Buying boat insurance isn’t a complex process, but like anything else, there are risks you might be unaware of. The price of the boat itself is just the initial expense—your watercraft will also require off season storage, maintenance, gas, and insurance to protect your investment. Here are five handy tips to help you secure the best boat insurance rates:
1. Bundle your boating insurance with your home insurance
While rules may differ in certain U.S. states or countries, watercraft (including boats and sailboats) that are meant for personal recreational use are automatically covered under the owners home insurance policy. This coverage will protect your boat from physical damage and boat liability coverage in case of an accident.
2. Complete Nautical Training Courses Buying boat insurance is an essential step in protecting your investment. Ensure you’re fully knowledgeable, and maybe even get a discount on insurance, by completing marine training courses and taking a test that ensures your knowledge of the rules and regulations surrounding boating. You’ll feel more confident when making important decisions about your vessel, and you may even get a break on insurance rates. Just be sure to check with insurance providers who offer discounts for those with certified nautical training.
3. Look into an all-risks policy An “all-risks” boating insurance policy covers damage to your boat, whether it’s from fire, theft, or natural disaster. It also covers any other losses you may incur—like a collision with another vessel or if your boat is damaged when hit by lightning. In addition, an all-risk comprehensive marine insurance policy covers the boat when it’s on water, a trailer, or in storage, and it protects your investment if it’s in an accident, fire, stolen, vandalized, in a collision, or if it should suffer storm or vermin damage.
4. Compare quotes from multiple insurers It’s your imperative when buying boat insurance to compare quotes from multiple insurers. It may seem like a waste of time, but it can save you hundreds of dollars in the long run. Start with some of the larger companies if you’re looking for a quote for your boat and plan on buying it soon. They tend to offer better prices than smaller companies. It can be hard to know which is the best fit for your needs, so it’s essential to ensure you understand what each offers.
5. Insure all year long Many people don’t think about boat insurance until they’re on their way to the lake or river, but it’s essential to do your research and ensure that you’re getting coverage for all seasons. In addition to weather-related risks like wind, rain, and snow, vandalism is another possibility that must be covered by boat insurance. This is because accidents can happen in any season, so your boat could be damaged if someone decides to vandalize it while it’s in storage—and if you don’t have coverage for that risk, you’ll be left with nothing but bills.
There are so many choices for boat insurance that it’s hard to know where to begin. But if you have a little time, patience, and the correct information, you can find the right policy at a competitive price.