Is boat insurance mandatory in Stamford, CT?

If you’re planning to buy a sailboat or powerboat in the coming weeks or months, there is a good chance you’re thinking about your boat insurance options. If you’re wondering if you can skip the policy part or have so many questions about the coverage and limits, you’re in the right place. Allkane Insurance will help you understand your boat insurance needs and answer the question of whether the policy is mandatory or not.

Do you need boat insurance?

Stamford, CT  law does not require boat owners to have boat insurance. However, certain circumstances may force you to have boat insurance. For instance, if you use your boat as collateral for a loan, the bank holding the loan will likely need proof of boat insurance and list the bank as the payee in case of a loss.  Marinas may also require you to have boat insurance as a prerequisite to storing your boat in that location. 

Your risk level 

While the law doesn’t require you to have boat insurance, it is critical to understand that boat insurance is designed to provide financial protection for you, your family, and other boaters. You may feel like skipping the policy because you feel it’s not important at the moment. However, before you take your boat into the water, ask yourself whether you’re ready to buy another boat if your boat gets damaged or stolen. 

Depending on your water activities, you may be at risk of getting injured or injuring others. You may want to assess your needs, particularly your risk level, before buying boat insurance.

Smaller boats may be covered

Home insurance covers small non-motor boats up to specific limits. However, that doesn’t mean you shouldn’t buy boat insurance,  especially if you spend most of your time in Stamford, CT waters.

Looking to buy boat insurance? Let Allkane Insurance help you find a policy that matches your needs, style, and budget. Feel free to call and book an appointment with us today!

What is the main benefit of boat insurance?

In the Stamford, CT area, it is very common to enjoy a long and hot summer. For those in this area of Connecticut, buying a boat can be a great option as it will allow you to enjoy the outdoors during summer as much as possible. If you buy a boat, you need to get into a boat insurance policy as it offers many benefits. 

Proper Coverage for Boat

When buying a boat, you will likely dream of owning it for a long time. To ensure that this dream and your investment is protected, you need to get the proper insurance. With a boat insurance policy, you will get the coverage you need to repair or replace your boat if it is damaged, stolen, or you incur another form of loss. 

Liability Protection

Another reason that getting boat insurance is important is that it can offer you precious liability protection. Anyone that is going to use a boat could cause damage if they cause an accident. It will always be up to you to pay for damage that you do cause. Fortunately, you can mitigate this risk if you get boat insurance, as it will come with liability protection.

While it is important that you receive the proper insurance coverage that comes with boat insurance, you also receive peace of mind. Using a boat should be a fun and enjoyable experience. Those that are in the Stamford, CT area can receive the peace of mind that they need to relax if they get insurance advice from the team at Allkane Insurance. Allkane Insurance can assess your situation and help you to understand your needs and options. We will help you find a quality policy.