Boat/Watercraft Insurance in Pennsylvania

If you're a Dresher, PA resident and considering purchasing a boat, you might wonder about insurance coverage. If your boat is paid in full, then boat insurance is optional in the state of Pennsylvania. However, if you're making payments on your boat, your lender might require that you maintain insurance for the life of the loan. Here is a brief overview that can help you understand how boat insurance works and what it covers.

What Does Boat Insurance Cover?

Boat insurance can be compared to car insurance, as it covers damage that may occur due to an accident. It also provides coverage for medical bills and more, like auto insurance does. However, specific coverage will depend on the type of boat insurance you opt for.

Types of Boat Insurance

There are a few types of boat insurance, and here are the most common types offered by a majority of insurance agencies, like Daniel Fitzsimmons Agency and more:

• Boat liability insurance -Covers the injuries to passengers as well as damage to other boats and property
• Property insurance -Covers damage that is sustained while on the water or land
• Agreed upon payments - If your boat is damaged, you and your insurer will agree on the amount of the payment
• Actual cash value - This type of boat insurance will pay you the specific value of your boat at the time of the incident

As you can see, boat insurance isn't necessary in Pennsylvania unless your lender requires it. Even if your boat is fully paid for, purchasing an insurance policy is always a good idea, as it can give you peace of mind. You can never predict when a passenger might become injured, your boat might sustain damage, or some other unfortunate incident occurs. We offer boat insurance in addition to other types of insurance at Daniel Fitzsimmons Agency in Dresher, PA, and can provide you with reliable insurance. Call us today and one of our friendly insurance agents can provide you with a quote.