have insurance for your boat, it is still smart to do so and here is why:
Marinas May Require It,
Often, if you want to moor your boat at a marina, they may require insurance for your boat. They will not want to take the liability of an uninsured boat.
If you are participating in a boating event, you should have insurance. Most boating events require the boaters to have insurance in case of accidents.
Your Homeowners Insurance Does Not Cover It,
While some homeowners insurance policies may cover small boats under 16 feet, it is not certain that your policy does. Check with your local insurance agent to make sure. If your boat is larger than 16 feet, it will need a separate policy. Homeowners insurance also does not cover losses such as wreck removal, salvage, or pollution.
Let’s say you are out in your boat with some friends, when you hit a large wave and cause a friend to fall. That friend may say that he or she is fine, but if it turns out later that they have an injury, there could be a lawsuit. Unfortunately in today’s world, litigation is a common assurance. As much as you would hate to get sued by a friend, it is a real possibility. If you have boaters insurance, then the cost of the lawyer and any damages will be covered through your insurance.
All insurance is about protecting what matters and protecting investments. A boat can be a significant investment and should be protected. Last year on lake Wawasee, a speedboat smashed into the side of a pontoon boat and went over it. The people in the speed boat were okay, but the driver of the pontoon was severely injured. This is obviously a terrible accident and hopefully never happens to you, but the cost of the damages would be on the person who caused the accident. If you do not have insurance, that could be a staggering amount of money.
These are a few reasons why you should have boaters insurance before you hit the lake this summer. Enjoy the lakes and be safe.