We understand that reading the fine print isn’t fun, so here are some tips to help you know what to look for. The lowdown on boat insurance: when do you need to have it? How much should it cost? Where’s the best place to buy boat insurance coverage? Is it all the same?
When you need to have boat insurance
It’s essential you protect your marine investment every moment it is in your possession. This means from the minute you take possession and every second after that – when you’re transporting it, using it, and when it’s in storage (you will often receive a discount for lay-up periods). There are different kinds of insurance coverage for different scenarios, which a marine insurance specialist can explain to you.
How much boat insurance coverage should cost
The cost of boat insurance is variable. The primary considerations are the type of boat or yacht, how and where the vessel will be used (recreational or commercial), your experience and personal boating and driving safety record (there are typically discounts for successfully completing boating safety courses for instance), and where and how the boat will be stored. Ask a trusted boat insurance professional to review your boat insurance coverage options to find out what works best for your situation.
The best place to buy boat insurance
It’s best to secure boat insurance coverage from a company that specializes in marine-related insurance. Many homeowners insurance companies offer boat insurance, but be aware that homeowners insurance may not provide adequate coverage for loss, damage, or liability. The benefits of choosing a boat insurance company are that you will be working with people who know and understand boating, along with all the liabilities and potential damages or losses. You may also receive additional coverage options from a company that specializes in boat insurance. Agreed Value coverage is a prime example.
Is all boat insurance coverage the same?
Through a boat insurance company that specializes in insurance, you can investigate the types of boat insurance coverage available, such as Agreed Value versus Actual Cash. Traveling, renting or storing your boat in a specific region may have an impact on your boat insurance needs. The possibilities are as unique as your circumstances, and a boat insurance professional will be able to help you navigate the system.
Call the boat insurance professionals at Global Marine Insurance our knowledgeable team will review your coverage and present the best options available for your recreational or commercial boat.