Just as you need protection before you get behind the wheel of a car, a boat policy is a wise investment if you’re planning to take your vessel out on the water. Though it’s usually not legally required, there are several reasons to insulate yourself against liability, protect your passengers, and safeguard the boat. Here’s what to keep in mind before you select your insurance package.
What to Consider Before Buying Boat Insurance
1. Type of Boat
Many standard boat policies cost several hundred dollars a year. Where yours falls on the scale depends largely on the type of boat you have. A small fishing boat is unlikely to require much insurance, while coverage for a speed boat or a yacht will cost considerably more. Anything with higher horsepower is also likely to drive your costs up.
2. Storage Location
Your boat should be secure during the offseason, which means you should insure it when it’s not in use, too. Your coverage of choice depends on where you plan to store it during that time.
Consider potential threats to your vessel, such as theft, wind- or weather-related damage, pest infestations, and fire. The safer your storage space, the less vulnerable your boat and the lower your premiums overall.
3. Driving Record
With a clean driving record, you have an excellent chance of paying reasonable premiums for your insurance. If you can prove that you’re responsible while operating a motor vehicle, that reflects positively on your ability to handle a boat with care. This is key, as it means you’re less of a liability and are unlikely to pose a risk that might result in an accident.
4. Boating History
Just as important is your history using boats. If you’re a new boat owner, you may want to shop around and negotiate your coverage. If you’re an experienced operator with an excellent record and haven’t filed many claims over the years, that’s emblematic of your reliability on the water. It will reflect positively on your risk level.
You may have big plans for your boat, including traveling out of the country to a nearby island. If you do plan to voyage beyond your immediate area, it’s wise to select a policy that includes coverage for those locations. Not all policies provide this type of protection, so be sure to ask your provider for specific coverage if this applies to your travel plans.
If you’re seeking boat insurance, trust in Seeman Holtz to provide you with the options that work best for your needs. Located in Boca Raton, FL, and proudly serving clients nationwide, the company offers a variety of products designed to secure your most valuable assets. Visit the financial advisors online for more information or call (800) 991-3592 to speak with a representative.