What Kind of Watercraft Policy is Right for Me?

The purchase of a watercraft is considered to be a major purchase. As you start the process of deciding what kind of craft you want in Sandy, UT, you will soon find that there are thousands of choices. Most people buy a boat that will last them for 10 years or more because financing the craft is like buying a car. Except the loans can go for much longer than six or seven years. When everything is done and you are ready to use the boat, you will need to find the right kind of insurance policy to protect your fun investment.

What Kind of Boat Policy Do I Really Need?

Watercraft policies can be a little confusing to understand if you have never seen one. When it comes right down to it, they all do the same thing. They protect the owner and passengers of the craft from financial harm. Here are a few things that you will want to know about when buying your first policy in Sandy, UT.

  • If you are planning on docking your boat at a marina, then you will need to have at least liability insurance before they will let you leave the craft in the slip. 
  • The state of Utah requires insurance on any craft that has a 50-horsepower engine or greater. If you try and operate the craft with the insurance, you can be ticketed for breaking the law. 
  • The type of insurance you will most likely want to buy should protect your boat from being damaged by named perils. 
  • If you have a loan on the boat, you will be required to have an insurance policy to protect the interests of the lender. 
  • You will most likely have special equipment on the boat for safety or fishing. These items can be costly to replace if something happens to them. Consider what kind of equipment you have when thinking about insurance.

There are a lot of things to think about when buying a watercraft policy. If you have questions, please call us at The Smith Insurance Group Inc. We can answer all of your questions and get you on the water legally quickly.