The majority of states in the United States do not require boating insurance. Arizona is no exception, meaning that you do not have to purchase boating insurance to register or operate your boat within the state.
As you can imagine, the decision to operate your boat without insurance can have major implications, especially if you’re involved in an accident. Before putting your boat in the water, consider the following information about insurance policies.
You probably have a lot of money invested in your boat. Unfortunately, you can lose it all in a blink of an eye if your boat is involved in an accident. An insurance policy can help you recoup all or some of the money you’ve invested in your boat, depending on the type of coverage you choose. There are two main types: agreed value and actual cash value. The former will reimburse you for the full value that your boat was worth when you purchased the policy. The latter will deduct depreciation and only payout what the boat is worth at the time of the claim.
Most insurance policies cover the value of your boat along with equipment that’s permanently attached to your boat as well as the anchor, oars, motor, tools, and seat cushions. You can also add on additional coverage options which may include medical expenses, uninsured boater liability, and towing assistance. If you plan on boating outside of the country, you can add coverage for your trip as well.
You won’t break any laws if you boat without insurance in Arizona. However, you may lose your boat and all the money you’ve invested in it. You may also have to pay medical bills for injuries sustained on your boat . Talk to INW Insurance Group today to see what your insurance options are.