Do Older Model Boats Need Insurance?

If you have a boat, you may be wondering whether or not you need to keep it protected with insurance. The truth is, the answer to this question is quite simple — yes, it is wise to keep insurance on your boat, even if you take it out on the water only once a year. If you have an older model boat, you may think that insurance is not all that valuable, but it is. Let’s take a closer look at why you should keep insurance on your boat regardless of its make and model.

Is boat insurance required by law?

In some states, boat insurance is required by the law. If you are keeping your boat stored at a marina or docked in the summer at a marina, then insurance is most likely mandated by the marina owner. The importance of having this type of insurance should never be overlooked. You never know what could happen and have this type of insurance can save you thousands of dollars. In Ohio, boat insurance is not required by state law. Talk to your Quest Financial and Insurance Services agent in Twinsburg, OH to learn more about boating laws in your state.

Why is boat insurance important?

Let’s say you get out on the water, and something happens that your boat ends up sinking. Sure, your vessel may have been 20 years old and not worth that much money, but once it goes under, it is then your responsibility to have it removed. The cost of having a diving team rig up your boat and extracting it from the water can cost thousands of dollars. With boat insurance, you can have peace of mind in knowing you are adequately covered.

To learn more about boat insurance and whether or not you need a policy, contact Quest Financial and Insurance Services serving the Twinsburg, OH area.