Why Carry Boat Insurance if GA Does Not Require It?

Like most people, you probably prioritize spending by putting the must-haves at the top of the payments list. People pay their mortgage to build equity, and so they have a warm place to sleep. They purchase groceries because they have to eat. So, when it comes to insurance, many people try to get by only purchasing what the state requires them to buy.

Georgia does not require you to purchase boat insurance, so you might feel tempted to skip purchasing it. We at AWARD Insurance Group serving Dalton, GA want to make the case for purchasing boat insurance when not required to do so you protect your financial investment in the boat. Out of pocket repairs can clean out a savings account.

Your boat insurance policy would also cover your liability if someone incurred an injury while on your boat or using your boat. This would also cover your liability if you caused an accident.
It probably seems like that would not happen. Most people think in terms of “It can’t happen to me.” The truth is that accidents happen though, so boat insurance makes a wise investment in your watercraft investment. Boat insurance also covers you when your boat sits in dry-dock or you launch it from a boat ramp. Whether it gets dinged by someone’s truck while on the boat ramp or in the water by another boat, insurance covers the damage repairs or replacing the boat if needed.

Could you afford to buy another boat out of pocket? For many people, that would be a cost of $50,000 or more. If you still owe on your current boat because you took out a loan to buy it, could you afford to pay it off completely and buy the new boat?
Most people would respond, “No.”

Boat insurance would cover the costs except for your deductible. You can make your deductible less and premiums higher if you would rather pay less in case an accident does occur or you can choose a higher deductible and lower premiums to move the larger expense to the potential accident.

Contact AWARD Insurance Group in Dalton, GA for more information on boat insurance and your coverage options. Georgia may not require it, but you need to insure your boat.