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Allen, TX 75013

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What Happens If I Don’t Have Boat Insurance?

Not having boat insurance could be disastrous, as it’s the only way to protect your financial interests if something goes wrong. Even a minor accident on a boat can be catastrophic, as they often have a high value and are hard to repair or replace. 

Not having the insurance can even put your financial well-being at risk in the future, as you might lose your homeowners’ or renters’ insurance if the policy has a clause that bans boats from your property. You can contact Texas Independent Insurance in Allen, TX for navigating this important insurance coverage.

Boat Insurance Coverage: What You Need To Know

Not having boat insurance can lead to serious financial repercussions if something happens to your boat and it can’t be used anymore. The insurance comes with a variety of benefits, including liability coverage, medical coverage, and sinking coverage. With sinking coverage, your boat will be covered if it sinks due to circumstances beyond your control, like a flood or storm. Liability coverage pays for any costs associated with damages or injuries that happened due to negligence on the part of the boat’s owner. 

Boat insurance is mandatory in some states, and it’s a good idea to have it even if it’s not required. Without boat insurance, you won’t have coverage if your boat causes property damage, injuries, or even fatalities. If you’re ever in an accident, you won’t have legal representation on your side. Not having boat insurance may seem like a good idea if you’re on a tight budget, but it’s a risk you shouldn’t take. 

You may not have thought about it, but a sudden drop in temperature can cause your boat to become frozen in the water. If you don’t have insurance and your boat becomes frozen in the water, you may be stuck with significant repair bills. It may be obvious, but you also need to have the right level of cover if you have passengers on board. Passengers may not be covered by your policy and you may be held responsible for their injuries. If you don’t have insurance, you may also be unable to replace your boat if it’s damaged beyond repair. 

Give Us A Call

Not having boat insurance leaves you with very little protection in case of an accident or emergency. The consequences of not having insurance are severe – you could be sued for damages, or even lose your boat if you cause a serious accident. 

You also risk losing your license if you’re caught without the required amount of liability coverage. The other party would likely sue you for damages, and you wouldn’t have any way to pay for it. Texas Independent Insurance in Allen, TX is here to offer you expert insurance advice.

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