here’s a saying that the two best days of a boat owner’s life are the day you purchase your boat and the day you sell your boat. It is no secret owning a boat comes with a lot of great memories and fun trips out on the water, whether it is a lake, pond, or the ocean. However, there can be a fair amount of work and risk in owning a boat. One important thing you should do as a boat owner is make sure you have boat insurance.
Boat insurance can help protect you financially from the risks that accompany owning a boat. From injuries on board to damage during the off-season, boat insurance is one way boat owners can help manage their boating costs. Boating safety is paramount when minimizing your boating risk, but when that’s not enough, boat insurance can help lessen the financial burden.
Boat Insurance Information: 10 Things You Should Know
Even small boats may require boat insurance.
Unless you have a very small boat, your homeowners insurance will not cover your boat. You also want to consider whether you need specific additional coverages that homeowners insurance may not provide related to liability and boat-specific damages. Carriers can have different size restrictions for boats as well, so be sure to check with an agent about what coverage your boat needs. You can speak with one of our insurance advisors about your boat at (844) 300-3294.
You should choose your boat insurance coverage wisely.
…or at least with the help of an insurance agent to make sure you understand your options. An agent can help you understand what is and isn’t covered in your policy, as well as understand the types of coverages offered by your policy. For example, you’ll like have the option for replacement cost or cash value in the event of total loss, much like your home insurance policy.
There are also many optional or add-on coverages to consider, but more on that later. If you’re wondering what’s included, excluded in your policy and how it’s covered, give one of our insurance advisors a call at (844) 300-3294. They’re happy to walk you through your boat insurance policy language.
Your rate will be determined by many factors.
Some of the cost factors include: where you boat, if you have been formally trained or certified, if you have a good driving record (for both boating and driving), and your deductible.
There are ways to save in the off-season.
Don’t boat year-round? Some insurance companies offer what is commonly called “lay up” discounts for those months when your boat is in storage.
Additional coverage can be valuable.
From fuel spill liability to coverage for injuries by an uninsured boater to on-water tow coverage, there are lots of ways boat insurance policies can be customized to meet your boat’s insurance needs. Taking stock of your risk and reviewing your needs with an insurance agent can help you determine which add-ons make sense for you.
You may need additional coverage for land risks.
While the best times on your boat are those spent on the water, your boat may see dry days if you ever transport or storeyour boat on land. Although it can depend on your state, generally when a boat is out of water, it is not covered by marine insurance! You’ll want to look to your existing insurance policies for coverage at those times. For example, if it is hitched to your car or truck, it may be covered by your auto policy. If it is parked on your property, your homeowners’ insurance will often trump the boat insurance. Make sure to check with an insurance agent to understand how your different policies will cover your boat at different times. You can reach one of our licensed insurance advisors at (844) 300-3294.
You’ll have to add coverage for winter risks.
If you live somewhere with winter weather, ask your agent about adding specific coverage to address ice and freezing. Winter weather can cause significant damage to your boat and you’ll want to make sure you have coverage in place, just in case.
There are ways to save on boat insurance.
Did you know taking safety courses could get you a discount on your boat insurance? You can also save by bundling your boat insurance with your other policies. Ask an insurance agent about discounts you may eligible for when comparing boat insurance quotes.
You’ll need extra boat insurance coverage when leaving the country.
If you plan on leaving the USA, ask an agent about cruising extension coverage that can offer you protection in other countries. Your usual insurance may not apply beyond US waters.
If you’re not sure your personal watercraft counts as a “boat,” you still have insurance options.
Other than boat insurance, there are also other categories of marine insurance. Those include: yacht insurance, sailboat insurance, dinghy insurance, boat clubs, boat and PWC rental insurance, and Professional marine insurance. Call an advisor today to see what insurance you need at (844) 300-3294.
The Bottom Line
Boat insurance is a smart investment for any boat owner. With these ten tips, you’re well on your way to choosing a policy that will fit your needs. If you’re looking for boat insurance, consider shopping for quotes with an independent insurance agent. An insurance agent is an excellent resource for choosing your coverage, limits and comparing quotes from different insurers.