What You Should Know About Choosing Boat Insurance
Purchasing a boat is one of the most exciting moments in anyone’s life. Boat ownership is filled with amazing family memories, unbeatable summer days, and endless opportunities to enjoy the very best Mother Nature has to offer. From the ocean to the quiet lakes hidden deep within mountain peaks, boats are indescribably fun. They’re also quite expensive, which is why you must insure your boat. Boat insurance is available for all boats no matter where you live, and it’s required for anyone who owns a boat on which they make monthly payments to a lender.
Insurance can be Bundled
Most boat owners have cars, homes, and other items insured with one or more insurance agencies. If you want to save money, sometimes it’s more affordable to bundle these items into one insurance package with one company. Spreading them out might seem cheaper in some instances, but adding them all together under one policy is often more cost-effective. Call your own insurance company to ask about prices for boat insurance bundled with the rest of your insurance policies, and don’t feel guilty calling other agencies with the same question. Saving money is important, and this is the best way to do that.
Boats are Not Covered Under Your Other Insurance
Some people believe their homeowners insurance policy or their car insurance policy, but it’s not. Your boat might be covered under your homeowner’s insurance if your boat is small and fits certain criteria in place by your insurer. However, boat insurance Youi is usually a separate plan that can be added to your policy as a bundle, but it must be protected under its own policy.
Look Into Lay-Up Insurance
If you have boat insurance, you might be paying for your boat all year when you needn’t. If you live where boating isn’t an option all year, you might consider this. It’s called lay-up insurance, and it allows boat owners discounts during specific months when boats are not in use. It’s a great policy that affords significant savings to those who park their boats in the garage half the year until the weather warms up again.
Boat Insurance Doesn’t Cover All Boats
You might assume because your vessel goes into the water that you require boat insurance. If you have a boat, this is true. If you have a yacht, you require yacht insurance. If you have a sailboat, you need sailboat insurance. Not all boats are created equal, and not all boats require the same type of insurance. Check with your insurance company to find out which policy is right for your boat so you have the correct insurance for your boat covering the cost of any catastrophe.
One of the biggest complaints boat owners have regarding their own boat is the cost of their boat insurance. They might have a friend with the same boat who pays far more or less than they pay, and that often results in questions. The cost of boat insurance is not dependent only on the type of boat you have, the age of the boat, or the size of your boat. It depends on where you live, how often you use your boat, and whether or not you have any formal certification in terms of boat driving. Your personal driving record on the road might also play a role in the amount of money you pay each month for your boat insurance. Someone who has an excellent driving record has a lower premium than someone who has a poor driving record. Someone who captains boats for a living might have a lower rate than someone who doesn’t.
Personal Injury Protection isn’t Standard
While many car insurance policies offer this type of protection, it’s not always common in boat insurance. There are riders you can add to your boat policy that protects you from any injuries you sustain in a boating accident if it’s caused by a boater without insurance, however. This is a consideration you might make if you tend to boat where there are many other boaters, and you worry that you’ll end up injured as a result of someone else’s negligence.
Total Loss Protection is Available
Boat crashes are far less common than car accidents, but they do happen. On the water, anything can happen. If someone hits your boat and it sinks, you’ll need total loss protection on your
insurance policy. If your boat is damaged in a storm or hit by a car on the road as you trailer it to your favorite boat ramp, it is covered for replacement with this type of policy. Otherwise, most policies only cover the boat up to the cost of the repair, and you become responsible for the replacement of your own vehicle. Check with your insurance provider to see if you can add this rider for additional protection.
Ask about International Coverage
Most people don’t take their small craft into international waters, but then there are Floridians who live very close to international waters. A Miami boater can take his or her boat out and be in the Bahamas in no more than a few hours on a nice day, and that means traveling internationally for fun. Before any new boat owner does that, it’s imperative they check with their insurance company to see what kind of coverage is available for international travel of this nature. It’s called cruising extension coverage, and it’s available for boaters who take their boats into other countries.
Insuring your boat isn’t an option. If you own it outright, you might be able to forgo insurance in some places. However, no lender allows a boat owner to go without insurance if they owe money on their boat. Knowing the kind of coverage you need is the best place to start looking for the kind of insurance your boat requires, and then shopping around for the best policy is the next best way to find the best prices and the most beneficial policy.