TUESDAY, MAY 16, 2023
Boat insurance is vital coverage. Boating accidents can occur without warning, and it’s essential to know how much coverage to have to prepare for accidents. Sufficient boat insurance can limit potential out-of-pocket accident costs if a covered accident occurs. Choosing the right policy can be challenging, and the Oak Knoll Insurance agents are here to help guide you learn more about boat insurance requirements.
How Much Boat Insurance Do I Need?
Boat insurance needs tend to vary significantly among policyholders. Depending on factors such as your boat model, age and usage, you may need more boat insurance than other boat owners. Depending on the type of boat you have (e.g., a small watercraft or nonmotorized boat), you may be able to get coverage for your boat under your homeowners insurance policy. However, you may need to purchase a separate policy for larger vessels, such as a speedboat. Regardless, it’s essential to have sufficient coverage. Without the right policy, you may be forced to pay hefty out-of-pocket costs if an accident occurs. 
Is Boat Insurance Required?
Boat insurance is not required by law in Illinois. However, some marinas, docks or storage facilities may require you to have boat insurance or proof of financial responsibility to dock or store your boat. Lenders may also require coverage if you are financing your boat’s purchase. Boat insurance can be a great form of financial protection from unforeseen accidents, regardless of requirements.
How Expensive Is Boat Insurance?
Boat insurance rates can vary depending on several factors. Your driving record, location and insurance claims history may be factors used by your coverage provider to determine your premiums. For example, if you have never filed a claim, you will likely pay less for coverage than a boat owner who has filed several insurance claims.
Where Can I Get Boat Insurance?
If you are a boat owner near Wilmington, Illinois, the dedicated and experienced agents at Oak Knoll Insurance can help you learn more about boat insurance requirements and options to help you decide on the right coverages for you and your vessel.
For additional coverage information and a boat insurance quote, contact our agency today at 815-476-2105.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
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