There isn’t much more idyllic than cruising through a sun-drenched, deep blue sea. The most crucial element, however, is one that you can unintentionally forget when creating these fantastic ideas: boat insurance. You’ll want to get the best boat for your money, and you could be tempted to forego insurance in the process of finding your ideal boat. But before you start, it’s a good idea to consider some insurance-related realities. Here are a number of factors to consider when picking your boat insurance.
- The Boat
Insurance companies will prioritize the boat’s size and speed. A sailboat up to 20 feet long won’t cause as much damage as a superyacht and will probably be less expensive to repair. A larger vessel or one with a high-speed engine will require more upkeep and repairs if something unpleasant occurs. In this situation, it makes sense that they would keep your premiums low.
When it comes to upkeep, the boat’s age is another factor. Regardless of how well maintained, even the most durable vessels will have issues after years of usage. Naturally, upgraded new boats will have more sophisticated parts than older ones and will cost more to insure. That implies that insurers will need to balance these factors carefully to provide you with an accurate boat insurance cost for your boat.
- Boating Location
Your insurance risk will also depend on where you’ll be sailing. Some waterways will cost more since they are considered hazardous than others. For instance, long-distance ocean boating is probably riskier than relaxing on the lake behind your house. It’s essential to clarify where you’ll be boating with your insurance provider to make sure your boat is protected in those waters. You would be liable for all expenses if an incident occurred while you were on uninsured waters.
- The Policy
It’s essential to remember that if you purchase your insurance through them, some house or auto insurers will provide cross-sell discounts. This is also very helpful if you intend to either store your boat at home or hook it to your car. In these situations, the boat will be covered by either your home or car insurance. But remember that every time a vessel is used, its value starts to decline, so even if you start with a strong policy, you’ll soon need to revise it to reflect changes in the market. It’s a good idea to compare policies to get aboat insurance cost that is as tailored to your boat as possible.
- Coverage Types
Your level of protection and expenses will depend on the boat insurance you choose. Typical boat insurance includes:
Liability: (bodily injury and property damage): provides protection (required) if you are judged to be at fault for a third party’s injuries or property damage.
Comprehensive: protects your boat from damage caused by theft or “acts of God,” such as a storm snapping your sailboat’s mast.
Collision: protects your boat against damage if you collide with a dock, another boat, or a fixed object.
Coverage for contents and equipment: assists in protecting the amenities and contents of your boat.
Depending on the nature and use of your boat, you may require additional forms of coverage. Considerations could include salvage coverage and wreck removal, responsibility for fuel spills, fishing coverage, or ice/freeze coverage.
Strong lines of insurance coverage are necessary if you’re purchasing a new boat to safeguard your new investment from loss and liability adequately. Discuss your boating needs and potential discounts with an agent to ensure you get the most insurance for your money.