Archive for the ‘Boat Insurance’ Category

Choosing the Right Boat Insurance

Boat owners need to insure their boats, just as they would insure any other vehicle. If you do not have experience with buying boat insurance, make sure to do your research; it is not exactly that same as buying car insurance.

Find a company that has a good reputation and one that is known to be financially solvent. Some insurers rate better than others and you want one that has solid financial footing.

Look for an insurer that customers can reach in a time of need. As a boater, you will travel and may need to reach your insurer at a time when you are away from home. Find one that excels in customer service and had a variety of options for contact. If you can, talk to people who about their coverage and ask them how they claims and queries were addressed.

Sometimes people who are new to boating experience “sticker shock” when they learn about the costs associated with insuring a boat. While you do not have to get every kind of coverage available, you don’t want to skimp on your boat insurance. You want to find a way to get the coverage that matters most to you without it becoming a strain on your finances.

Boat Insurance Tips and Pitfalls

Many boat owners, particularly first-time boat buyers, assume that boat insurance functions like auto insurance. It’s an assumption that can cause problems should they ever need to file a boat claim. Because nearly all auto policies offer identical coverage and exclusions, car owners can shop by price with confidence. They know they’ll get the same insurance coverage and claim processing services no matter which insurance company they choose. Boat owners who apply that same mentality to shopping for boat insurance are in for a rude awakening when they file a claim. 

There is little standardization in the insurance industry when it comes to boat coverage. Each insurance company decides what to include and exclude and how it will define loss. What one insurance company defines as a covered loss may be considered normal wear and tear by another. It pays to read the fine print. Boat buyers will receive better coverage from marine specialty insurers than from tacking boat insurance onto their homeowner’s policy. 

Insurers dedicated to boat insurance usually offer 24/7 emergency response to boat claims. When they take your claim information, marine specialty insurers have the resources to provide immediate recovery and repair services, reducing the chance of fines or penalties when a boat is leaking fuel or sinking. Additionally, when a hurricane or storm causes boat damage, your claim will be processed more quickly by a marine insurer that does not need to split its resources processing homeowner claims. Find more info on boat insurance on Boatline.