No matter what type of boat you own you must have insurance for liability and unless you can afford to repair or replace your boat out of pocket, you should consider having some hull coverage. Boat insurance can protect you against claims arising from accidents and even property damage.
Key tips for when you want to get Boat insurance:
- Determine the level of coverage you desire for your boat. Some insurers offer "Agreed Value" hull coverage, "Actual Cash Value" hull coverage, or "Total Loss Settlement", which all settle claims very differently. Actual cash value is the least expensive but depreciation reduces what you will receive for a claim.
- Find out if the policy will cover your boat's trailer and/or damage to the tow vehicle.
- Uninsured boater coverage is often available and recommended.
- Ask about emergency services and salvage coverage in the event your boat is disabled on the water and you need rescuing.
- Consider taking boater safety courses to lower your premiums and ask about available discounts.
Advice on finding the best Boat insurance:
When shopping for boat insurance be sure to know the specifications on the boat you are planning to insure. Many insurance providers have different offerings for smaller boat under a certain length than they do for yachts and larger boats. There may also be different options for ski boats, fishing boats, and pontoon boats. Make sure that your gear and accessories are covered as well. You might also be able to save money by bundling homeowners, car, and boat insurance into one program with some of the larger insurance companies.
Every boat owner will have different insurance needs depending on the type of boat as well as their financial situation. With some research and shopping around you should be able to find the right coverage that protects all of your assets and reduces your risk of loss for a rate you are comfortable with.
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