Enjoy a Relaxing Day on the Water with the Right Boat Insurance

Enjoy a Relaxing Day on the Water with the Right Boat Insurance

If the sun is shining and the mercury is climbing, chances are you’re ready to take your boat out for some quality time on the water with family or friends.

The National Marine Manufacturer’s Association estimates that 35.7% of U.S. adults participated in recreational boating at least once in 2014, with total recreational marine spending reaching $35.9 billion in 2015.

Americans spent $17.4 billion on new boats, marine engines and marine accessories in 2015, and there were 11.9 million registered boats in the U.S. during the same year. 1

While boating is one of the most popular ways to spend a weekend or vacation on the water, it’s also important to be ready for the unexpected. Along with  good life jackets to protect you and your passengers or a quality boat cover to protect your vessel from the elements, do you also have the right boat insurance in case your adventure doesn’t go as planned?

Why do I need boat insurance? Is boat insurance required?

If you’re asking yourself these questions, consider the following possibilities:

Although boat insurance is not necessarily required by law in the state of Missouri (laws will vary by state), here are a few important reasons why you need to consider purchasing boat insurance to protect yourself from these and other hazards:

How much is boat insurance?

There are many factors that will affect the cost of boat insurance and the type of coverage you choose. Let’s take a look at some of the things you’ll want to keep in mind when comparing different policies and boat insurance quotes:

Selecting a boat insurance policy

When purchasing insurance for a boat, your options include liability coverage as well as a choice between an actual cash value or an agreed amount value policy.

Before you head out to the lake, river, or ocean this summer, make sure you have the correct boat insurance policy. Your time on the water will be that much more fun and relaxing when you know you’ve got the protection you need.

From Progressive boat insurance to Travelers, there will be a policy to fit your unique needs. Not sure which policy is right for you? Contact The Resource Center. We’ll answer all of your questions and help you select the best insurance coverage for your boat.

Sources:

1 – Grow Boating. (2017). Facts and Figures. Accessed from https://www.growboating.org/toolkit/facts-and-figures.aspx .

2 – MacDonald, Jay. (2011). 6 things to know about boat insurance. Bankrate. Accessed from http://www.bankrate.com/finance/insurance/6-things-know-boat-insurance-1.aspx .

3 – Boat US. (2017). Do I need boat insurance? Accessed from http://www.boatus.com/newtoboating/do-i-need-boat-insurance.asp .

4 – Discover Boating. (2017). Insuring your boat. Accessed from http://www.discoverboating.com/buying/insurance.aspx .

We are not permitted to offer, and no statement contained herein shall constitute, tax or legal advice. Individuals are encouraged to consult with a qualified professional before making any decisions about their personal situation. We are able to provide you with information but not guidance or advice related to federal benefits. Our firm is not affiliated with the U.S. government or any governmental agency. Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and The Resource Center are not affiliated companies. AW12175556

1304 E Kingsley St Springfield, MO 65804 info@resourcecenterinc.com 417-882-1800

Start typing and press Enter to search