Boat Insurance Tips


In order you purchase the right insurance for your boat, you have to bear in mind some important issues. If you know much about the type of boat you own, then getting insurance will be easier. Here, we invite you to read helpful information, and also some important boat insurance tips that can help you to make a right choice.

For a boat owner shopping for coverage is well advised to try to get the maximum insurance permitted by his financial condition as they run the risk of being sued for those assets in an eventuality case.

It is recommendable to understand the different insurance programs and choose the one that fits better to one's situation, some factors to take into account are the navigation area, cost of the boat, cost of maintenance, etc.

Boat owners can select liability coverage for covering not only the cost of theft, repairs, property damage, and more, but also for paying the attorney fees in the case of having to defend against claims, this liability generally ranges from $ 100,000 to $ 500,000.

To decide the amount of insurance required, a boat owner should consider that total losses are not very frequent, so coverage for total losses should ideally be the minimum amount that a boat owner can pay. On the contrary, partial losses are more common, that is why boat owners should get this coverage. While trying to decide for a boat Insurance coverage, boat owners must factor in the minimum insurance required by marinas, that is commonly $ 300,000.

Useful tips for boat insurance

The following are some useful tips to buy boat insurance:

  • You must know the insurer. It is recommendable you research for information about insurance providers, this way you can contact a reputable agency. You can contact directly to the agency or contact a marine insurer specialist. Also, to get information, you can ask for recommendations to friends or people who also like boating.
  • Find out if an Actual cash value or an Agreed value it is more convenient for you. The Actual cash value policies are less expensive, but just pay the actual cash value at the time the boat or yacht were lost. This option is better for non expensive boats. On the other hand, an Agreed value definitely will cost more than the first option, but it also pays more. It covers the stated value of the policy in case of a total loss. The depreciation of the boat is an issue that influences these options.
  • You must understand what the insurance coverage includes. If you don't understand ask for explanation to the person who is selling it to you. If you consider that the policy it is not clear or that doesn't make sense ask also for additional explanation.
  • Remember that each boat of a specific length has its own insurance requirements. Then, depending on the type of boat you will have to look for an insurance coverage.

If you are going to get insurance coverage, we encourage you to bear in mind the previous boat insurance tips and recommendations.