Oregon is a state with a
Cruising and fishing boats are common along Oregon’s western coastline. Fishing is a major economic boon to Oregon. Although it doesn’t boast the same numbers
Oregon Boat Insurance
So, Are you required to purchase Oregon boat insurance? It may surprise you, but much like 47 other states, the state of Oregon does not require boat insurance for recreational vessels. The Oregon government does highly recommend insurance, however, and we certainly do too You may find that you don’t have a choice. Certain situations will require you to buy Oregon boat insurance:
- Loans: If you purchase a boat in Oregon with a loan, your lender will probably require Oregon boat insurance. In fact, if your lender doesn’t require some level of insurance, you probably shouldn’t trust that lender. Your lender has a very good reason to require insurance on your boat. They are several thousand (or hundred thousand) dollars in the red on your loan until it is paid off. If your boat sinks or gets wrecked in an accident, they don’t want to lose that money. Your policy will usually list the bank or
other lenderas the lien-holder. If an accident occurs, your insurance check will then list the lender as the co-payee.
- Marinas: Most marinas, yacht clubs, and dockyards across Oregon require insurance to dock. Much like lenders, marinas’ reasons are entirely practical. If your boat damages some other boat on their property, they want you to be able to cover it financially. Marinas do not want to be dragged into any litigation. They would prefer that their customers’ insurance companies mediate any collisions. You may be able to get away with a short term mooring without notice. However, a stay of any length will almost certainly prompt interest in your boat’s insurance status.
Small Boat Insurance
The case is easy to make for speed boats. Even if you don’t want insurance on your own vessel, you absolutely want liability insurance for both property damage and personal injury. Anything that goes fast can go too fast, and accidents on the water can be ruinous. You can generally find liability coverage at an affordable rate, and it can save you thousands. That is especially important for any boat you lend to others. If someone injures themselves or someone else on your vessel, you can be held liable, even if you were not present. In addition, speed boats, Jet Ski’s, and pontoon boats can get expensive very quickly. If your vessel is damaged or sinks, you want a policy to help you recoup the damages. You can read more about power boat insurance here, or pontoon boat insurance here if you remain unconvinced.
The argument for insurance is strong, even for canoes and kayaks. If you and your family are the only operators, you may decide that you don’t need liability insurance, as you’re unlikely to hit anything hard enough to cause damage. We do still recommend it, given the unpredictability of boating, and you should certainly buy it if you lend your kayak or canoe to anyone. Furthermore, you may want to
Oregon has mirrored the nationwide spike in boating accidents over the last
The fatality rate in Oregon is among the worst in the country. It is more than double the national
We know that boat insurance won’t protect you from everything. It won’t stop an accident or keep you out of a storm. What it can do, however, is keep you financially safe against such eventualities. Boating is never predictable, and no one likes to pay for something that they hope to never use. Insurance helps manage that unpredictability, however, by providing a buffer between you and the damages in