Buying Boat Insurance Tips
May 30, 2010 by · Leave a Comment
Many people will tell you owning a boat, or buying a boat is always a momentous occasion. There is nothing quite like a day on the water, enjoying the sunshine, the fresh air and the thrill of speeding along the waves. However with the boat ownership, come boat expenses and boat insurance heads the list of recurring expenses. There are numerous boat insurance companies. Digging your way through the maze of boat insurance quotes is a daunting task.
More boating accidents and injuries occur than people realize and you need boat insurance to protect you and your boat. Boat insurance coverage provides protection for legal liability because of an accident resulting from the ownership, maintenance, or use of your boat, including bodily injury and property damage. Many boaters take unnecessary risks operating a boat that drivers of automobiles would never take. Alcohol consumption aboard boats is common and impairing judgments and thus validating the need for boat insurance.
It is likely your boat was a major investment and needs protection just like your home and automobile. Use caution when shopping for boat insurance. Cheap boat insurance may be inexpensive at first, but just like the cheapest car insurance, your needs at the time of a claim should be considered.
Boat Insurance companies have a wide range of coverage’s from powerboat insurance, sail boats and luxury yachts. Many specialize in one area or another. Shopping for boat insurance with different companies can save you hundreds or even thousands of dollars.
Ask you boat insurance agent questions and. lots of them. Create hypothetical situations and ask you agent, what happens if.
Boat owners need a clear understanding what their policy coverage’s are. Due diligence is the rule. Once you have determined your needs and what is available for insurance for your boat, you will enjoy your boat owning experience without the added stress of worrying about boating accidents. Don’t think for a minute you can live without boat insurance.
Boat Insurance Quotes
May 30, 2010 by · Leave a Comment
When you’re looking into boat insurance more often than not you will be offered free boat insurance quotes. This is especially true online, most websites will offer a link immediately. Now that you have the information you need to make the best possible decision, its time to start looking.
It’s helpful to have your ownership information close. This is by and large the first set of questions for boat insurance quotes. You’ll be asked the primary owner’s name, date of birth and whether they’re the boat’s operator. Also you should know what type of ownership you have, is it single ownership, dual ownership, leased through a financial institution? You’ll also be asked in this first section what the boat is for. The options are usually individual, corporate, partnership, family or club.
Next, you’ll need to know your craft’s information. The model year and manufacturer are usually asked for first. Keep in mind the average boat insurance company won’t insure a boat that is over 30 years old. You’ll also need to know the number of engines and horsepower your boat has. At some point you’ll be asked about any other boat you own, although you normally will not need to know all the particulars about it. Other things such as whether you live on the boat and the boat’s length can also be expected.
Expect questions on the kind of coverage you are looking for. But keep in mind; you’re merely investigating boat insurance quotes not locking yourself into something permanent and binding. The next set of questions will cover where you store your boat. The boat insurance company wants to know if the boat is being used and when so that they can accurately judge the risk for them to insure it. You’ll be asked if the boat is used year round, and what kind of waters you navigate (fresh, salt, or both). As saltwater can be corrosive and damaging to a boat hull if not properly cared for the boat insurance company may consider this more of a risk.
Finally you’ll be asked a little but about the operator’s history. It’s not unusual to find questions like how many tickets and accidents the operator has had in the last five years, if the operator has ever had a DUI or reckless driving charge, and if they’ve had a previous watercraft loss. This is for the boat insurance company to determine their risk.
After all the required information has been filled out, or given to the agent. All you have to do is wait, or in the case of the Internet hit enter. You’ll then have your boat insurance quotes. Shop around a little and find one that will work the best in your situation and give them a call. Getting a multitude of boat insurance quotes at once is easier now than it has ever been, which is great news for you.
How Much Does Boat Insurance Cost
May 30, 2010 by · Leave a Comment
With the boat, and a list of potential insurers, comes a world of questions. One of those questions will undoubtedly be, how much does boat insurance cost? This is largely dependent on the company you choose as they all have different boat insurance rates. There are a few rules of thumbs that can give you a good estimate on whether you’ll be paying a higher or lower premium.
