My husband and I are getting ready to purchase a used boat. It is a 1997 and we will be getting a loan through the bank for like ,000. Will we have to carry boat insurance? We will only be using the boat on the river and maybe a few large lakes.
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The bank will require "hull and machinery" insurance for the value of the loan. Liability is up to you. The premium will be based on the amount of usage, waters you intend to sail on, and your experience level. The policy may even restrict which bodies of water you may sail on. Read it carefully.
yes. because it is financed just like a car. you will want insurance. remember insurance= in case sh!# happens.
Of course you need insurance, how else would the bank collect on the note if the boat was destroyed by fire, or stolen ? If it’s a personal loan, you’re on your own.
i think its best if you carry boat insurance with you.better be safe than sorry.
boatus.com has the best boat insurance you can get on line quote
Think about a boat mishap you have caused. It is wise to carry insurance.If you hit someone or have collision your gonna need insurance.Dont let anybody tell you otherwise.
I have seen people get sued for everything they own because they didnt have insurance.