Boat Insurance - which one for you?
Boat insurance is a policy which protects you from liability against accidental loss of or damage to the boat itself. You can insure your boat with one of many different companies and buy policies for weeks, months and years, depending on what best suits you. They are not all the same however so make sure you shop around before committing to one insurer.
If your family is passionate about sailing or cruising, then boat insurance is an important consideration when purchasing a new vessel. It is recommended to get a quote and speak with one of the professionals before making a final decision.
At present there are thousands of people who have boats for leisure purposes as well as for business. Boats are relied upon to help with fishing, cruising, and chartering, etc. It is important that you remain covered and protected at all times. Here are some helpful tips for boat insurance:
1) Know what your boat is worth - You should definitely try to find out how much your boat is actually worth before considering an insurance policy on it. This will save you some cash over time because the cost will not increase if the value of the boat does not either.
2) Knowledge is power - It's important to know as much about the boat you are purchasing as possible. There are many guides on the internet to help you make an educated decision about the type of boat you want.
3) Educate yourself - You should research different types of boats that are available and what they can cost. Also, ask your friends, family, or coworkers for help in this area. They can really be a great resource in finding out more about any type of boat that you have interest in purchasing.
4) Get as much feedback from others as you can - Reach out to other people who have similar preferences as yours for information on their experience with a certain company or type of vessel.
5) Make sure your insurance is exactly as you want it - If you are purchasing a boat which meets your needs and also has the right features for your family, then make sure you inquire about what would be included in the policy.
6) Find out if boat insurance coverage is required - There are certain insurance companies that do not cover boats under a certain size. Many people purchase this coverage as an extra or add-on because they believe that it is needed for their safety as well as to cover any losses if their vessel were to be lost at sea.
7) Find the right hull classification - You will need to know what type of hull classifications require boat insurance and those which do not.
8) Whatever you do, don't skip it! - You should always consider insurance coverage for your boat. This is especially important if you have a large family using it regularly and it can be used to help pay for the education of one of your children.
9) Consider trailer insurance - Trailer insurance is similar to boat insurance in that it protects you against accidental loss or damage to the trailer itself. The rates are usually comparable to those for boats, so carry on!
10) Make sure your motorboat is insured - Motorboats are extremely popular and many people use them in areas other than just on the water. If you live outside of the United States, then make sure your motorboat is covered under the boat insurance policy that you have paid for.
11) Make yourself aware of any special requirements - If your boat is owned by a corporation or has valuable documents on board, then make sure they are covered under the policy as well.
12) If you are going to be traveling a lot with your boat, it may be better to get an international insurance policy - Many companies do not cover boats while they are being transported from one country to another. This is typically done so a claim can be filed if something happens on the way to its original destination. You can find out more about international policies here: http://www.boatinsurancemarket.co.uk/international-boat-insurance.html
13) Get the best policy for your boat - If you have a catamaran or powerboat, then this is very important to consider. Some policies will not cover certain types of boats and their accessories, so make sure you get a good understanding of what is required for your policy before agreeing to it.
14) Stay away from smaller companies that are new at boat insurance - This goes for any other type of insurance as well. You want the best protection and coverage for your boat for the lowest price possible, so go with a well-known and reputable company if you can. You should also check into the company's claims history so you don't get ripped off for other policies in the future.
15) Know what to do when you need it - This is a very important issue because many people make the mistake of buying boat insurance and not checking in with the company if the need arises. Make sure that you know how to file a claim with your company so you will not have to start from scratch on your own.
16) Visit a few boat insurance companies - In order to get the best policy for your boat, you should visit a few different companies and see how they compare prices and types of coverage. You can compare quotes online at http://www.oii.com/, and you can call in your request to see if the quotes are accurate.
17) Just say no to some boat insurance plans - If you are going to be buying a cheaper policy with a company, then it is best to do so from a person who knows what they are talking about. This includes only buying the minimum coverage needed for small personal cruisers such as dinghies and other small recreational boats. With any type of boat you should be armed with the knowledge of what your bike is worth or how much it will cost you if it were to be lost at sea. You need to make sure that you have enough coverage for both personal belongings and damage to the vessel itself.
18) It's better to be safe than sorry - You may need more coverage than you think. If something happens while you are on the water, then you can still get in touch with your boat company with whatever details are needed to file a claim.
19) Know how much to expect from your insurance company - This is a great way to find out exactly what you will be paying for each year so that you know what type of boat to purchase and how much it will cost per year. Also known as an annual premium or policy cost, this number can help you budget for the future purchase of your vessel as well as any costs for repairs or damages made in the past.
Conclusion
For the most part, you should know enough about how to purchase boat insurance before you decide on a certain company. If you are looking for boat insurance quotes online then http://www.oii.com/ is a great resource that can help you find the best deals from reputable and well-established companies. This should be especially helpful for people who have boats or trailers that are valued at over $100,000 because they can qualify for lower prices with some companies if they have a higher premium than normal.
Never forget to take insurance coverage into consideration when buying your next motorized vessel! It could save you a significant amount of money and time in having to deal with other more expensive repairs down the road.