Insurance rates have gone up dramatically in recent years, along with most other expenses. Where a few years ago annual coverage for a single motor, brand-new boat would be $680 per year, these days that boat insurance rate would probably be closer to $1000 yearly. As different companies have different qualifications and coverage options there are no real set rules for a specific price range.
Take into account the type of policy you need. There are two types, a Boat owner policy and a Yacht policy. Boat owner policies are cheaper and usually lumped into an existing house or car policy. They cover boats up to 26 feet and have unchangeable limits and coverage. Yacht policies are for larger boats, they are more expensive but have custom limits and coverage.
Then there’s the style of your boat insurance rates, again there are two types. Named Peril coverage covers damage only from a specified threat and thus is more affordable. All risk coverage raises your premium but covers any accident that you could possibly have, with a few exceptions that would be detailed in the policy.
There are many types of boat insurance, all with their own benefits and premium amounts. You can choose between things like total loss of boat, hull damage, equipment damage, personal contents damage, wreck coverage, injuries, towing, among others. You must consider which of these you need and which you can do without. Do you need total loss coverage if you will be taking the boat out once a month? Probably not, and it is those types of decisions that will influence your boat insurance rates.
As mentioned before, motor size and type will influence your premium as well. An outboard motor may not be as fancy and convenient but it is considered safer by most boat insurance companies. Onboard motors are more of a risk since everything is enclosed and a problem cannot be quickly detected. On motor size, if the manufacturer states your motor will achieve speeds over 50 mph, expect an increase in your cost.
Believe it or not, your credit rating is also a factor. Having a clean credit report and a high credit score will reflect well on you and can provide you with some discounts when it comes to choosing your boat insurance. All of this information will be pertinent when it comes to getting your boat insurance quotes. Quotes and actual rates can and probably will vary, but this knowledge will give you the best idea of what to expect.
The Best In A Boat Insurance Company
December 6, 2008 by · Leave a Comment
The title asked and you shall receive. There are many factors to consider when you buy boat insurance. Really there is no right or wrong answer when finding a superb boat insurance company. As with anything there will be pros and cons with anyone you work with. It is difficult to determine the very best, but this list of 5 will certainly try.
· Progressive Boat is one of the more affordable for boat insurance rates. It is a subdivision of Progressive Auto. If you have your car policy with them it could be a wise idea to do so with your boat as you may get a discount. Because they don’t specialize only in boats their services and coverage are more limited, but more than adequate for most boaters. As an added bonus their customer service staff are widely known for being knowledgeable and very friendly. Their website also offers free boat insurance quotes.
· BoatU.S. is strictly a boat insurance company. They do not offer anything else and thus have a very comprehensive list of coverage provided and services offered. They have also proved their stability since they have been around since the 1960’s. Customer reviews state they have the best boat insurance rates available and are easy to deal with.
· GEICO Boat is also a subdivision company and part of GEICO Auto. Again, a dual policy could benefit you financially. Their services may not be as broad because they are not specialists in boat insurance rates, similar to Progressive. They are also known for insuring people who would be denied by other insurers, and this seems to hold true with their boat insurance as well.
· American Boating Association has rates that are competitive with the likes of GEICO and Progressive but has even more limited services. They do specialize only in boat insurance which can be a bonus as their staff is accordingly highly knowledgeable. Boat insurance quotes are available online as well as on the phone, but expect a longer wait on the phone.
· National Marine Underwriters also only works in boat insurance. They work in all 48 of the mainland states; although they will occasional extend insurance to other areas as well. Being in existence since the early 80s they are among the most knowledge companies around and their experience cannot be denied. Again they do offer few boat insurance quotes on their website.
This is but a small sampling of the possibilities for the boat insurance company you choose. This list was compiled of several factors that are important to most boat owners, price and extensive coverage. Research all of the options when you buy boat insurance and you cannot go wrong. As with choosing car insurance companies , the options are many, take you time and make an informed decision.
