One of the first things to know about boat insurance in Chicago is that it is not a legal requirement. Though you might find that a marina demands boat insurance in Chicago before you can start to use your slip or any moorings available, and although most banks or financing firms require it, usually you are not obliged. However, any expert would tell you that it is a smart and financially wise option to take.
Why? It is generally a very good idea to have insurance on your boat because it can offer you:
- Coverage if there is any pollution caused by your boat
- Coverage for any sort of liability you might face (general, legal, and so on)
- Coverage for the full value of the boat (after all, most homeowners’ policies may have coverage for a boat, but limits values to very small amounts, not often exceeding $2k)
- Coverage similar to many auto policies, meaning you are covered if: someone is injured on board or by the boat, there is any property damage or bodily injury caused by the boat, you require salvage fees or even fuel spill cleanup.
Additionally, you may find it possible to have appealing “add ons” to your boat insurance in Chicago. For instance, it is not unheard of to be able to add roadside assistance or the option for towing while on the water. You may find there are options for mechanical breakdowns, damages due to weather, hurricane haul out coverage, personal property that can include fishing equipment and costly electronics, and even trailer related coverage.
And just as some auto policies offer discounts for safety courses, educational courses and good records, you may find that you can obtain boat insurance in Chicago offering discounts if you have multiple policies (such as home, auto and boat coverage), you take boating safety or boater’s education training, obtaining certain boating licenses, boating in limited areas, and even discounts for being a good driver.
If you are an avid boater and you want to protect your investment (and most boats are a serious investment), then you want good insurance coverage. Limiting your liability is a very wise course of action when boating is involved, too, and so you will want to get in touch with the expert team at Business Name They can review your options, give you some quotes and ensure you are fully protected on the water and off.