When is boat insurance a requirement?

Owning a boat in the Amityville, NY area is a dream for many people. When you do have your own boat, there are a variety of requirements that need to be properly followed. One type of requirement that you might have could be to carry boat insurance. There are a variety of situations in which having boat insurance in place could be a requirement for you. 

You Have a Loan

The first situation in which having boat insurance could be a requirement for you is if you have a loan out against the boat. Buying a boat is a big purchase and many times requires a loan to finance it. If you have taken out a loan to buy a boat, the lender will require that you have boat insurance to protect their collateral. If you do not have boat insurance, you will be in violation of your boat loan agreement. 

Local Requirements

Another situation when you need to have boat insurance is if it is a local requirement. While the state does not necessarily require it, some private wateways and marinas will. These organizations will want to make sure that all people on a boat have insurance to cover any liability. This could prove to be very helpful if you are ever found to be at fault during an accident. 

When you are looking for insurance for your Amityville, NY boat, you should speak with the team at The Budde Agency Inc. When you come to meet with the team at The Budde Agency Inc. you will be able to get more information regarding your boat insurance needs. They can then provide you with a full analysis and assessment to make sure you get into a policy that provides you with the right level of coverage.