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Inside this Article
How to Shop For
Boat Insurance
If you have a boat, you need
Boat Insurance!
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Shopping for boat insurance is a bit different from
shopping for car insurance, even though the concept is much
the same. Boat insurance will protect you against losses
incurred while operating your boat, and while transporting your
boat.
Most boat insurance includes coverage for the boat,
the motor, and the trailer.
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When shopping for boat insurance,
it is usually best to start with the insurance company that
insures your cars and your home. Insurance companies
usually give deep discounts to their current customers. Most insurance
companies will also give deep discounts to people who have
successfully completed a boating safety course.
Ask each insurance company that you contact about such discounts.
In most cases, they won't tell you about the discounts unless you
specifically ask.
Don't settle for the rate that your current insurance company quotes!
Just get the quote, and tell them you will call them back soon. Using
that quote as your base, you need to see if you can get the insurance
cheaper elsewhere.
Using online resources is a great way to start. Get the quotes, and
then contact the agents personally to see if you can work out a better
deal. Believe it or not, insurance companies will compete with
each other for your business. Don't be afraid to tell them the lowest
quote that you have been given so far – make them work for your
business!
Know what type of insurance you want and need before
contacting any agents. Some agents will try to sell you too much insurance,
causing your premiums to skyrocket, while others aren't as knowledgeable
about the insurance needs of boat owners and won't sell you enough
coverage!
You should be protected against losses caused by sinking, fire,
storms, theft, capsizing, stranding, collision, and explosion. The
policy should cover anchors, oars, trolling motors, fuel tanks, seat
cushions, skis, tow ropes, dinghies, tools, canopies, life preservers,
and any equipment that is permanently attached to the boat.
The different types of insurance that you need include
Watercraft Liability, Watercraft medical payments, Newly acquired
watercraft coverage, coverage for repairs, coverage for emergency
services, and coverage for wreck removal. In most states, the liability
coverage entails Watercraft Liability and Watercraft Medical Payments.
Watercraft liability will protect you in the event of an accident
that results from the ownership, maintenance, or use of your boat. It
should include bodily injury coverage, property damage coverage, and
even legal defense coverage. It should also protect anyone who drives
your boat, as long as they were legally allowed to drive the vessel.
Watercraft Medical payments coverage will pay medical expenses up to
specific limits for you and the occupants of your boat in the even of an
accident.
Boat insurance - Other types of coverage
Other types of coverage are usually voluntary, but should be strongly
considered. There is quite a bit that can happen when you transport or
operate a water vessel, and protecting yourself legally should be a high
priority!
Again, know what you want in terms of coverage before you talk to an
agent, and make sure that you get the coverage that you need.
Compare rates online, and then contact the agents that offer you the
lowest quotes.
Attend a boating safety course, and make sure that you
get that discount! Once you've found lower rates than the original quote
that your current insurance company offered you, call them back
and let them know that you found a lower rate. See if they can compete
– in many cases they will offer to match that rate, just to keep your
business! Again – make them work for your business!
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