Boat/Watercraft Insurance in Virginia
For those wishing to purchase and operate a watercraft in Fredericksburg, VA, specific laws established by the Department of Motor Vehicles must be met before getting behind the wheel. Drivers must be over 14-years old, fulfill boating education requirements, and have proof of the proper insurance coverage to pay damages in the case of an accident. Insurance Piggy Bank can help meet the minimum Virginia requirements.
Homeowner’s Insurance Coverage
In some cases, a watercraft may be partially covered under homeowner’s insurance in the residential indemnity plan section. However, it is not advisable to rely only on this type of insurance to pay damages in the event of an accident. Owners are still required to pay the remaining cost of medical bills for the injured, repair costs and property damage.
Virginia State Insurance Minimum
Virginia state law does not mandate that owners carry boat insurance but state registration of the vessel alongside a boating safety course are required. In most cases, those who have taken out a loan on the boat must show proof of insurance to the lenders as part of a purchasing requirement. Since homeowner’s insurance only covers a small portion of the accident costs, selecting a specialized watercraft policy is recommended and critical. Boat owners are encouraged to go beyond the minimum liability policy limits offered insurance companies. Other insurance products can be selected for additional financial assurance and peace of mind.
One noteworthy point is that a watercraft is defined as a water vehicle ranging from 16 to 26-feet is considered standard and can be insured using traditional liability limits. For a yacht, which is a boat exceeding 26-feet, additional yacht insurance will be required.
For more information on watercraft insurance, contact Insurance Piggy Bank today by calling or stopping by. Our professionals located in Fredericksburg, VA are standing by to answer all your watercraft insurance questions and find a plan that works best for your budget.