Boat insurance should cover two primary types of claims. The physical damage claim and the liability associated with owning and operating a watercraft. Physical damage insurance covers incidents that may cause damage to your boat.
This can include accident, vandalism, theft, and environmental damage from fire or lightening, etc. Watercraft liability coverage is a protection from legal claims and damages that may be legally assigned to a boat owner.
How To Get The Best Boat Insurance?
Gather The Data: The first thing that should be done when shopping for any kind of insurance is to gather all of the important information together.
This will include who manufactured the boat, the year it was built, what the current value of the boat is, etc. This is important to have because all of these facts affect the insurance rates.
The goal should be to find the best insurance coverage for the least amount of money.
Shop the market: It is important to shop around for insurance quotes before signing up for boat insurance. Insurance agents make some of their money off of commissions. The rate of commissions can change from agent to agent and agency to agency.
It is possible to find the same exact coverage at a cheaper rate by shopping around. Use all of the resources available to you. These may include using agents or online resources to find the best insurance company.
Know The Terms: Shopping around means comparing apples to apples and oranges to oranges. Know the terms that the insurance agency is listing as aspects of coverage so that a proper comparison can be made.
Coverage may also change from one type of boating environment to another. Brown water and blue water are two terms that often come up under navigational limitations. Umbrella policies are also useful when it comes to boating. They provide additional coverage usually at cheaper raters.
Check Out The Insurance Company: Get to know the insurance company or companies that are being considered. Customer service is an important aspect of doing business with companies. Check out how their claim process work and what the realistic time frames are for handling claims and total losses.
Check out the background of the company on the Internet or through the provincial government links. Companies should be solvent and have enough money in reserve to cover claims. A customer service rating can tell a great deal about a company. Look up the facts before signing papers.
Insurance Features that Should Be Mandatory: There are a few features that boat owners should insist on. The first is road side assistance coverage if the boat must be towed to a waterway.
The second feature should cover towing if the boat is dead in the water and must be towed back to port.
Lowering Insurance Rate: Consider taking advantage of advantages that insurance companies have to help boat owners lower their insurance premiums. One way to help lower the risk of insuring a boat owner is if the boat owner took safe boating classes or a boaters safety course.
Check to see if discounts for multiple policies are offered. It is always better to ask a question than it is to assume the answer.
Conclusion: Boat insurance is necessary. Shopping around from company to company can save boat owners a great deal of money. Helping to reduce rates by reducing risk is also a factor that can help reduce policy premiums.
Interview insurance agents by asking them to outline the coverage that they are offering and to explain the terminology that is being used. Ask for additional coverage such as road-side assistance and towing.