Many states, like Michigan, do not require that a boat owner purchase or maintain liability insurance to own, register or operate a vessel. However, many lenders and marinas may require proof of coverage before boaters can use their products or services. While a homeowner’s insurance policy might cover a small canoe stored in a garage, it will not cover larger, more valuable water vessels. Here are the reasons to invest in Boat Insurance Coverage in Monroe County MI.
Protect Investment
The number one reason to purchase insurance coverage is to protect the investment. Those that end up financing the vessel will more than likely be required to show proof of insurance to the lender. This is so that they know they can recoup the full value of the boat if it were to be damaged or destroyed. Those that pay outright for their boat without a loan will still have peace of mind with insurance. The coverage will protect the bottom line and ensure that it can be replaced in case of a loss.
Protecting Others
Waterways might not be as busy as the roadways, but boating accidents do occur. Luckily, liability coverage takes care of any damage up to the policy limits that accident victims incur in a crash. This coverage applies to those that were on the actual boat and those that might have been in another boat that was involved. It is better to be safe than sorry when it comes to coverage for injuries, especially when others are involved.
Get the Most Out of the Boat
Many marinas require that boaters provide proof of liability insurance before they dock on their premises. This takes some of the burdens off of them, relieving the marina of certain types of fault while protecting everyone that is stationed in the vicinity. Having Boat Insurance Coverage in Monroe County MI means that you won’t have to spend time trying to find a marina that accepts uninsured vessels. Also, rest easy knowing that any damages will be covered in the case of an accident.
Those needing boat insurance can turn to Insurance Center of Monroe. They offer professional insurance services. Browse our website and get a quote. If you are more comfortable handling things in person, make an appointment to come in and discuss your insurance needs.
