After purchasing your boat one of the first things one should do is purchase boat insurance. Unfortunately most people fail to do this because they think that their homeowner’s policy will cover any potential losses. This is most likely not the case. Many homeowner’s policies limit or don’t cover marine type risks such as: salvage work, wreck removal, pollution damage, or environmental damage. Here are a few tips on what to take into consideration when applying for boat insurance.

Insurance Premium Cost & Type of Insurance Factors:

  • Age of Vessel
  • Length of Vessel
  • Value
  • Speed / Horsepower
  • Does it meet the US Coast Guard Standards in effect at the time it was built?
  • Primary Residence
  • Type (Inboard, Outboard, Utility, Cruiser, Bassboat, Saltwater Fishing Vessel, Performance Vessel)
  • Is the Vessel Homemade
  • Houseboat
  • Ownership
  • Where it will operate

Types of Boat Insurance:

Another element which will effect the cost of the premium, is the type of boat insurance your purchase. For example there are two basic types of boat insurance: Agreed Value and Actual Value. An Agreed Value policy covers the boat based on its value when the policy was written. Actual Cash Value policies cost less up front, however the policy will only pay up to the actual value of the boat at the time of the loss. Types of Coverage:

  • Specialized Coverage
  • Salvage
  • Consequential Damage
  • Towing
  • Cruising Extension

What to do in case of a Claim:

In most circumstances you are not required to carry proof of insurance on your boat. However, it is always a good idea to have such information on you at all times during operation of your vessel. It is also important to ask your Broker or Agent about the Claims process, and if they will be available during such an occurrence.

Additional Boat Insurance Premium Factors:

  • Cruising Location
  • Boating Safety Education
  • Driving Record
  • Liability Limits
  • Deductible
  • Storm Plan (If your boat is in a hurricane zone, your insurer may require you to provide a plan for your boats storage.)

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Boat Insurance: Tips and Cost Factors

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