What You Should Know About When Getting Your Boat Insured

Although boat insurance is not required by law on many waters, getting coverage is a wise idea.  Marine loan companies, for example, deem it compulsory to have insurance as part of the lending process. But there are reasons why having boat insurance is a MUST.

Reasons for Getting Boat Insurance

1. Your capital investment needs to be protected against loss or damage that may result in expensive repairs.
2. Boat insurance will help protect you against liabilities for injury or damage caused by you or your boat.

What to Look for in a Boat Policy

• Premiums, although important, shouldn’t be the only deciding factor when it comes to insurance. You should try to weigh costs and benefits.
• It’s important to remember that all policies are unique. Thus, make sure you choose a policy that will cover your needs. Make sure you assess the most expensive parts of your boat and check your coverage and deductibles.
• Make sure that your policy will cover cruising grounds that you wish to sail into.
• Check the exclusions on your policy. Note that all policies have them, so make sure you understand them carefully.
• Ensure that the insurance carrier is credible.

What’s Included in a Standard Boat Policy

• Accidental damage which includes fire, malicious damage, theft, sinking, collisions, stranding, and salvage costs
• Lifting and launching risks
• Engine damage
• Loss or damage due to latent defects
• Personal effects
• Transit risks
• Lifting and launching risks
• Frost
• Personal effects

Third Party Coverage

This type of coverage offers protection against claims made by third parties for death, injury, or damage to their property for which you are legally liable.

What’s Not Included in a Typical Policy?

• Wear and tear
• Loss of value due to age
• Willful misconduct
• Machinery damage resulting from breakdown
• Losses from corrosion osmosis

Where to buy a Policy

An independent agency like us, Wahoo Insurance, is a good place to start looking for boat insurance. We can help you find a policy that is best suited for your needs.  Our list of insurance carriers offers insurance coverage at a competitive price. Get a free quote from us today and discuss your options with us. Call us at (866) 275-9797 or email us here.