In Colorado, you are not required to maintain boat insurance in order to operate your boat or watercraft on the water. However, if your boat or watercraft is financed, your lender will require you to carry insurance to protect their asset until it's paid off. In addition, most marinas and boat docks require you to have boat or watercraft insurance to use their facilitates so it will pay for any damages you may accidentally cause to a dock or other property.
Does My Home Insurance Policy Cover My Boat or Watercraft?
Boats and watercraft may be covered under your home policy in Colorado, but you need to look at it closely, as most home policies have a limit of only $1,000 to $2,000 that they would payout in the case of damages. Your home insurance policy doesn't cover any accidents while towing your boat or operating it on the water and most boats and watercraft with motors are more expensive than this.
What Does Boat Insurance Cover?
Boat and watercraft insurance in Colorado is similar to auto insurance and it also has extra coverages available for boat-related expenses. You can purchase collision insurance to cover your boat or watercraft to be repaired or replaced in the case of an accident. Comprehensive coverage pays out to you in the event that you have any damages not caused by an accident and liability insurance for bodily injury to others as well as property damage liability to pay for injuries and property loss of another in a boating accident that you may cause.
What are Other Types of Boat and Watercraft Insurance?
You can add additional insurance coverages from Anderson Atwood Consulting to make certain you can have items repaired or replaced in the event of a water accident. Some items include fuel spill cleanup, damages from water sports and salvage costs to remove your boat from the water. You can also add roadside assistance and water towing as well as insure your expensive equipment such as fishing equipment or ski equipment. To fully cover your boat or watercraft you should add mechanical breakdown coverage, ice and freezing damage coverage and hurricane haul-out coverage.
It can be quite confusing to secure boat or watercraft insurance and at Anderson Atwood Consulting, we are here to help you with all your needs. We can help you to understand all about boat and watercraft insurance and help you to decide on just the right amount of insurance you should secure to be fully covered. You can come by the office in Colorado or call us to learn all about your boat and watercraft insurance.
While our main office is located in Northglenn, CO, we service clients all over Colorado & are expanding rapidly to serve in multiple states.