You have just bought a boat! Congratulations! Now it is time to insure it. However, what should you look for when choosing a policy? Here are six vital things to consider when researching small boat insurance.
1- Assess Your Insurance Needs
When looking for boat insurance, the first step is assessing your needs. What type of boat do you have? What are you using it for? How often are you using it?
These are all critical questions to answer because they will help you determine the type of coverage you need. For example, if you are using your boat for fishing or recreational purposes, you will need different coverage than using it for commercial purposes.
It is also essential to ensure that your policy covers your specific needs. For example, if you are storing your boat in a storage facility, ensure your policy covers that. Alternatively, ensure you have international coverage if you are taking it out of the country.
Take the time to review your policy and ensure it meets your needs. If not, speak to your insurance agent and see what can be done to adjust it.
2- Compare Boat Insurance Quotes
When looking for boat insurance, comparing quotes from different providers is essential. That is because the cost of boat insurance can vary quite a bit, depending on the company you go with.
You will want to ensure you are getting the best coverage for your needs, which means comparing policies and premiums. It can be time-consuming, but it is worth it in the end.
When you are looking for boat insurance, be sure to keep these things in mind:
- The Size and Value of Your Boat
- The Type of Boat You Have
- Your Boat’s Usage (Pleasure or Commercial)
- The Age of Your Boat
- Your Boating Experience
- Your Cruising Area
3- Learn About the Companies You Are Considering
When looking for boat insurance, it is essential to do your research. This means learning about the companies you are considering and their policies. It is also essential to read the reviews of those companies. Are people happy with the service they have received? Are claims being handled promptly? What are the premiums? How comprehensive is the coverage? By asking these questions, you can make an informed decision about which company is right for you.
4- Make Sure You Get Enough Coverage
One of the most important things to consider when researching boat insurance is ensuring you get enough coverage. You want to avoid being caught in an underinsured situation and paying out of pocket for damages.
There are a few things to keep in mind regarding getting enough coverage. First, you will want to ensure your policy covers your boat’s total value. If you have a loan on your boat, your lender will likely require that you have full coverage.
Next, you will want to ensure your policy covers any accessories or equipment you have on board. This can include things like fishing gear, life jackets, and more. Finally, you will want to make sure you have enough liability coverage. This will protect you if someone is injured while on your boat. The amount of coverage you need will depend on the value of your boat and the laws in your state.
4- Check for Discounts and Special Rates
You can get a discount on your boat insurance if you are a boating or yacht club member or if you have taken a boating safety course. Additionally, some insurers offer discounts for installing specific safety devices on your boats, like GPS tracking or an emergency beacon.
It is also worth checking to see if your home insurance policy offers any coverage for boats. Some policies will cover personal belongings on a boat, and some will even cover the boat itself in the event of damage from a covered event (like fire or theft). This can be a great way to save on boat insurance, so it is worth looking into.
5- Ask About Riders or Additional Coverage
Also, ask about riders or additional coverages. Riders are additional coverages that can be added to your policy for an additional cost. They can cover emergency towing, fire damage, uninsured boater coverage, and more.
Additional coverages, on the other hand, are coverages that are not included in a standard policy. You might have to pay extra for these, but they could be worth it, depending on your needs. Some examples of additional coverage include trip interruption insurance, environmental liability insurance, and tournament fishing insurance.
6- Know What is Not Covered by Your Policy
Boat insurance is vital for anyone who owns a boat, but it is also essential to know what is not covered by your policy. Here are eight things to keep in mind:
- Most policies will not cover damage caused by normal wear and tear.
- If you knowingly provide false information on your policy application, your insurance company can deny your claim.
- Insurance companies typically will not cover any damage caused by an act of war or terrorism.
- Most policies exclude coverage for nuclear accidents.
- If your boat is used for commercial purposes, it is likely that your policy will not cover any damage that occurs.
- If you are found to be operating your boat while under the influence of drugs or alcohol, your insurance company can deny your claim.
- If you intentionally damage your boat, your insurance company can refuse to pay for your claim.
- Most policies limit the amount they will pay for any one incident, so it is essential to know what that limit is before purchasing a policy.
When looking for boat insurance, it is essential to research what is covered and what is not. Make sure you ask lots of questions and are clear on the policy before you sign up.
Boat insurance can be a great way to protect your investment, but it is essential to ensure you are fully covered. Make sure you understand what is and is not covered by the policy, and ask lots of questions before you sign up.