If you are a boat owner, it is highly likely that you don’t pay much heed to boat insurance. This is because a boat is less likely to be stolen or suffer severe damages; However, natural calamities like hurricanes (remember Katrina and Rita) and cyclones in the recent past have made insurance policies integral to boat ownership. Boat insurance ensures that your boat is covered thoroughly whether it is drifting in the open seas, snug on the trailer or tied at the dock.
Just like any other vehicle insurance, boat insurance policies also cover the damages due to a fire, collision, personal and property damages and natural calamities. Some insurance companies will also offer additional cover for your watercraft when you select boat insurance. For boats purchased on a loan, the bank will probably make it mandatory for you to get the boat insured equivalent to the amount loaned. Similar is the case with most yacht clubs and marinas, where you are not allowed to launch or dock your boat unless your boat is insured against property and third party personal claims.
Myriad issues have to be considered while choosing boat insurance. From a minimalistic boat liability policy to an all-inclusive sea protection policy, the market is flooded with boat insurance quotes. Considering the confusion caused by these policies, here are 3 ways to insure your boat, without any hassles:
Liability Coverage: Know What You Need
As a boat owner, you should know the exact use your boat will be subjected to. Will it be towed by a trailer from lake to lake? Or will it be docked for more than six months during a year? In either case, you have to choose a policy covering towing damages and docking coverage (for e.g. ‘storage only’ coverage). Make a list of your specific needs and choose a policy that covers all or most of them. Nowadays, insurance companies are quite flexible and can create specific policies catering to individual needs.
Property Protection: Devil is in the Details
Are fuel spills covered by the boat policy? Will your coverage be dropped if you jump offshore? Is the policy in accordance with Agreed value or Actual Cash Value? These are some of the questions you must ask prior to buying boat insurance. Make sure you read all the details in the policy document to avoid any problems arising down the road. Also, accessories like watercraft have to be specified at this step and you can choose to customize the policy further here.
Compare Boat Insurance Quotes Online
Shop boat insurance policies like you shop for clothes. Start your research online by comparing quotes from insurance companies. You can choose your requirements and an instant free quote is presented to you. Furthermore, you can also purchase a policy right then. Some of the best and competitive quotes can be generated instantly at:
A policy should insure the current value of the boat. Remember, higher premiums need not necessarily mean higher protection levels. Stick to the basics of auto insurance while choosing a boat insurance policy too. So, before setting sail to the seas, make sure you and your boat are covered adequately.