The recreational boat industry is constantly growing into a multi-billion dollar industry. Millions of Americans own their own boats, meaning insuring them is always a priority.
But what goes into choosing boat insurance? Why is it worth it for first-time boat owners?
That’s what we’re going to look at today. Read on to find out the most important factors to consider when choosing boat insurance.
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Why Should I Get Boat Insurance?
Some might be immediately on the fence about whether to get insurance for your rental or owned boat. This could be because they feel like they’re wasting their money. Some might think it’s too expensive even if they think it’s worth it.
With that said, protecting you and your boat from damages whenever an accident does occur is essential. Boats are already expensive, so any repairs from accidents or wear-and-tear definitely won’t come cheap.
Insurance helps you alleviate those costs and potentially takes a $10,000 bill to something way more manageable.
Boat insurance also extends to injuries. If you get hurt during a boating accident, insurance can cover some of your expenses.
Accidents aren’t the only thing boat owners have to worry about. When you’re out there in the ocean, you never know when you might be hit by a storm or strong waves.
As such, boat insurance helps cover damages from these natural disasters, as well as emergency assistance.
5 Key Factors For Choosing Boat Insurance
When you’re looking at boat insurance, things like risk can greatly affect your monthly premiums. That’s why you need to consider these 5 factors when making your choice:
Chances are, you’re only using your boat for a certain time during the year. That is, it’s going to sit dormant in a shelter or garage for a few months at least.
Where you store your boat factors into your insurance coverage. While this might not seem obvious, fire, theft, vandalism, and other types of damage are common even when you’re boat isn’t in use.
- Record and Experience
Insurers are going to look at how long you’ve been operating boats and how long you’ve held a license. The more experience you have, the better chance you’ll get a good premium.
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Your driving and boating record comes into play here as well. If you’re known to drive under the influence, it’ll be harder to secure a lower monthly charge.
Sometimes boat inspections by a third party might be required by insurers. This looks at the state of your boat, whether it’s safe for the waves, and other components.
It goes without saying that some areas of the world have more treacherous waters than other parts. Insurers will definitely that your location, or your vacation spot, into account when you’re obtaining insurance.
- Layup Periods
How long does your boat stay dormant in your garage? When do you actively use your boat during the year?
Depending on the answers to these questions, you might find yourself getting credits or even limit coverage during the layup period.
Leverage Boat Insurance Today
When choosing boat insurance, you need to know what you’re getting into so you can make the best choice for you and your wallet. Use this article to find the right boat insurance provider and start making smart moves today.
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