If you own a boat, you definitely need watercraft coverage.
Too often, people don't realize that they need coverage for
their boats. Some don't even realize that boat coverage is
available. Many know it is available, and they think about it -
they just decide that this type of coverage isn't something that
they need. In most cases, they are wrong! You do need boat
insurance, and you need to know what you are looking for when
you start shopping for the coverage.
Here are five things you must know before buying boat insurance.
1. Many states now require you to carry watercraft liability
coverage.
This coverage will should protect you against any damage that
you do to other people or other people's property with your
boat. The insurance should also cover you for losses due to
theft, vandalism, storms, fire, capsizing, stranding, sinking,
explosion, and collision. Call your insurance agent to find out
what your state requires, and what their boat insurance policies
cover.
2. There is optional coverage that you should strongly consider.
Wreckage Removal coverage is one type of coverage that you
should consider. In most places, removal of sunken or wrecked
vessels is mandatory, and it is the responsibility of the owner
to pay for this removal - which can be quite expensive. This
optional coverage will cover those costs. You should also
strongly consider coverage that will pay for repairs and
mechanical failure, as well as coverage that will pay towing
charges should you need to be towed back to shore.
3. Not all insurance companies will cover all operators of the
boat that you are insuring.
It is vitally important that you ask about this. Find out who is
covered when operating the boat. Some insurance companies will
only cover the boat owner as the operator for the rate that was
quoted. The rate may go up to cover operators other than the
actual owner. Make sure that the insurance agent clearly defines
who is covered to operate the boat!
4. Most insurance companies that cover watercrafts offer
discounts to people who have taken boat safety courses.
However, each insurance company will only offer the discount for
specific courses. Find out which course your insurance company
will honor, and make sure you take and pass the course! This
will save you quite a bit on your premiums - and you need the
safety course anyway! Find out what other discounts you may be
eligible for as well. Most insurance companies won't tell you
about the discounts unless you specifically ask about them.
5. You will typically get the best rate from the insurance
company that insures your automobiles and your home - but not in
all cases.
When you are shopping for insurance, call your current insurance
company first - but then check with other insurance companies to
see what kind of rate you can get. While getting quotes online
is very convenient, you should avoid actually purchasing your
coverage online. Call and talk to an agent personally instead,
or have them call you. Remember that insurance companies are in
competition with each other, and they will work with you to get
your business. Let each one know about the lowest rate that you
have been quoted, and ask them if they can do better!
Before shopping for insurance, think about the investment that
you have made in your boat.
Boats are not cheap! Repairing and replacing boats is not cheap
either. Make sure that you get the coverage that you need to
protect you against all losses involving your boat!
CopyRight Ian D. Major 2005.
About the author:
Ian D. Major makes it easy to understand Boat Insurance, quickly
and easily. Learn all you need to know by visiting:
http://www.the-boat-insurance-directory.com
an entirely FR*EE source of information about Boat Insurance.
