Owning a boat brings plenty of opportunities for fun and relaxation, but it also comes with responsibilities, including how to handle potential accidents, theft or damage. While some states require boat insurance, many, including North Carolina, do not. Still, even when it’s not mandatory, boat insurance can be valuable for your vessel and financial security.
What Boat Insurance Can Cover
Boat insurance works much like auto insurance but is designed for the unique risks of being on the water. A standard policy may include the following coverages:
- Liability coverage can help with costs if you’re responsible for injuries or property damage to others.
- Physical damage coverage for repairs or replacement if your boat is damaged by a collision, fire, theft or certain weather events.
- Medical payments coverage that may assist with medical expenses for you or your passengers after an accident, regardless of fault.
- Uninsured/underinsured boater coverage may help if you’re involved in an accident with someone who lacks sufficient insurance.
Optional add-ons can include towing and assistance coverage, and financial protection for fishing equipment or personal belongings stored on your boat.
Why It Matters Even If It’s Not Required
Without insurance, you could be left paying out of pocket for costly repairs, medical bills or legal fees after an accident. This is especially important if you use your boat in busy waterways, store it in areas prone to theft or own a high-value vessel.
Additionally, some marinas and lenders require proof of insurance before allowing you to dock or finance a boat. Even in states without legal requirements, these rules may still apply. Furthermore, many lenders may mandate insurance if you’ve financed your watercraft.
Learn More
Jones - Byrd Insurance Agency can help you explore boat insurance options that match the way you use your watercraft. Contact our office today to discuss coverage that fits your boating lifestyle.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.