Lessons Learnt: How to insure your boat

My personal take, pay your premium on time and have an adequate insurance on your boat. It is quite disheartening when you loose so much or incur so much because you failed to take action. There are a lot of features and issues to be considered when insuring a boat.

If you own a boat it is highly likely that you don’t pay much premium on boat insurance. This is due to the fact that a boat is less likely to be stolen or suffer immerse damage except accidents, natural disasters like hurricane (i.e. Katrina and Rita) and cyclones in the most recent past have made insuring a boat of great importance. Insuring your boat ensures that your boat is covered thoroughly either while drifting in the open seas, snug on the trailer on tied at the dock. It is just like any other motor vehicle insurance, boat insurance covers damages due to fire, collision, personal and property damages and natural disasters and some insurance can even offer you an additional cover for your watercraft if you select boat insurance. When a boat is purchased on loan, then the bank will probably make it mandatory for you to get the boat insured equivalent to the amount loaned. A guest or friend on a board on your boat on a boating voyage might get injured or an accident on your boat that is why you should not have a boat without a minimum basic liability policy. The insurance of a boat has similarities to the insurance of a automobile, whereby the coverage for your boats covers the liabilities of persons you have on your boat as well. Just like the car insurance, the premiums are dependent on the value of the coverage you selected.

What do I need?

When insuring a boat you have to put into consideration how you plan to use your boat. Are you going to attach a trailer to it to the lake to enjoy varieties of voyages? If so you will need to consider coverage in the light of automobile insurance and what is covered by the policy in event of an automobile crash or accident while towing the boat. If your boat will be stored in your garage or at your dock or you will use the boat during the summer season, you can choose a storage only coverage or docking coverage.

You can make a specific list of needs and choose a policy that will cover all or most of your itemized needs on your list.

Ask for details of the policies

Find out if your boat insurance policies cover any negligence or damage to your boat that results from marina’s liability. Also, is your boat covered in the event of flood, hurricane, tornado, fire or any other act of God or natural disasters? You will need to find out if the policy you are taking covers all your needs and also find out if the policy is in accordance with agreed value or actual cash value. You must read all details in the policy documents and ask questions in areas you don’t seem to understand for further clarifications so has to avoid unnecessary problems that might arise in the future.

Compare boat insurance quotes and policies

Boat insurance can be obtained from different various sources, shop around for boat insurance policies like you shop for bags, shoes or clothes. You can start your research online by comparing quotes and policies from different insurance companies.

Do your research, home work and planning before buying your boat insurance, but you must endeavour you get one.

Have a safe voyage and fun time on the water this year. These are some tips you have to consider when you want to insure your boat.

• Ask what  do I need
• Ask for details of the policies
• Compare boat insurance quotes and policies