Do I Need Boat or Watercraft Insurance in Georgia?
If you have taken out a loan on your boat, then your lender is going to require insurance. When you have a loan, the lender is using the vessel as collateral against the loan, and since they can potentially be pursued in the event of an accident, almost all lenders require you to have adequate insurance. If you need help interpreting your lender's requirement for your watercraft, contact Richardson Insurance for quotes and answers on Georgia Boat Insurance.
Types of Insurance to Consider
Even if your lender does not specifically require you to insure your boat, you should do so for your protection and peace of mind.
- Basic coverage- This is coverage to protect you against uninsured boaters, medical payments, personal property, fuel spills and towing.
- Physical damage- Protection for any occasion of a collision with another boat or submerged object.
- Protection and indemnity- This coverage protects you against claims from others for bodily injury or property damage.
- Personal property- Like homeowner's or renter's insurance, this coverage covers personal property on the vessel, such as electronics, clothes, and other personal possessions.
- Towing and assistance- Covers support from a repair service station when an inoperable vessel has left you stranded.
These are just some of the types of policies available. Also, the Georgia Department of Natural Resources offers courses that can sometimes lower your insurance rates. Let Richardson Insurance agents guide you through the hurdles of ensuring your vessel is appropriately insured.
Feel free to call us today at 706-782-2455 with your Boat and Watercraft insurance questions. We also offer auto, home, commercial, renters and other lines of insurance. Our experienced agents are waiting to speak with you and address any insurance concerns.