If you’re a boat owner, you need boat insurance. You may not think it’s that important now, but not having the appropriate coverage can cause problems for you down the road. Rather than risking the value of your boat, it pays to invest in boat insurance. When searching for an insurance provider, for best results be sure the provider has a long history of providing boat insurance.
Boat insurance can cover what is needed both on and off the water. Before selecting an insurance provider, it’s important to research a variety of quotes, since rates on boat insurance vary widely. Boating insurance can be quite lucrative in that it can provide a range of cover to you. When comparing policies, you should look at the amounts and types of coverage offered, not just at the price quoted to you.
Coverage Under Boat Insurance
Boat insurance comes at various levels depending on the type of boat you have, the amount of use, the type of use as well as if the boat is fully paid for or if it is still being financed. Even so, various discounts and rewards programs should be available for boating insurance users. For example, some companies are now offering a no claim bonus (which could be up to 20 percent of your premium) for those that have had not claims in a certain amount of time. That can be quite beneficial.
Boat insurance is likely to provide you with both on and off the water cover. Most policies are limited to use only in Australia, though, as taking your boat out of the country will provide you no protection. While all policies are different in what they provide, here are some expectations you can have that may be extra with some insurance companies. These include; accidental damage coverage, fire and flood coverage, liability coverage, storm coverage, theft or attempted theft, vandalism or malicious act, 24 hour assistance.
In addition to this, whenever there is a claim, you can expect your boating insurance to provide for emergency towing, funeral expenses, salvage costs, submerged motors, and others.
Questions for Your Provider
As with all insurance policies, you need to make sure you are getting the right boating insurance for your needs. Ask about liability coverage, total loss, and (if appropriate) other specific situations such as racing and other uses for the boat.) In addition to this, talk with your insurance provider about what is not covered. Many policies have exclusions such as no coverage if you have an accident or loss when you have more people in the boat than is allowed, or when your boat is being transported by a commercial carrier.
Ways to Save on Boating Insurance
To save money on your boating insurance, get enough cover but not too much. Note the amount of cover being offered to you. Depending on the size and value of your boat, it may be too much. Discuss the appropriate amount with your provider.
Think about working with an insurance company that offer discounts for multiple policies, such as boat, home and contents and vehicle insurance. This could help you to lower your costs considerably for all insurance plans.
Finally, do your research by getting a quote from several boating insurance providers to find out what rates they can offer. Many offer competitively lower rates to get your business.
Beware Before Signing
With all insurance policies, you need to have a full understanding of what is available to you and what is included in your plan. Check to make sure all information is correct and that you fully understand the policy before signing.
Additional Coverage to Consider
In addition to having standard boating insurance, there are other types of insurance that you may need to consider as well. If you like to race your sailboat, you’ll need to have a specific type of boating insurance for racing. This will cost a bit more but will provide you with cover from total loss or damage that happens while racing.
Having liability coverage for flotation devices and waterskiing is also beneficial. Here, you will pay a bit more but you are covered from the cost of injuries or loss that happen during these activities.
For most boaters, contents cover is also important. In order for you to qualify for this type of insurance, you must have a lockable cabin. If that is the case, an add-on or separate policy will give you a bit more protection. This policy will cost you slightly more.