Updated: October 2016
If you own a boat, you probably take certain precautions to help keep yourself, your passengers and your boat safe. But what happens if an uninsured boater causes an accident that injures you or others on your boat?
That's one way your own boat insurance policy may help. If you have uninsured watercraft coverage, it may help cover expenses that result when another boater who doesn't have insurance causes injury to you or someone on your boat.
Some standard boat insurance policies may contain a limited amount of uninsured boater coverage. However, you may want to ask your agent if you can add additional coverage to your policy.
Owning a boat when you have no insurance is a lot like driving a car when you are uninsured. Boat insurance typically isn't a legal requirement. However, if you cause an accident, you may risk having to pay for damage to another boat or someone else's medical expenses out of your own pocket. But if you have liability coverage, which is part of a typical boat insurance policy, it may help pay for those types of unexpected costs, the Insurance Information Institute (III) says.
In addition, boat insurance typically helps protect your boat from certain risks, such as theft, fire and vandalism, according to the III.
You may have invested significant time and money in your boat, so it only makes sense that you'd take steps to help protect it — and yourself. Having a boat insurance policy with the coverages that fit your needs can help give you the peace of mind that comes with knowing you have a safety net in place, just in case the unexpected occurs.