There’s nothing quite like enjoying a warm, sunny day out on the water. With summer just around the corner, it’s time to get your boat out of winter storage and start preparing it for the season ahead. Aside from performing all the necessary maintenance, it’s also a good idea to make sure you have adequate boat insurance. This will allow you to fully enjoy your vessel, knowing you’re protected against any disaster that may arise. Here are a few things to know before shopping for coverage.

What Every Boat Owner Should Know About Boat Insurance

1. Why Boat Insurance Is Important

A boat is a significant investment and one of the most valuable assets you can own. Therefore, it’s important to make sure it’s protected from damage, theft, and personal liability. This requires purchasing boat insurance. Contrary to popular belief, most homeowner’s policies only provide limited coverage for small vessels, and the loss must occur at home.

2. What Boat Insurance Covers

Like all insurance plans, a boat policy should be customized to suit your unique needs. This means coverage can vary greatly from one policy to the next. Some of the most common options include liability for any bodily injuries or property damage you cause others; collision for the repair or replacement of your own boat; and comprehensive for losses sustained due to theft, vandalism, or any incident other than a collision. You may also want to add extra protection for unattached equipment, oil spills, roadside assistance, and uninsured or under-insured boaters.

3. Agreed Value vs. Market Value

When purchasing boat insurance, you must decide whether to insure your vessel at an agreed value or its market value. This will determine how much your insurer pays out in the event of a total loss. The agreed value is a fixed rate negotiated with your provider upfront, whereas market value policies take depreciation into account and will cover what the boat is currently worth.

4. How to Save Money on Premiums

Fortunately, there are several ways to reduce the costs of boat insurance without compromising on quality. First, make sure you know how much coverage you need for the specific type of vessel you own to avoid paying for a policy that’s suitable for a more expensive boat. Investing in safety features, bundling policies, and taking a boating safety course can also help you save.

The more you know about boat insurance, the easier it will be to find the right coverage for your needs and budget. Whether you’re shopping for a new policy or want to review an existing one, the experienced agents at Mountcastle Insurance can help. As an independent agency, they are able to compare policies and prices from multiple companies to ensure you receive the best deal available. They have been entrusted to provide residents throughout the Piedmont Triad area with quality insurance solutions for over a century. Call their Winston-Salem, NC, office at (336) 777-8500 to schedule an appointment, or visit them online to request a quote.