Owning a boat can be a very fun and exciting experience. While it is largely a recreational vehicle, they are also expensive assets that should be properly covered. For those that are in the Coppell, TX area, there are several types of people that need to have boat insurance.
Those with a Loan on the Boat
If you have a loan that was used to buy or refinance your boat, you will likely be required to have some form of boat insurance on it. Your loan agreement will likely require that your policy be for enough money to cover the replacement costs of the boat and the lender may require that it be added as an additional insured party to the policy.
Those that Need Liability Coverage
While liability insurance is not always required to drive a boat, you should still have a policy for the boat if you plan on using it recreationally. A boat insurance policy will provide you with liability coverage that will cover personal property, another party’s boat, and a certain level of medical coverage in the event you are found at fault in a boating accident.
Commercial Boat Owners
If you own a boat that is used for a commercial purpose, having boat insurance would be very beneficial. These commercial boat insurance can even provide you with business interruption insurance in the event that your boat is damaged.
For those that have a boat and are in the Coppell, TX area, one great option would be to work with The Select Insurance Agency. The Select Insurance Agency is a leading boat insurance provider and can carefully help you to determine your boat insurance needs. They can also provide you with a policy quote that will provide you with the right amount of insurance coverage.
