Boaters had better have insurance

Who needs it? You do. Many boaters are on the water without adequate insurance coverage or none at all. In today's world, that's a bad idea. Although few, if any states require boats to be insured like automobiles, it's a good idea if you have anything more than a minimal investment in it. If you have a loan with the boat as collateral, their lender usually will require you to keep the boat insured. However, this may not be sufficient to protect you since they are only interested in getting their money if tragedy strikes.