Buy Marine Insurance - The Lazyman's Guide to Buying Marine Insurance
Most people overlook the necessity of buying marine
insurance, assuming that nothing will happen to them on the water. Since boat
insurance isn't required by law, the majority of boat owners whose lenders
don't require them to keep their craft insured feel as though they can simply
ignore it. However, without boat insurance, you find yourself responsible for
a lot of bills, should your boat be involved in an accident. With the large
number of uninsured boaters around, you could even wind up paying if the accident
isn't your fault. Because of this, it's important to buy marine insurance,
even if it seems like insuring your watercraft will be a hassle. With the advent
of Internet boat insurance quotes and applications, you can even get your
boat insured without much effort. So, if you're not interested in putting a
lot of work into insuring your boat, but still want the protection that marine
insurance offers, here are a few tips on getting the best rate.
First, get a lot of quotes. It can be really tempting to go with the first
good-sounding offer that you get, but that's likely not to be the best one.
Boat insurance isn't as standardized as auto or homeowners insurance, which
means that different insurers can offer very different plans and rates. What
is inexpensive with one insurer can cost a bundle with another, and you have
no way of knowing who will charge a lot for what coverage without getting a
quote. Make sure that you provide as much accurate information about yourself
and your craft as you can. Things like the age of the boat, your experience
on the water, and even your driving record can significantly affect your quote.
If you don't remember to include these, you could be in for a nasty surprise
later on when your quote is adjusted, and a big hassle trying to get the rate
you want. Include things like safety classes and certifications, too. They
can lower your rate, and the insurance company isn't going to volunteer to
give you this discount. You'll have to ask for it, and present confirmation
that you are eligible. However, being a safe boater can save you up to twenty
percent off your premiums, so this little bit of extra work is worth it.
You should always carry at least personal liability coverage on your boat.
That way, the medical expenses of anyone who happens to be injured on or around
your boat will be paid for, as well as any property damage caused by a collision
or other accident. To keep from having to pay for boat repairs, you should
also get general coverage of the boat itself. This will protect the hull, motors,
and furniture, but not your personal possessions, like cell phones. You will
have to pay an additional premium if you want those to be covered. Should your
boat be damaged in a wreck, by fire, vandalism, or a host of other factors,
boat insurance will pay for some or all of the repairs or to replace the craft.