5 Tips on Buying Boat Insurance
Buying the proper boat insurance is important when looking at buying your boat. Boat and watercraft insurance is a specialized form of insurance coverage that protects boaters in the event of boating-related accidents and liabilities. With comprehensive boat and watercraft insurance, you'll be covered not only when your boat is in the water but also when it is being transported or stored. The following tips tell you what you should look for in Boat Insurance and ways to save you money.
- Compare Multiple Boat Insurance Rates - Find & Compare Multiple Insurance Quotes online - Prices vary from company to company, so it pays to do your homework. When looking for boat insurance get at least three price quotes. You can spend your time calling companies directly or access multiple travel insurance quotes online from insurers with www.find-insurance-policy.com. The age of the boat, type of boat (yacht, dinghy, speedboat, catamaran, cruiser, houseboat, Jet Ski...), design, value, the location where you use it & store it and whether you want a fully comprehensible insurance will depend on the amount you pay.
- Plan ahead - How much should I insure my boat for? Insure your boat for the amount it would cost you to replace it with like kind and quality. This is what's called in insurance terms "Agreed Value" or "Stated Value" coverage, and in the event of a total loss, the insurance will pay the full insured amount. Beware of policies providing "Actual Cash Value" (ACV) coverage, which means the value of your boat will be replacement cost less depreciation. Also, if in the winter time you plan not use your boat, ask your insurance agent if they offer what is commonly referred to as a "lay-up" discount. This means that you have year-round coverage with a discount for the months your boat is in dry storage. Finally, policies may include the following coverage areas: bodily injury, medical payments, roadside assistance, on-water towing, uninsured boaters coverage, wreckage removal, fuel spill liability, and fishing equipment coverage, make sure you know what you want covered before shopping for boat insurance.
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Discounts - inquire about potential discounts - here are some of the standard discounts for boat insurance:
- Diesel versus Gas - If your boat runs on diesel fuel you should get a discount from your boat insurance company. Diesel fuel is less inflammable, so the risk to the boat insurance company is lowered.
- Approved fire extinguishers - No one thinks about fire with all that water around. But, fire on a boat can be devastating. Always have fire extinguishers, and - get the discount from boat insurers for having them.
- On-board radio - To qualify for a boat insurance discount the radio should be a ship to shore radio. This helps keep you safe as well.
- Discounts for being claims-free - Always worth asking for. If you've had boat insurance before and are shopping for a new policy see if your claims-free history can work for you.
- Water Safety Course - a boating safety course will not only improve your water safety and boating skills but also qualify you for a discount on your boating insurance. Be certain that the content has been developed in conjunction with the state boating safety agencies responsible for boater education as well as being approved by the National Association of State Boating Law Administrators (NASBLA) or are recognized by the U.S. Coast Guard.
- Multi-Discount - Multi-policy insurance discounts are an industry standard. If you purchase your car, home or umbrella liability with the same insurer you should be getting a discount. You might even want to buy umbrella liability if you own a boat, which will provide additional boat insurance coverage across the board for home, car and watercraft.
Use these tips to find, compare and save money on Boat Insurance.
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