If you're a boat enthusiast in the Federal Way, Washington area, you may be wondering if you need to purchase boat insurance even if you don't own the boat. The answer is yes, it is always a good idea to have insurance on a boat that you don't own. Most states don't require boaters to buy insurance for their boats, but many marinas require some type of coverage if you want to use a pier or mooring. Additionally, if you are financing the purchase of a boat, your bank will require insurance.
Even if none of these requirements apply to your situation, it's still wise to take out boat insurance. This is because without it, you won't receive any coverage for the losses you incur. Many boat insurance policies cover damage caused by another person driving your boat, as long as you allow that person to drive your boat. However, it's important to check your policy to be sure.
If you regularly pay someone, or people pay you, to use your boat, you'll need a type of commercial vessel insurance. Boats may be covered by a homeowners policy, but there are generally limitations on the size and value of the boats that can be transported with that policy. It's also important to note that most boat insurance policies only cover recreational use. Because the costs of a civil liability lawsuit and judgment can be significant, it's essential that you have boat insurance to protect yourself from liability.
If you have a boat in the Federal Way, WA area, it's very important that you keep it properly covered by insurance.