There are numerous reasons why it’s always a good idea for Warwick, RI boat owners to carry boat insurance coverage. At The Slocum Agency Inc., boat insurance is one of the numerous insurance products we offer.
The following are three of the most important reasons why you need boat insurance.
You can meet insurance coverage requirements that your lender set forth as part of your boat loan.
If you used a lender to finance the purchase of a boat, chances are pretty high that you’ll be required to purchase boat insurance coverage.
Boat insurance coverage ensures that any damage to a boat will be paid for by the insurance provider. This is important for lenders because the boat itself is securing the loan until the loan is paid back. Only when the loan is paid off do you as the borrower get full ownership rights of your boat.
You can protect the investment you make in purchasing your boat.
A boat is an expensive piece of equipment. If you don’t insure your boat, you won’t be compensated at all if it gets destroyed in an accident. This means that you’ll lose all the money you’ve put into your boat.
If you purchase insurance coverage for your boat, you won’t risk losing everything you’ve invested in your boat in the event of a severe accident.
You can prevent yourself from going into debt as a result of a boating accident.
If you’re determined to be at fault in a boating accident, it could cost you a great deal of money. Liability coverage on your boat insurance policy will cover any resulting expenses so that you can enjoy boating without taking any financial risks.
At The Slocum Agency Inc., we’re here to provide insurance coverage to boat owners in Warwick, RI. Contact us to learn more about our boat insurance policies.