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Do I Need Boat Insurance in Maryland?

Spring is fast approaching, and it is just about time to take our boats out and enjoy the great outdoors. Fortunately for us Marylanders, we never have to go too far to find a place to participate in water sports. So, as we get ready for the warm months, this is a good time to review insurance coverage for your boat.

In Maryland, there is no state requirement to carry insurance on your watercraft. However, there are other circumstances in which coverage may be required. These include:

When the Boat is Collateral for a Loan: As with automobiles and other vehicles, whenever a bank loans money for the purchase of a boat, they will require you to insure it. In fact, if you finance a boat and fail to obtain insurance coverage or your current coverage is canceled or you allow it to lapse, the lender will force place insurance of its own on the watercraft and include the premium with the loan payment. When the lender obtains insurance, it tends to be far more expensive than if you purchase it on your own. So, if you have a loan on a watercraft, you will definitely need to obtain boat insurance.

The Marina where the Watercraft is Docked Requires Boat Insurance: Another common reason you might be required to obtain boat insurance is if you dock the boat at a marina during the warm months. Many marinas will require you to carry liability insurance on your boat to protect against any damage your watercraft may do to other people or property. Check with your marina to find out if boat insurance is needed and how much liability coverage they require.

Here are a few other things to keep in mind about boat insurance in Maryland:

Speak with a Maryland Independent Agent to Discuss Boat Insurance Options: There are numerous factors that determine what type of boat coverage you need, and the price of your policy. To find the best policy to fit your needs and budget, it is best to work with a local independent insurance broker. Independent agents work with several of the top insurance carriers in your state, and because they are not captive to any one particular insurer, they can shop around for you and provide an objective opinion on which company are offering you the best deal.

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Author: Todd Balderson Publish Date: February 20, 2019

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