Is Boat Insurance Required in New Jersey?

Your watercraft is one of the most important investments you’ll ever own. From salt water treks across the open sea to a weekend fishing trip on calm lake waters, every trip you make offers an adventure of a lifetime. However, spending any time on a boat will leave occupants at risk for accidents, collisions, or weather related destruction that may completely ruin your special investment. Before putting your boat out on the water in Chester, NJ, it’s important to understand your individual insurance needs for your watercraft, and whether owning a coverage policy is required by law.

Boat insurance is not required by the State of New Jersey, but it is highly recommended for anyone who intends to be out on the water in their own craft. There are several unique types of boat insurance policies available for all different kinds of individuals, including:

• Agreed Amount Value for repairing or replacing a boat up to a specified amount in the insurance owner’s policy.
• Actual Cash Value Coverage for factoring in the depreciation amount of a boat before repairing or replacing it.
• Replacement Cost Coverage for expenses related to repairing or replacing a boat. Your local insurance agent can help you to decide if this type of coverage is for you.

For more information about the types of boat insurance available to you, reach out to the team members at The Insurance Outfit, your coastal experts on policy for watercraft and beyond. Located in Chester, NJ, The Insurance Outfit has consistently brought the residents of New Jersey some of the most comprehensive boat insurance policies available on the market. Call or visit our office now to learn more about how we can better serve you and start building the perfect boat insurance policy today.