Whether you’ve owned a boat for a long time or you are just starting with this new pastime, you need to have some level of boat insurance. While you should have coverage on your boat year round, some owners only start their policy once the summer months roll around.
There are a few things to consider when shopping for the best boat insurance. They are:
- The value of the boat.
- The type of boating that you’re going to do.
- Liability with guests.
- Bundled policies.
The value of the boat.
The more expensive the boat, the more your boat insurance policy will cost. Even the most skilled pilots will admit that every time they go out on the water, there are going to be risks, so it’s best not to cut your insurance to the bare minimum, or you could lose the entire value of your boat in the event of an accident, or sinking.
If you are shopping for a boat, look into the cost to insure it before you buy. You may discover that the boat you want will simply be too expensive for you to keep and maintain.
It may simply be better to choose a less expensive boat for the time being.
The type of boating that you’re going to do.
Are you planning on mostly fishing on your boat? Or will you be taking guests out to go water skiing or tubing behind your boat?
The type of boating that you’re going to do will impact the type of insurance that you should have. Casual outings are going to be less risky than something that involves speed.
Liability with guests.
Whenever you take guests out on your boat, you will be opening yourself up to liability. Depending on how many guests you expect to take with you every time will impact the insurance coverage that you carry.
Don’t cut corners with this aspect of coverage. If you do, you could put your house and anything else you own at risk in the event of an accident or injury to guests who are with you on your boat.
If you have homeowners insurance, auto insurance, or other policies, you can potentially save money by bundling your boat insurance in with these other policies.
To get a good sense of the cost of boat insurance and what you should do to ensure you’re fully protected, contact your broker today. The boating season is here. Insurance is necessary.