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Coppell, TX 75019

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Texas Insurance Blog

Is Boat Insurance Required in Texas?

Texas may not require boat insurance to operate your vessel, but that does not mean you should skimp on the coverage. Just as accidents can happen while driving a vehicle or at home, so too can they happen on the water. Furthermore, with boating exploding in popularity in recent years, accidents have exponentially increased. Protect yourself from liability to other people and their property and damage to your expensive watercraft through boat insurance. While Texas does not require boat insurance, if you financed the purchase of your watercraft, your lender is likely to mandate that you have coverage to protect their investment. 

Similar to car insurance, most boat insurance policies include protection for a variety of causes of physical damage including storms, theft, collisions, and fires. In addition, as mentioned above, your policy will also include liability coverage to protect you from being sued or having to pay the medical bills of a third party in an accident that you caused. There are three main types of boat insurance policies. The first, replacement cost, will reimburse you for the full amount required to repair the boat to original condition or replace it with an identical model. The second, actual cash value, takes the depreciation of the boat into account and, if the watercraft is totaled, would pay out what the boat is worth at the time of claim; not when you first purchased it. The third type of boat insurance is agreed amount, where both the policyholder and the insurance company agree on the payout in advance.

At David King Insurance Services LLC in Coppell, TX, our friendly and professional team are ready to answer all your boat insurance questions. Give us a call today to learn more information and to schedule a consultation. 

Is Boat Insurance A necessity?

Purchasing a boat in Coppell, TX is a massive investment that is a dream come true for any resident. This considerable investment extends your crafts buying price. Whether you are a new boat owner or considering owning one, it’s paramount to familiarize yourself with the available coverages to offer your watercraft formidable protection. Boat accidents might not often happen in Coppell, TX like car accidents.

Still, it’s instrumental in safeguarding your vessel as you do with your automobile in case of impending peril. Please contact our dedicated agents at David King Insurance Services LLC and get affordable boat insurance coverage that meets your needs and budget. Keep reading to verse yourself why boat insurance is an absolute necessity.

Asset protection

Did you know that devoid of formidable insurance, you could potentially lose your investment if an accident strikes or unforeseen events crop up? It is imperative to beware that a single storm may sink a boat while an impending fire may burn your boat or get vandalized. Investing in boat insurance can pay for the costs of replacing or repairing your boat when covered perils damage it.

 Protect a boat owner

What happens when you trigger injuries to your passenger, a swimmer, or propagate damage to another boat while utilizing yours? These instances make you liable for the resulting bodily injury and medical costs as well as property damage expenses. Third parties could file lawsuits forcing you to use a significant amount of money. Luckily, boat insurance comes in to rescue you from paying these costs out of pocket.

Environmental protection

If your watercraft gets massive damage and leaks fuel and oil into the water or sinks to the bottom of the lake or ocean, you are liable to cater to the removal or cleanup process as a boat owner. Fortunately, if you have coverage that encompasses wreckage removal and fuel spill, you are salvaged by paying a fortune from your wallet.

Provides emergency assistance and towing

Have you ever imagined what could transpire if your boat engine fails or you run out of gas in the middle of a lake or ocean, and you require the services of professional towing? Investing in this form of coverage assists you in settling these services, which sometimes prove to be expensive.

Let’s gain peace of mind while cruising Coppell, TX waters with our boat, knowing that you are protected when a disaster strikes. Please don’t hesitate to call or visit us at David King Insurance Services LLC and get a customized quote for your boat insurance.

Do I Need Boat Insurance In Texas?

While boat insurance isn’t mandatory in Texas, you need to carry one from David King Insurance Services LLC to protect you and your boat. Additionally, even though you are carrying home insurance, it only protects your boat for a limited dollar amount. In light of this, you need boat insurance in Coppell, TX for the reasons below.

Liability coverage

Suppose you cause damage to other boats, docks, or other structures. You will be faced with substantial property damage costs. The same case applies if you cause bodily injury to other persons while using your boat. Boat liability coverage pays for legal costs, medical expenses, and property damage for losses and damages caused to third parties.

Physical damage

The comprehensive and collision boat coverages protect against perils like collisions, theft, vandalism, falling objects, hails, and other covered risks that may damage your boat. 

However, when purchasing boat insurance, be sure you understand the difference between replacement and actual value. The replacement cost policy pays to replace or repair your boat to its original condition without factoring in deprecation. On the other hand, the actual value policy pays for repairs or replacement less the depreciation value. 

Medical coverage

With the personal injury protection (PIP) coverage, you and your passengers’ medical costs are covered, regardless of who caused the accident. Additionally, this coverage pays for final expenses and partial loss of wages resulting from a boating accident.

Other coverages

Depending on the add-ons you incorporate in your boat insurance, you can get the below additional coverages.

  • Protection from uninsured/underinsured boaters: Given that boat insurance isn’t mandatory in Texas, many boaters don’t carry watercraft insurance, putting you at risk.
  • Emergency assistance: With this add-on, you get services like gas delivery, towing, and battery jumpstarting when your boat is disabled in the water.
  • Personal effects coverage: Protects your items in the boat in case of damage or theft.

Are you ready to get started with boat insurance? Please contact David King Insurance Services LLC of Coppell, TX today for all your boat insurance needs.

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