The vast majority of states do not require residents to purchase boat insurance for their watercraft. Astoria OR residents who are looking to remain safe on the waters will often ask Linda Dugan Insurance agents about these sorts of requirements. Knowing which states require boating insurance is a crucial step.
At the current moment, there are only a few states that have already issued mandatory boating insurance requirements but Oregon is not one of them. That does not mean that Astoria, OR boating enthusiasts should make the mistake of assuming that they do not require a certain amount of coverage.
Marinas often require boaters to purchase the proper coverage, so that they can remain protected from various issues that can result from mooring and slip usage. The bank is also going to have requirements that need to be met when they are providing a loan for the boat in question.
The bank is typically going to require the policy holder to purchase insurance that covers the full costs of the watercraft. In addition to this requirement, the bank is also going to be listed on the policy that is purchased as a lien holder. This keeps the bank safe, in the event that the policy holder misses any of the necessary monthly payments.
While these requirements do not always apply to the boater in question, it is always better to err on the side of caution when it comes to situations like these. The requirements may also vary depending on the size of the boat and its level of horsepower, so be sure to provide all of the necessary information to boating insurance agents.
Be sure to contact Linda Dugan Insurance to learn more about the boat insurance requirements for those who reside in Astoria, OR and the surrounding areas.