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Author: Shannon Brown
Every year, thousands of boating accidents
happen in the United States. Out of this, 60
percent results in some kind of injury. Aside
from accidents, boats also get stolen. This
is why it is very important to get boat insurance.
With all the dangers, it would be crazy not
to get a boat insurance policy.
Here are a few useful tips when shopping for
boat insurance.
1. You should look for an insurance company
that is responsive & always available. It
is very critical that your company responds
when you really need assistance. Help should
always be close by when an accident happens,
when you need claims or emergency service.
2. You should look for an insurance company
with good customer service. It is advisable
to choose a company with a large network of
agencies, claim centers, and helpful employees
that are ready to serve you whenever you need
them. In such a case, you can be sure that you
will be treated fairly and promptly.
3. Choose an insurance company that is financially
stable. Ideally, one with a long history of
service to boat owners. Companies with a rich
history are generally more stable than new ones.
A good way to check the financial stability
of an insurance company is to do some research.
Check out the financial ratings of A.M. Best
and Standard & Poor's for insurance companies.
4. Get boat insurance from a company with a
good reputation and high standards.
5. Choose an insurance company with a wide
variety of coverage options. This is very important
because your needs as a boat owner are very
unique. The company's menu of products should
accommodate a circle of protection for your
needs both today and tomorrow.
6. Boat insurances come in different prices
ranging from the affordable to the ridiculously
expensive. It is important to understand the
policy and service promises behind the price
of the boat insurance It's better to pay for
an expensive but good quality boat insurance
than a cheap one with limited features. It is
not advisable to accept low protection just
to get a lower price. Make sure that you get
the protection you and your boat require.
7. Consider the type of boat you own before
getting boat insurance. Do you own a motorboat,
a personal watercraft (PWC), a boat without
a motor (canoe, kayak or rowboat)? Consider
also circumstances in which you plan to use
the boat insurance.
8. Though boat insurance is designed to protect
your boat, it is also advisable to take note
of the other coverage options available. An
important boat insurance option is the medical
payment coverage which can offer medical protection
for you and your passengers. You can never be
so sure of your and your passengers' safety
when your out at sea.
9. Another option to consider is water liability
coverage. There may be instances when you will
accidentally injure a person while on the water,
a passenger, a swimmer or a water skier perhaps.
This is where water liability coverage comes
in handy. This type of coverage also protects
you if you collide with and damage another boat
or if you hit a rock.
10. The most important option is the physical
damage coverage. This coverage will come in
very handy if you hit another boat, a submerged
object or a dock and damaged your boat's motor.
The physical damage coverage usually has two
components:
a. Emergency services protection. This type
of coverage provides protection of up to $100.
It covers towing and mechanical labor if ever
your boat breaks down while you're in the water.
Also available is an extra emergency services
as an optional coverage for an additional premium.
b. Physical damage protection for valuable
boat equipment. This type of coverage protects
your valuable boat equipments such as boat covers,
docking fenders, portable gas tanks, life jackets,
anchors and anchor lines, sonar equipment, water
skis, cushions, and your boat engine, compass
and gear. Also available is an extra boat protection
at an added premium. There is also on the road
protection for your boat, trailer and equipment.
This also covers protection if ever your boat,
motor or trailer is stolen.
An additional way to keep the cost of the boat
insurance policy is to not grossly underestimate
the worth of your both. Appraise the boat for
what it's worth. No more, no less. You can also
get boat insurance policy if you take
a boating lesson so better asks around.
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