Buying a new boat is a big investment and becoming a new boat owner is exciting. While you look forward to the sound and feel of the breeze on your skin, the beauty of the shore from your boat deck and the memories you look forward to making with friends and family, ensure everything is set including insurance.
Don’t let the eagerness and excitement to take the boat out for a ride, make you forget the responsibility of protecting your boat and crew with the best insurance coverage. Just like cars, boats need insurance too. Below are six tips to help new boat owners get the best boat insurance cover for their boats:
- Consider your boat type when buying insurance
Different boat types have different insurance coverage. You will need a particular coverage depending on the type of vessel you want to insure. A yacht and a sailboat have different coverage. Ask different insurance companies about their coverage for your particular vessel.
- Consider covering the boat plus other things on the boat
Pick a cover that includes your boat as well as any other things in it. Essential equipment such as your life jackets, navigation systems and other tools should also be included in the insurance coverage. If possible, consider covering your boat trailer too. Once stolen, a trailer may be impossible to recover. If the boat trailer is to be separately listed on the policy, ensure that you confirm the coverage amount is enough to replace it.
- Choose an insurance cover that includes towing
Having an insurance cover to cover emergency services such as towing fees should be a priority. If you are out in the waters and your boat suffers a mechanical failure, you may need towing services to bring the boat back to the dock. If your policy covers towing protection, you will be reimbursed for the costs incurred in the process.
- Does your policy cover liability?
If you are involved in an accident out in the sea, will the insurance policy cover the liability of anyone who may have been injured on the boat? Ensure the insurance cover you choose also covers your crew members and guests on the boat. This will give you peace of mind in case of an accident.
- What type of coverage do you want?
Would you like an all year round policy or a seasonal one? When making this decision, remember that boats are still susceptible to risk even when out of the waters. Your new boat will be vulnerable to fire, extreme weather, or accidents from other boats. This could lead to significant costs in repairs and replacement of parts. Ensure you wisely choose the insurance policy that’s suitable to cover your boat in and out of the water.
- Shop around
There are hundreds of insurance companies who cover boats with a wide array of policies. Take time to do some research about all these insurance companies and choose the one that is right for you. If you are having trouble, contact an insurance broker in your area to help you choose the best insurance policy for your needs.
Buying boat insurance should not be a daunting task. However, if you are facing any difficulties, consider asking for help from boat owners, insurance brokers or even search online. There are many resources out there to guide you through the process. Remember an insurance cover is more than just a policy document.
Consulting and asking for help as well as reading and taking time to educate yourself about different policies in the market can mean the difference between a comprehensive cover and a basic one. Once you settle on a cover, ensure you go through it and read the fine print. Boat insurance is different from auto and homeowner policies. Ensure you understand the language used and ask for clarification whenever necessary.