One of the best ways to spend a nice warm day is to be out on the water on your boat. While owning a boat is a lot of fun and gives you a lot of great things to do, there are also a lot of responsibilities that come with owning a boat. Since it is such a significant asset, getting insurance in place could be very beneficial. There are several reasons why you may need to have boat insurance in place whenever you are out on the open water. 

State Requirements

For those that are in the Sandy, UT area, and the rest of the state of Utah, having the minimum boat insurance levels in place is a necessity. The state of Utah will require that you have minimum levels of liability insurance in place including $15,000 in property damage coverage and minimum bodily injury liability coverage of $25,000 per person and $50,000 per incident. These basic requirements will only provide you with liability coverage and will not cover any of your assets. 

Lender Requirements

Many boat buyers today end up financing a portfolio of the purchase through the use of a boat loan. If you have a loan that has a lien on it, you will be required by law to carry the proper insurance required under the loan. This will normally include having collision and comprehensive coverage that will protect your boat in the event it is stolen, damaged in an accident, or vandalized.  

If you have decided to buy a boat and would like to learn more about your insurance needs, The Smith Insurance Group, Inc. can help you get started with a quote and a policy. The Smith Insurance Group, Inc. can help Sandy, UT area residents by answering their questions and helping them get started on a policy.