Article Details Article DetailsDid you know boat insurance is one of the oldest types of insurance services? Some of the first providers of boat insurance covered merchant ships. Now boat owner policies insure most risks for operating your boat and related items such as the motor, the trailer and more.
Boat insurance is very similar to car insurance including coverage type, pricing, and underwriting. Like auto insurance, boat insurance coverage offers liability protection and physical damage protection. Your liability coverage pays for any medical injuries or property damage inflicted upon someone else or their property for an accident with which is deemed your fault. It also covers any lawsuit fees associated with the accident.
Why have Boat Insurance Coverage?
You never know when an accident can happen so it’s a good idea to be covered so you are protected against potential liability issues or unforeseen repairs. It is important to be proactive and knowledgeable about boating. Such risks of owning and operating a boat include:
Factors Influencing Low Boat Insurance Rates
Like your auto insurance policy, driving records affect your boat insurance rate. If you have any tickets or accidents on your driving record it may increase the premium you pay. Other factors affecting boat insurance premiums are the physical location (where the boat is used and where it is parked), boat size and horsepower of the engine, and the actual cash value. At any rate, make sure your insurance provider is made privy to your boating details to ensure you are properly covered.
Boat Insurance Discounts
Talk to your agent about how to get additional insurance discounts. Some discounts include boating safety course completion or having devices like a ship to shore radio, navigation system, depth finder, and/or fume detection system. Also, choosing a higher deductible denotes a lower premium.
If you want to insure an older model boat, your insurance company may require that it be inspected. This will give you and the insurance company a better idea of what improvements need to be made and determine the actual cash value. If you haven’t purchased the boat yet, it may be a good idea to have this done before hand.
You cannot predict when or if you will make a claim. It is best to learn about your boat owner policy before you take it out so you know how to prevent a claim, what to do in case of a claim, and that your claim will be covered. Have all your ducks in a row before you take them into the water -pun intended.
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