According to the National Marine Manufacturers Association, 141.6 million Americans go boating each year. That’s almost half the U.S. population. Unfortunately, not every boater is as conscientious as you, which is why it’s important to stay safe—and stay covered—with watercraft insurance.
Do I Need It?
Yes. Some states and marinas legally require boat insurance, and a quick internet search can tell you whether yours does. But more importantly, without coverage, you could be responsible for major expenses related to liability or repairs if an accident occurs. The average boat insurance claim is around $11,000. If you find yourself in an accident without boat insurance, you’re in for a hefty bill.
Protection for Your Boat—and from Others
According to the U.S. Coast Guard, the leading type of boating accident is a collision with another recreational vessel. That’s why it’s essential to protect yourself not only from damage to your own boat but also from other operators who may not carry adequate insurance. Uninsured and underinsured watercraft liability coverage helps protect you and your passengers in the event of an accident caused by someone who lacks sufficient coverage.
How Much Do I Need?
Like cars, boats depreciate over time. That’s why it’s important to understand the difference between agreed value and market value coverage. Market value takes depreciation into account and may offer a lower premium, but agreed value coverage ensures you receive the full replacement cost—without out-of-pocket expenses—if your boat is declared a total loss.
Call Today to Review Your Boat Insurance
Not sure if your boat is covered the way it should be? Contact the Goodrich & Watson team a call at 757-591-2032. We’ll review your policy and help you choose the right coverage—so you’re protected both on and off the water. Boat insurance in Newport News, VA is very important, so don’t hesitate!
