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Inside this Article
Boat
Insurance - The
Five Things You Must Know Before Buying Boat Insurance
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If you own a boat, you definitely need watercraft coverage.
Too often, people don't realize that they need coverage for their
boats. Some don't even realize that boat coverage is available. Many
know it is available, and they think about it – they just decide that
this type of coverage isn't something that they need.
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In most cases,
they are wrong! You do need boat insurance, and you need to know
what you are looking for when you start shopping for the coverage.
Many states now
require you to carry watercraft liability coverage.
This coverage will should protect you against any damage that
you do to other people or other people's property with your boat.
The insurance should also cover you for losses due to
theft, vandalism, storms, fire, capsizing, stranding, sinking,
explosion, and collision. Call your insurance agent to find
out what your state requires, and what their boat insurance
policies cover.
There is optional coverage
that you should strongly consider.
Wreckage Removal coverage is one type of coverage that you should
consider. In most places, removal of sunken or wrecked vessels is
mandatory and it is the responsibility of the owner to pay for this
removal – which can be quite expensive. This optional coverage will
cover those costs. You should also strongly consider coverage that will
pay for repairs and mechanical failure, as well as coverage that will
pay towing charges should you need to be towed back to shore.
Not all insurance companies will
cover all operators of the boat that you are insuring.
It is vitally important that you ask about this. Find out who is
covered when operating the boat. Some insurance companies will
only cover the boat owner as the operator for the rate that was quoted.
The rate may go up to cover operators other than the actual owner. Make
sure that the insurance agent clearly defines who is covered to
operate the boat!
Most insurance companies that cover
watercrafts offer discounts to people who have taken boat safety
courses.
However, each insurance company will only offer the discount
for specific courses. Find out which course your insurance company
will honor, and make sure you take and pass the course! This will save
you quite a bit on your premiums – and you need the safety course
anyway! Find out what other discounts you may be eligible for as well.
Most insurance companies won't tell you about the discounts
unless you specifically ask about them.
You will typically get the best rate
from the insurance company that insures your automobiles and your home
– but not in all cases.
When you are shopping for insurance, call your current insurance
company first – but then check with other insurance companies
to see what kind of rate you can get. While getting quotes online is
very convenient, you should avoid actually purchasing your coverage
online. Call and talk to an agent personally instead, or have them call
you. Remember that insurance companies are in competition with
each other, and they will work with you to get your business. Let each
one know about the lowest rate that you have been quoted, and ask them
if they can do better! Before shopping for insurance, think about the investment that
you have made in your boat.
Boats are not cheap!
Repairing and replacing boats is not cheap either.
Make sure that you get the coverage that you need to
protect you against all losses involving your boat!
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