What are the minimum boat insurance requirements in Virginia?

Those wishing to operate a boat in Williamsburg, VA must abide by the rules established by the state’s department of motor vehicles (DMV) before getting behind the wheel of a watercraft. First, potential drivers must be at least 14-years-old. Second, potential operators must fulfill boating education requirements, which may include online as well as in-person courses. It is also paramount that those who own a watercraft have proper insurance coverage to pay for damages caused by accidents. Commonwealth Insurance Center can help you meet the minimum boat insurance requirements in Virginia. 

Does homeowner’s insurance cover watercraft as well?

In some instances, homeowners may find that their boat is also partially covered by their residential indemnity plan. It is not the better idea, however, to solely rely on homeowner’s insurance to pay for all damages ensued by an accident on the water since policy limits tend to be low. You may, at best, receive $1,500 to repair your boat. You are still financially responsible for medical bills of others injured if you were at fault as well as repair costs that exceed the payout from your homeowner’s insurance plan. 

With so little being offered by homeowner’s insurance companies, many boaters in Williamsburg, VA choose a specialized policy for their watercraft. The average Virginia boat insurance provides coverage of anywhere from $100,000 to $1 million. You can, of course, go beyond minimal liability policy limits and choose more products for even more financial assurance. 

The need for yacht insurance

It is important to understand that watercraft between 16 and 26 inches are typically classified as standard and, thus, may be insured under traditional liability limits. You may need to go the extra mile to insure a yacht, which is a boat that exceeds 26 inches. 

Commonwealth Insurance Center can help you find the right type of insurance so that you are fully protected on the water. Contact us today for a quote!