Buying a new boat or personal watercraft? What is the insurance requirement for water sports equipment? While most banks will require you to purchase full coverage insurance in order to obtain the loan. However, what is the requirement if you outright own your equipment? Here are some important things you need to know about boat insurance.
Utah Requires Boat Insurance
Utah is one of two states that legally requires some type of boat insurance coverage. Marinas often require boaters to show proof of insurance, especially on busy days and law enforcement officers are focusing on the safety of all boaters. If you are stopped and do not have insurance, you can face a serious penalty from the state. Currently, Utah’s boat insurance policy requirements include:
- $25K for bodily injury, per person
- $50K for total bodily injury for multiple individuals injured
- $15K for property damage
What if you take your Utah boat to Idaho or surrounding states? Check with the state marina board to find out what is required, but it is always better to be prepared!
Types of Boat Insurance
Contact our Kaysville office to discuss boaters insurance. We do have multiple policies that we can tailor to meet your boat needs. Boat insurance is quite affordable and can save you from expensive penalties in addition to serious medical costs and risks of lawsuits. There are a few types of insurance to consider for boaters insurance:
- Uninsured motorist
Cost of Boat Insurance
How much can you expect to pay for boat insurance? The cost of insurance will vary based on the type of boat you have, your risk level, and the ownership of the boat. Generally, boat insurance runs around $500 a year or less. Contact our office to find out the range of insurance options for your boat.