Most people assume that their boat insurance will cover them if something terrible happens to their boat, but this isn’t necessarily the case. To understand what your boat insurance will cover, you need to know the basics of boat insurance, including how different insurance policies work and how they differ from typical home or auto insurance policies. To learn more about these basics, check out our post on choosing the best boat insurance policy available.
What Type of Insurance Do You Need?
Choosing the right insurance policy can be a tough decision. The type of insurance you need will depend on the boat you have and what kind of boating activities you partake in. If you’ve never gotten an insurance quote, it can feel overwhelming to figure out which is best for you.
If this is your first time getting a quote, you must understand what each type of coverage entails before deciding. Boat insurance policies are typically broken up into five sections: bodily injury liability, property damage liability, personal injury protection, uninsured motorist protection, and medical payments coverage.
How Much Coverage Do You Need?
The first step in choosing an insurance policy is determining how much coverage you need. This will depend on what your boat is worth, what kind of vessel it is, and whether or not you have a mortgage on your boat. If you are financing your boat through a bank, they may require that you carry a certain amount of liability insurance.
You can speak with a qualified marine insurance broker or agent who can help answer any questions you might have and help find the right policy for your specific needs.
Anchor Marine Insurance provides personalized service with all-inclusive packages for both pleasure boats and commercial vessels.
What Is Excluded from The Policy?
It would be best if you always understood what is and isn’t covered by your policy. Some exclusions are liability, medical payments, physical damage, personal effects, collision coverage, and emergency assistance. You must buy a separate rider if you want these types of coverage added to your policy.
If you have a mortgage on your boat or trailer, it may be wise to get coverage for those items. This will protect them in case of theft or vandalism.
How Much Does It Cost?
Boat insurance policies typically range in price from $200 to $500 per year and depend on various factors, including your boat’s value, how often you use it, and where you keep it. You can get a quote online or with the help of an agent.
How much does boat insurance cost? The annual premium you’ll need to pay for boat insurance depends on several factors. For example, you can get a quote online or through an agent in person. Depending on your location and any personal claims history, you may also be able to save money by insuring your boat with a larger company.
After reading this article, you should better understand the boat insurance policy best for you. Hopefully, you can make an informed decision on your boat insurance policy and enjoy your time on the water.