The simple answer to whether boat insurance is mandated by law is “no.” However, the overall legal aspects of boating and boat insurance are far more complex. Though boat insurance is not currently required by law in any states, that does not diminish the importance of carrying adequate coverage. Likewise, even though boating laws do not yet address insurance matters, they do contain other provisions that can affect boaters in other ways. Read on for more information about the legal matters related to boat insurance and why coverage is imperative regardless of the law.
Laws vs. Lenders
Your state’s laws may say you can boat without insurance coverage, but your lender will say otherwise. Almost all boat loan lenders require borrowers to demonstrate proof of boat insurance coverage before they will close on the loan. The boat must be insured for its full value before the borrower will be able to take ownership. In other words, unless you pay for your boat in cash, you will have to purchase boat insurance in order to satisfy your lender’s requirements.
A Valuable Asset
You wouldn’t leave expensive assets like your home or your car uninsured, so why would you consider leaving your boat without coverage? Boats are valuable assets, and you would have full financial responsibility for any damage to your vessel if an unfortunate event occurred. One storm, collision, or theft could mean the loss of the entire value of your boat. If you can’t afford to absorb that cost, you need to purchase insurance even though it’s not legally required.
Liability Protection
Losing your boat looks like nothing compared to what a liability claim could do to your assets. If you cause injuries or property damage to another with your boat, you could face a legal judgment that might put all of your assets up for grabs. If you were found legally responsible, your home, car, personal savings, investments, retirement funds, and more would all be fair game to cover the settlement. By not carrying boat insurance liability coverage, you are literally risking everything you have every time you go out on the water.
Protect Yourself When the Law Doesn’t
Because liability coverage is not required for boaters, there is a good chance you might be hit by an uninsured boater. If the boater does not have the assets to pay for the ensuing damages or injuries, you would have nowhere to turn unless you carried uninsured boater coverage. This is an optional coverage on most boat policies that is strongly recommended. Typical uninsured boater coverage would reimburse you for the injuries and/or damages that the uninsured boater caused.
Medical Expenses
If you have adequate health insurance, you probably don’t need to worry about adding medical payments coverage to your boat policy. However, if you do not have health insurance or you have a minimalist policy, you might consider including medical payments to your coverage. This coverage will pay for your medical expenses and those of your passengers if you are injured.
Upgrade Your Account | Unlock More Features | SAW.com
We Have Decades of Experience In Digital Asset Acquisitions
Your domain is one of the most mission-critical purchases your business will ever make. Speak with us
about domain brokerage and work with our experts to acquire your desired assets for the best price –
delivered with an end-to-end service.
Budgeting
Brand Protection
Strategy
Appraisals
Acquisition
Transfer & Registration
Market Research
Contract Negotiation
WE’VE SECURED PREMIUM DOMAINS FOR SOME OF THE WORLD’S BIGGEST BRANDS
WHY WE’RE TRUSTED
We’ve Done Half a BILLION Dollars of Domain Deals
Domain Transactions
1,000s
Domain Name Sales
$550M+
Years of Experience
15+
WHAT PEOPLE SAY
Real Success, Real Clients
"When starting a company, the Saw.com broker service team are some of the first people I call. A memorable
name, and the domain and social handles behind it, creates a huge amount of brand equity right out the gate
— no matter how big or how small your company is. From diapers.com to jet.com (and many more to come!) the
Saw.com domain broker team has helped my companies be seen."
MARC LORE
Serial Entrepreneur
"We have worked with Saw.com since their inception and would not work with anyone else. They help us in all
facets of business - from sales and transfers to renewals, SSL issues and any other matters that may arise.
You will not find a better, more trustworthy business that has maximized our profits."
FUTURE MEDIA ARCHITECTS
WHY CHOOSE US?
Nobody Does Domain Deals Better
Deep Experience
Our team is full of domain experts and our CEO, Jeffrey Gabriel, has contributed to $550m in domain transactions including blockbuster sales like the record-breaking $13m for Sex.com.
Intimate Service
We only work with individuals and corporations who we feel can gain the most impact from our services. We're not a high-volume shop, so you never become "a number on the spreadsheet".
Secure Marketplace
Saw.com's global marketplace brings buyers and sellers together for seamless domain transactions. We have more domain data than any other platform, with 250,000+ names listed for sale.
Quality Brokers
Work with our brokers - the brightest minds in the business and stone-cold killers when it comes to buying and selling domains. We speak English, Spanish, Chinese, Russian, and more.
Ready To Give Your Brand a Boost?
Acquire the best domain for your business with Saw.com, one of the world’s leading brokerage firms.
We Have Decades of Experience In Digital Asset Acquisitions
Your domain is one of the most mission-critical purchases your business will ever make. Speak with us
about domain brokerage and work with our experts to acquire your desired assets for the best price –
delivered with an end-to-end service.
Budgeting
Brand Protection
Strategy
Appraisals
Acquisition
Transfer & Registration
Market Research
Contract Negotiation
WE’VE SECURED PREMIUM DOMAINS FOR SOME OF THE WORLD’S BIGGEST BRANDS
WHY WE’RE TRUSTED
We’ve Done Half a BILLION Dollars of Domain Deals
Domain Transactions
1,000s
Domain Name Sales
$550M+
Years of Experience
15+
WHAT PEOPLE SAY
Real Success, Real Clients
"When starting a company, the Saw.com broker service team are some of the first people I call. A memorable
name, and the domain and social handles behind it, creates a huge amount of brand equity right out the gate
— no matter how big or how small your company is. From diapers.com to jet.com (and many more to come!) the
Saw.com domain broker team has helped my companies be seen."
MARC LORE
Serial Entrepreneur
"We have worked with Saw.com since their inception and would not work with anyone else. They help us in all
facets of business - from sales and transfers to renewals, SSL issues and any other matters that may arise.
You will not find a better, more trustworthy business that has maximized our profits."
FUTURE MEDIA ARCHITECTS
WHY CHOOSE US?
Nobody Does Domain Deals Better
Deep Experience
Our team is full of domain experts and our CEO, Jeffrey Gabriel, has contributed to $550m in domain transactions including blockbuster sales like the record-breaking $13m for Sex.com.
Intimate Service
We only work with individuals and corporations who we feel can gain the most impact from our services. We're not a high-volume shop, so you never become "a number on the spreadsheet".
Secure Marketplace
Saw.com's global marketplace brings buyers and sellers together for seamless domain transactions. We have more domain data than any other platform, with 250,000+ names listed for sale.
Quality Brokers
Work with our brokers - the brightest minds in the business and stone-cold killers when it comes to buying and selling domains. We speak English, Spanish, Chinese, Russian, and more.
Ready To Give Your Brand a Boost?
Acquire the best domain for your business with Saw.com, one of the world’s leading brokerage firms.
Do You Need Boat Rental Insurance?
Rental boats are usually insured for liability by the rental company. However, renters may still be liable for damages and boat insurance deductibles in some cases. Read on to find out if you should buy insurance for your boat rental.
