Nebraska has many beautiful lakes that are great settings for family fun. Therefore, if you've considered buying a speedboat, you'll have many destinations to choose from. In addition to the cost of purchase, you should also budget for boat insurance. Below is an introduction to help you understand how much coverage you need.

Are There Legal Requirements?

Unlike with car insurance, the state of Nebraska does not require boaters to purchase boat coverage. However, it is a smart investment for safeguarding your financial future. 

Your marina may also require you to have insurance to protect their other clients. Finally, if you borrowed money to buy the watercraft, your lender will likely insist that you maintain certain types of coverage to protect their investment.

What Does Boat Insurance Cover?

Boat coverage contains bodily injury liability protection, which pays for other people's medical care if you're deemed at fault in an accident. Property damage liability similarly pays to repair or replace other people's belongings if your actions have led to their harm. 

Collision and hull damage coverage handles repairs to your own boat. Finally, fuel spill liability pays the fines and cleanup costs if your boat leaks oil or fuel and pollutes the lake. 

How Much Do You Need?

Because boat insurance is optional, needs vary by the boater. You should at least maintain enough hull and collision damage coverage to match the boat's replacement cost. As for liability, speedboats are fast and powerful. Therefore, the medical and legal expenses for boating injuries could easily reach many thousands of dollars. Likewise, the cost of replacing another boater's speedboat could be extremely high. Consider carrying enough coverage of both types to protect yourself from financial responsibility if something unfortunate should happen. An agent can help you determine this amount.

If you seek coverage for your speedboat, contact Accredited Insurance Group in Omaha, NE. They offer top-quality products and provide invaluable advice and guidance in designing a policy. Consider bundling your boat policy with home, auto, RV, or motorcycle insurance to qualify for a multi-line premium discount. Learn more about these products by visiting their website, or call (402) 334-1780 to request a quote.