Why Should I Insure My New Boat?

If you’re a car owner, you’re probably familiar with the benefits of insuring a vehicle. However, if you’re one of the many people who’ve purchased a boat over the past two years, here's a few reasons why we recommend investing in quality watercraft coverage, even though it isn't required.

Protect Your Investment

You spent a lot to buy your boat, don’t you want it to last? Maintaining your boat so you can count on enjoying it for years to come is in your best financial interest! Whether it gets dinged at the marina or experiences natural wear and tear, having insurance can guarantee that you have the resources available to fix whatever goes wrong as soon as possible so that it doesn't become a bigger issue or expense in the future.

Keep Your Passengers Safe

Your coverage extends to your passengers. When the precious cargo is your loved ones, thinking about what could happen on the open water can be nerve-wracking. You’ll do everything you can to keep them safe, so make sure you’re insuring them too. After all, you’ll give them a lifejacket when they’re on board, why not go the extra mile to protect them a little further?

Personal Protection

Truth is, handling any large vehicle can be risky. In the unfortunate event that you or someone else gets injured or sustains property damage involving your boat, costs can add up quickly. Your own or others’ medical costs related to an accident, property damage, or even potential litigation could all cost you big if you’re paying out of pocket. Depending on your coverage, these expenses could be covered.

Insurance Is More Affordable and Flexible Than You Think

The average cost of boat insurance is $200-$500 a year. This is a big step down from car insurance which costs on average $1,655 annually. Compared to the price you could be facing if something goes wrong, paying the price of insurance is a no-brainer.

Whether you’re new to boating or have your sea legs, it’s never too late to invest in quality insurance. Talk to a representative from Pioneer’s Insurance Division today about covering your boat.

Insurance products are offered through Anchor Agency Inc., a wholly-owned subsidiary of Pioneer Bank.

Sources: Ramsey Solutions, Bankrate