Tips for finding the Best Boat Insurance Policy

Posted by Benji Riggins on April 26, 2010 under Boat Insurance | Be the First to Comment

In order to obtain the best possible insurance coverage for your particular watercraft consider taking the following steps.

Research a number of insurance companies, as well as a variety of policies on the internet. This will help you to determine which features you would like to have written into your policy, and which ones you may not feel as strongly about.

After investigating as many companies as you can, select 3 or 4 which offer the most extensive packages. Be certain that each company will be able to meet or exceed your insurance needs by viewing their policy options. When selecting these companies also consider which ones have the most experience in dealing with the type of insurance you want. Boat owners should consider choosing companies which specialize in boating insurance, rather than other types of insurance.

Get at least 3 quotes. These can be obtained online, or by contacting a representative from each company, to explain what you want, and request a quote. Obtaining a quote does not obligate you to purchase the insurance. If you are not satisfied with the coverage offered, or the rates quoted, then you can simply say “No thank you.”

Don’t be pressured into selecting a policy, until you feel confident that you have found the right one. Before you purchase any policy take the time to talk with a representative of the insurance company. Evaluate the service that representative provides. If you do not feel comfortable with one company, consider looking into another. It will be important in the future, should you need to file a claim, that you feel confident that the representative will be attentive to you as a customer.

Boat Insurance Coverage

Posted by Benji Riggins on August 2, 2009 under Boat Insurance | Be the First to Comment

Coverage of a watercraft can range from total replacement of the vessel if destroyed, to personal liability coverage, and everything in between. When deciding on what policy is right for you, consider what your needs and risks are, and how much you are willing to spend to protect them.

Full coverage boat insurance is the safest route for the boat owner who wants to insure his valuable property. With full coverage the boat owner can opt to ensure the cost of replacing the vessel if it is totally destroyed. Coverage can also include damages to either the boats structure, or engine. Coverage for loss or damage to personal property while on the vessel may also be included. Other options can include injury protection, salvage or wreck removal, loss of use reimbursement, towing costs, and even investigative services.

Liability insurance covers you in the case of accident responsibility. Generally a boat owner can choose either boat liability, also known as indemnity insurance, which will cover only damages done by the vessel, or personal liability, which will cover damages done by the boat owner, regardless of where or how they occur.

While liability insurance is generally the least expensive, it is important to remember that it will only cover the cost of damages/repairs to third parties. Your own property is not covered under liability insurance. In this way, even though liability insurance often appears to be the most inexpensive option for the boat owner, if the vessel were to be destroyed, the cost of replacement would far out weigh the savings on premiums.

5 Mistakes Consumers Make Trying To Save $ On Boat Ins

Posted by Benji Riggins on May 13, 2009 under Boat Insurance | Be the First to Comment

1.  Dropping Insurance Coverage Because The Boat Is Paid Off.

    Boat Insurance covers more than just the vessel, providing coverage for personal injuries, environmental cleanup and liability issues out on the water.

2.  Shopping On Price Alone.

    Paying less for insurance could mean lower policy limits and less coverage.

3.  Lowering Liability Or Other Limits To Save On Monthly Premium Costs.

   An Indepedent Insurance Agent can help a boater identify the proper amount of coverage needed to protect other personal assets, ensuring the boater does not have too much coverage or too little.

4.  Choosing A Deductible You Can’t Afford.

   While choosing a higher deductible can help save on monthly premium costs, boaters should make sure to choose a deductible that they can affod in the event of a claim.

5.  Intentionally Cancelling Boat Insurance Coverage During The Offseason.

   This overlooks many risks that could damage the boat when it’s not in the water such as fire at a storage facility or a fallen tree during a storm.