Who doesn’t love a day out on the water? With the sunshine out and the wind in your hair, boating can be a relaxing weekend activity for you and all your family and friends.
But what are the rules regarding insurance when it comes to boats? Are you legally required to have it? What are the benefits of getting boat insurance?
HOME INSURANCE WON’T COVER YOUR BOAT
If you own a boat, you may think that your homeowner’s insurance will cover anything related to your boat (including accidents, damage, etc.). However, this is not the case.
Like your car, your boat needs its own insurance policy because it’s mobile, and isn’t attached to your house. And although your homeowner’s insurance doesn’t cover your boat, you may be able to get a discount by bundling it with your home insurance.
BOAT INSURANCE ISN’T REQUIRED BUT SUGGESTED
Most states require that you pass a safety course if you own a boat, but do not require that you get boating insurance. However, it is highly recommended that if you own a motorized boat with a value of over $2,000 that you cover it with an insurance policy. And even though your individual state may not require that you carry boat insurance (Georgia does not currently require insurance), many marinas use it as a requirement to dock your boat.
Boat insurance can protect those who sustain injuries involving your boat, as well as cover any property damage. Boat insurance can cover any medical payments needed, collision repair, and can even protect the property that’s on the boat such as fishing equipment.
Without purchasing liability insurance, you could be subject to paying for someone’s medical bills or property damage out of pocket, which could be extremely costly.
The cost of boat insurance depends on the state you live in, what the age and size of the boat are, as well as where you plan to use it – on inland waters (such as lakes), or out on the ocean.
Have you been injured in a boating accident on a boat in Georgia that wasn’t covered with boat insurance? Call the experts at the Fry | Goehring at (404) 948-3571 to find out what your rights are and whether pursuing a lawsuit makes sense for you.