Almost six percent of adults in the United States own a boat right now, with even more people who enjoy just being out on boats, especially during the summer months. In fact, there is a whole culture around boaters and their vessels that’s prominent around coastlines.
Just like any major investment, it’s always a good idea to get insurance for it. But how do you decide between boat insurance policies? What are the benefits of boat insurance?
You want to be sure that you’re getting the best boat insurance possible. With that in mind, check out our eight tips on how to choose the perfect boat insurance policy.
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Try to Bundle
Chances are that you own more property than a single boat. You most likely own a car, a house, and maybe even multiple boats. You also need insurance for all these items. Leverage all your policies to get you the best value.
Many insurance companies offer policies for all of these. They also offer discounts for having multiple policies to promote company loyalty, which are usually called discounts, bundles or multi-policy discounts.
So, one of the first things you should do when shopping for boat insurance is to see if you can get a better deal for having multiple policies with the same company or agency.
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Ask About Safety Discounts
When you insure a car, you might know that many companies offer discounts for driving safely. They might track certain behaviors using an app or provide you with a device that sends them information on your operation and safe habits while operating your car.
Boat policies have similar discounts. If you have extra safety equipment on your boat or take safe driving courses, you might be able to get discounts on your policy. Your auto driving record weighs in on your boat driving skills so a good driver license information is beneficial. And, if you have a captain’s license be sure to mention this as well. You can get discounts for staying claim-free, for experience and for a good credit record.
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Ask About Other Discounts
Many companies will offer discounts for other reasons. You might get a discount for paying the entire year of insurance in full at one time. Some companies offer discounts for how long you’ve operated similar sized boats.
A new discount and qualifier we are seeing in Florida is to have a Hurricane Plan for your boat. If you can demonstrate you have a solid plan for getting your boat out of harm’s way in the event of an approaching Tropical Storm or Hurricane, it can help with your insurance cost.
You’ll get the great coverage you need at a lower cost.
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Cover Fishing Gear
It’s always important to make sure that you’re getting a fair price for your coverage. However, you should also be sure that you’re getting enough coverage for yourself. Not every person or boat is the same after all, and the policy you hold should reflect that to some extent.
Those who like fishing often leave their fishing gear attached to their boats. This leaves them vulnerable to storms or vandalism when the boat isn’t in use. You should be sure to get coverage for this equipment in this case. Don’t overlook any items that did not come from the factory with the boat, like depth chart recorders, plotters, radar, radios, trolling motors, anchoring systems & poles or other accessories you may have added.
This way, if anything happens to it, then you can get it replaced without too much issue.
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Cover Watersports Gear
That same principle applies to those who enjoy other watersports. Whether it’s waterskiing, tubing, or surfing, you’ll leave your equipment on or attached to your boat.
The thing is that this equipment isn’t cheap. In Florida, it’s very common for hurricanes to damage your boat and equipment. There are also people who will try to damage or steal that equipment.
It’s important to protect that gear in these cases. A bad storm or vandal shouldn’t keep you from enjoying your hobbies for long. So, make sure your policy covers this equipment before you sign up for one.
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Cover Faulty Parts
Occasionally, things just go wrong with a boat. The propeller or lower unit gets damaged. You might even get a fuel line leak.
Getting your boat fixed is enough of a pain without dealing with the cost of repairs. This is exactly why you have insurance in the first place.
Most insurance does not cover maintenance type issues, but if the damage is sudden and accidental, there may be options that can be added to your policy at a very low cost to protect you from these losses.
The best thing you can do for yourself when shopping for insurance is to read over your policy well before you agree to it. Make sure that you know exactly what parts are and are not covered and under what circumstances by your policy. That way if you ever have something like a fuel spill, it’ll be handled easily.
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Cover Towing
There are a lot of reasons why you might end up stranded on your boat. Your fuel filter could be clogged or alternator issues cause your batteries to drain while you’re out on the water.
You need a way to get both you, and your boat, back to shore if this ever happens to you. Fortunately, there are towing services for boats. The even better news is that your policy can cover the cost of it for you.
You should be sure to have this included in your policy before you sign up for one.
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Cover Medical
If your boat gets damaged while you’re on it, then chances are you or your passengers are probably going to have some injuries. Even if they are minor, you will want to get these injuries assessed and treated as quickly as you can.
The bad news is that hospital visits like that are often expensive. The good news is that you can get some relief from your insurance policy in such emergencies. If you were injured while on your boat, many policies offer medical coverage to protect you.
This is in addition to your liability protection that covers the injuries or even property damage that is caused by you, to others who are not on your boat.
Get the Best Boat Insurance Policy Today
Chances are that something is going to happen to your boat at some point. So, it’s important that you get the coverage that you need for your own protection. And, you want to be sure that you’re getting the best boat insurance possible for your vessel.
That’s why you should trust Harris Insurance. We’ve been in business since 1965 and are dedicated to protecting Florida residents. We offer everything from boat to home to business insurance policies too.
Contact us today and see how we can protect all your major investments.
LEGAL DISCLAIMER
Views expressed here do not constitute legal advice. The information contained herein is for general guidance of matter only and not for the purpose of providing legal advice. Discussion of insurance policy language is descriptive only. Every policy has different policy language. Coverage afforded under any insurance policy issued is subject to individual policy terms and conditions. Please refer to your policy for the actual language.
