Boat insurance is not required in Colorado; however, this doesn’t mean that your finance lender will not require insurance or that you should skip having coverage. Generally speaking, if you financed the purchase of your boat, the lender will require that you carry boat insurance coverage till the vessel is paid off because this ensures that their investment in you is protected should an accident happen. In addition, storing your boat at a marina may result in the insurance being a requirement in your storage agreement. Regardless of whether or not it is required, boat insurance is a must. Interest in boating is exploding with accidents on the rise and boats are not an inexpensive investment.
Factors that influence the annual premium can include the type of boat, the boat’s length if it is being used in a commercial capacity, where the boat is being stored, and the amount of coverage you purchase. Boat insurance policies can vary from one provider to the next, but typically coverage will include liability insurance that pays the costs associated with an at fault boating accident, comprehensive insurance for non-collision related damage, equipment insurance for things like fishing gear, GPS devices and towables, uninsured boater insurance to help pay for damages or medical expenses if another vessel hits your boat and doesn’t carry insurance.
Having a boat insurance policy can save you substantial money if there’s an accident and having a professional like the team at Colling Insurance Services Inc in Lakewood, CO by your side will help you find the best coverage possible. Give Colling Insurance Services Inc a call or stop by our conveniently located office in Lakewood, CO to learn more about our boat insurance offerings.