Secrets Every Boat Owner Needs to Know About Insurance

Every boat owner needs to know about insurance, and there are some important things to keep in mind when shopping for a policy.

Here are 10 secrets that will help you get the best coverage for your boat.

1. There is no such thing as “full coverage” for a boat.

Most people think that they need to have “full coverage” on their boat insurance policy, but this is not actually the case. There are two types of coverage that are important for a boat policy: liability and physical damage.

Liability coverage will protect you if you accidentally injure someone or damage their property while operating your boat. Physical damage coverage will pay to repair or replace your own boat if it is damaged in an accident.

2. You need to choose the right deductible.

Your deductible is the amount of money you will have to pay out of pocket before your insurance company starts paying for a claim. The higher you’re deductible, the lower your premium will be. However, you need to make sure that you can afford to pay your deductible if you do have an accident.

3. You may need special coverage for certain types of boats.

If you have a sailboat, a high-performance boat, or a houseboat, you may need to purchase special coverage for these types of vessels. Some insurers offer special policies for these types of boats, so be sure to ask about them when you are shopping for insurance.

4. Your boat’s age and value will affect your premium.

Just like with car insurance, the older your boat is, the less it will be worth, and the lower your premium will be. However, if you have a newer or more expensive boat, you can expect to pay more for insurance.

5. You may get a discount if you take boating safety courses.

Many insurers offer discounts to boat owner who take boating safety courses. These courses teach you how to operate your vessel safely and can help you avoid accidents. If you are interested in taking a course, check with your insurer to see if they offer a discount.

6. You may need to purchase additional coverage for certain types of equipment.

If you have a fishing boat, you may need to purchase special coverage for your fishing equipment. Additionally, if you have expensive electronic equipment on board your vessel, you may want to consider purchasing insurance to cover this gear.

7. Your policy should cover medical payments.

If someone is injured while on your boat, your insurance policy should cover their medical expenses. Make sure that your policy includes medical payments coverage so that you are not responsible for paying these bills yourself.

8. You may be required to have a certain amount of liability coverage.

Most states have minimum liability requirements for boat owners, so be sure to check with your insurer to see what the requirements are in your state. You may need to purchase additional coverage if you do not have enough to meet the requirements.

9. Your insurance company may require you to have a survey done.

Before insuring your boat, your insurance company may require that you have a survey done. This is to ensure that your boat is in good condition and does not have any hidden damage. If you are required to have a survey, be sure to use a reputable surveyor who is approved by your insurer.

10. You need to keep your policy up to date.

It is important to keep your boat insurance policy up to date so that you are adequately covered. Be sure to notify your insurer of any changes to your vessel, such as a change in ownership or a change in the type of boat.

Conclusion:

In conclusion, there are a few things to keep in mind when shopping for boat insurance. Make sure you understand the different types of coverage available and choose the right deductible for your needs. You may also need special coverage for certain types of boats, and your premium will be affected by your boat’s age and value. Finally, you may be able to get a discount if you take boating safety courses. By following these tips, you can get the best coverage for your boat.