Each state has its own laws about required insurance coverages. In most states, there is no required boat or watercraft insurance. However, it's always a smart idea to get coverage for expensive items, and a boat and other types of watercraft certainly apply. If you are in New Jersey or Pennsylvania, neither state requires this coverage. If you have a watercraft, including a boat, call us at Sandra Saunders Agency LLC in Delran, NJ to find out more about the coverage that would help you.
Collision accidents can and do happen on the water. If you are in an accident with another watercraft, and the accident is your fault, you will have to pay for all of the damages out of pocket if you are not insured. It can be costly, especially if you collide with an expensive boat. Leaving yourself open to lawsuits and judgments that would require you to sell your assets isn't an ideal situation. Getting coverage gives you peace of mind about accidents and would allow for property damage to be paid for if an accident should happen.
Several types of insurance cover boats and other types of watercraft. One type, comprehensive watercraft insurance, is a type of coverage that covers your boat for other damage caused to it outside of a boating accident. It can be damaged from a wide variety of sources. Another type, property damage coverage, will pay for items that are lost due to an accident. Coverage for bodily injury will pay for the medical bills of third parties injured by an accident that was your fault.
If you use your boat or other watercraft, don't operate them without the right insurance. It is highly recommended that you have at least liability coverage for your boat so that you won't have to pay for damage done to another watercraft. If you are in Pennsylvania or New Jersey and operate a watercraft, call us at Sandra Saunders Agency LLC in Delran, NJ about the coverage you need for your craft.