As it stands, "The vehicle towing a trailer has to be insured"--that's the official word according to www.dmv.virginia.gov. And if you finance a boat or use it as collateral for a loan, the lending institution likely will require you to have insurance. Also, you may be required to have boat insurance in order to dock your boat in certain marinas or harbors. But that's the extent of it.
According to http://www.dmv.org, a privately owned website that is not owned or operated by any state-government agency, there are only two states (Arkansas and Utah) that have clear boat-insurance requirements.
However, not being required to have boat insurance doesn't necessarily mean you should be without it. One reason some people forego boat insurance is their thinking that boats are covered under their home-insurance policy. A home-insurance policy may provide very limited coverage for a smaller boat parked on your property. But the general rule of thumb is most large items that have their own specific type of insurance available only can be covered by that specific insurance. So, if you have a boat, your best bet is to have boat insurance.
* Liability. As careful as you may be while operating your boat, the fact remains that accidents happen. If you are found to be at fault for an accident, you can be held responsible for certain costs associated with that accident. Boat-liability insurance can cover costs related to bodily injury and property damage suffered by others in a boating accident you cause.
* Boat Coverage. There is no denying that your boat faces a lot of risks, and repairs can be costly. Fortunately, there are boat-insurance coverages that can help you get your boat fixed after it has been damaged. Common types of coverages include:
Collision - This will help with repairs to your boat after it is damaged in a collision.
Comprehensive - This can help get your boat repaired if it is damaged in several types of non-collision-related incidents. For example, if your boat is damaged in a fire, this coverage can help cover the repairs.
On-Water Towing - If your boat breaks down on the water, this coverage can help get you back to the dock.
* Medical Coverages. Along with the risks your boat faces, your body also faces some risks when operating a boat. Boat-insurance medical coverages can help with costs related to injuries you may suffer in a boat crash. (Note: Consider your health insurance before purchasing medical coverages. You may find that your health insurance provides more than adequate coverage for boat-related injuries.)
Several boat-insurance companies offer even more types of coverages, so before you purchase a policy, consider what exactly you need. Keep in mind that not all companies offer the same types of coverages. You also may find some companies with limitations as to what boat they will cover. These limitations can involve the size of your boat, its age, and the type you have.
Incidentally, if you're not familiar with the requirements for having one of these cards, I highly recommend you get familiar by checking out the information found on this link: https://www.boat-ed.com/virginia/boating_law.html.
Do I need boat insurance? Technically, the answer to that question is no. But you may wish you had some if you're ever involved in a mishap on the water or become the victim of a fire or natural disaster. Boats and boat repairs aren't cheap. Consider, too, that if you're ever in a boat collision, your assets can be put at risk in a potential lawsuit. Liability boat insurance can help ease those risks.
Like a lot of other things in life, it all comes down to a matter of choices and personal priorities. Choose wisely.
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