If you own a boat, you want to carry boat insurance. Boat insurance helps to cover the boat against accidents while you are boating. But if the watercraft is inoperable, you may wonder if you can and should insure it. This is a question that we at State Insurance Solutions, serving the greater Arlington, TX area, is often asked. Here is some information you need to know about insuring inoperable boats.
What Insurance Covers
Boat insurance helps to protect you against accidents on the waterways. But it also covers your boat if the boat is stolen or vandalized or if someone hits the boat while it is being transported. When your boat is inoperable, you may be towing it to be repaired or someone may vandalize it where it is being stored. As such, you still want insurance coverage on the boat even if you cannot use it on the waterways. This helps to protect the investment you have made in the boat. Additionally, you are required to insure the boat if you still have a loan out on the boat, regardless of whether it is inoperable or not.
Claiming the Boat is Inoperable
If your boat is inoperable or you only plan on storing the boat and not using it, you will want to convey this information to your insurance company. The company may be able to reduce the cost of your boat insurance. However, the policy may be written so that it excludes any coverage on the waterways. As such, this is not something that you want to misrepresent to your carrier.
If you are looking to insure either an operable or inoperable boat in the greater Arlington, TX area, let State Insurance Solutions. We can help with all of your insurance needs, including boat, auto, home and life. Give us a call today to discuss all your insurance needs.