It is advised. As with any insurance, you should buy boat insurance to protect yourself against an unforeseen circumstance. The boat that you buy may represent a significant financial investment that you can’t afford to lose. You may have even secured finance on your boat purchase in which case insurance may be a condition of your finance agreement.
Sometimes given less consideration is that as owner you have a legal responsibility by owning a vessel. This could include friends and family on board that suffer injury or third parties property that you may damage with your vessel.