Do Floridians Need to Have Boat Insurance?
How Important is to Get Boat Insurance in Florida?
While Florida law does not make it a legal requirement to have boat insurance for recreational boats, you may be better off if you get boat insurance coverage.
When is Boat Insurance Useful?
As with other insurance products, this insurance may be required under certain conditions such as
- Have you taken a loan to buy your boat? Your finance lender will probably require that you carry insurance.
- Do you keep your boat in a marina or boatyard? The concerned authorities may require that you have insurance.
- Are you worried about your passenger or about your boat itself? It is best that you carry insurance as protection.
What are the Legal Requirements Under Florida Law?
You can easily register or title your boat through county tax collectors working under the Department of Highway Safety and Motor Vehicles without insurance. Registration is compulsory except for non- motorized boats that are smaller than 16 feet in length. These include small sailboats, rowboats, kayaks, canoes and rowing shells. So you need to get the registration done, but you don’t need insurance.
What Happens in Case of a Boating Accident?
In the case of an unforeseen boating accident, if you don’t have boat insurance you will have to pay for the damage on your own. Considering that Florida has the largest number of registered recreational boats, there are many reported accidents that include boats colliding with fixed objects, colliding with other boats, hitting a wave, severe weather conditions and accidents involving swimmers. Accidents are only reportable under certain circumstances including if the average damage cost is $2,000 or if somebody is injured, disappears or dies.
What are the Monetary Losses Due to Boating Accidents in Florida?
Almost every year, the number of boating accidents in Florida increases. Apart from trauma and injury, boating accidents in the state of Florida in 2014 cost $10.6 million worth of property damage. The Miami-Dade stretch reported the highest number of accidents (79), fatalities (10) injuries (47) and damage totaling $2,225,350. In various places, the numbers are different. This is a good enough reason to buy insurance.
Different Kinds of Boat Insurance
There is no one size fits all boat insurance. If you are looking for this insurance, do see what the different kinds of insurance policies cover, the conditions under which the damage is payable and other details. Your boat insurance can include liability for injuries and damage under certain conditions. You have to specify the limits of the policy and then buy boat insurance.
Since boat insurance is not mandatory in Florida, you get some leeway in deciding what kind of policy covers your needs and circumstances. You can opt for limited liability policies or more comprehensive ones that will cover damage, replacement of your boat or its parts, emergency services and even injuries or damage caused by a boater who does not have insurance.
Coleman Insurance Agency Can Help You With All Your Insurance Needs
With so many differences and choices, it can get confusing. Call one of our experienced insurance experts and they can help you decide what is best for your circumstances. Contact us today for a free quotes regarding your boat insurance and homeowners insurance needs. Our insurance agency also offers waterfront home insurance as well.