Is Boat Insurance Required in Georgia?

With the temperatures heating up in Georgia, many residents are flocking to the waterways with their watercraft as a way to cool down and have fun. Although boat insurance is not required in Georgia, it is common sense to have it given the large investment that is made when purchasing a boat. Similar to buying a car, where you purchase insurance to protect yourself if there’s an accident, the same rule applies for a boat. Not only does boat insurance protect your property, but with nearly half of all boating accidents resulting in injury, it can protect your financial assets if you are found liable. You can be the world’s safest boater, but there are always going to be other people on the waterways that do not have insurance and if you are in an accident with one of them you’ll have to cover the cost of the damage to your boat.

Boat insurance protects you from a variety of accidents and natural risks such as sinking, fire, theft, storms, and collision. While the boat property covered can vary from policy to policy, the majority will cover key components of the boat to include anchors, safety equipment, motors, and the hull. When choosing a policy, be sure to ask whether it offers replacement cost coverage or actual cash value. Replacement cost will cover the expense of repairing the boat to its original condition whereas actual cash value takes into account depreciation. 

In conclusion, boat insurance may not be required by the state of Georgia; however, purchasing coverage is an inexpensive way to protect your new boat and your assets in the event of an accident. When it comes to choosing a policy, it’s always a good idea to shop around and at the LG Insurance Group in Marietta, GA we’ll work closely with you to find a policy that works within your budget and meets all your needs.