Overhead view of boat speeding on blue water

Do these 5 things before buying boat insurance

Boatsetter Team
Written by Boatsetter Team
February 24, 2018

A boat is a serious investment, so you want to be sure that you are covered should something happen to it. Let’s face it, the sea isn’t always the most forgiving place, and even if you store it in a nice, safe warehouse, you never know what can happen. That’s why you need boat insurance. That way you can know that both you and your investment are safe. Here are the top five things you need to check before buying boat insurance.

1) Is Your Boat Covered Already

Most likely your boat is covered by your home or rental insurance. But you need to check to make sure you know what this includes. Usually, it is just in case of theft or damage while your boat is on the property. But on the water is a different story. You can enhance your plan to include an additional fee your boat if it is not already, to negotiate with your insurance agent and see what you can find out.

2) Shop Around

Once you add a boat into your insurance arrangements, it is a good idea to shop around. Sites like NerdWallet allow you to compare rates. Do a little research and see. Sometimes, you get a discount if you bundle your insurance together, but other times, it be worth it to just buy a single policy for just your boat depending on what insurers are willing to offer.

3) Talk on the Phone

In the digital era, we expect to never have to see or talk to another human being, but if you really want to get the best rate, call up the company or even better go into one of their offices. It can be helpful to get a sense of prices to just apply online, but these are based on somewhat inflexible computer algorithms. An actual person is much more capable of finding you the right amount of coverage for the right cost.

4) Make Sure Have the Right Coverage

There is no point in having insurance if you are covered. Make sure you have the most important stuff covered: liability, damage, theft. These are the most likely sources of any trouble you might have. From here, you can add additional features such as increasing your premium to lower your deductible as well as covering other problems you might. Some carriers even offer rescue insurance!

Be Safe and Secure

Your boat isn’t just a toy, but a tool. It is your ticket to excellent weekends and vacations so make sure it is safe by doing a little homework and finding the right plan for you! That’s how you truly become a great captain!

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