The average boat owner hits the water without a second thought. Local lakes and rivers are spacious and inviting, unlike congested and relatively dangerous roads.

However, if you are like most boat owners, you’ve likely wondered if there is a legal requirement to have boat insurance. Atrium Insurance Group, serving the Centennial, CO area, has the answer.

Boat Insurance Requirements in Colorado

Colorado does not have a law on the books that mandates boat insurance. If you are a recreational boater heading out to local lakes or rivers, you can do so without insurance.

However, if you do not own your boat outright, your insurance company might require that you obtain insurance. The insurance company’s motive for an insurance mandate is that it provides financial protection for their loan in the event of a boat/watercraft crash, leak or damage.

Other Instances When Boat Insurance Is Necessary

Aside from financing, boats might also require insurance if stored at a Colorado marina. The bottom line is storing boats in public places, including marinas, presents an element of danger. Insurance safeguards the vessel against vandalism, damage, theft, leaks and more.

Boat financiers and marinas tend to require boat insurance in the form of liability coverage that safeguards against damage and injuries. Lenders and marinas also tend to require hull coverage to protect boats against potentially costly boat/watercraft physical damage.

Fail to obtain boat insurance and you might be on the hook for the cost of repairs or possibly even full replacement after an unfortunate vent. The silver lining is that boat insurance is surprisingly affordable, often costing half or less the annual sum of automobile insurance.

Get Your Quote From Atrium Insurance Group

Are you thinking about getting a boat or already bought one? If so, give us a call today for your personalized quote. We serve the entirety of Centennial, CO and surrounding areas.