So, you have purchased a new boat and you want an insurance policy to protect it. Insuring your boat is different than insuring your house or car, and there are some things that you want to know before signing a new policy. Did you know that your boat is not covered by its policy when it is out of the water? There is a different insurance policy that covers your boat when it is not in the water. Here are some things that you should know when looking for an insurance policy for your boat:
1. Choosing the Right Type of Boat Insurance for The Type of Vessel You Own
There are many different types of boat insurance policies that you can get. If you have a yacht, you will want a more extensive policy that covers different types of needs of your vessel. For a houseboat, you will want to have a different type of insurance policy that covers other possible damages that may occur. For a small fishing or recreation boat, you will want a policy with a minimal amount of coverage to cover your needs and pay less for boat insurance coverage.
2. Shop for the Discounts That You Get with Improvements and Safety Measures
Just like your auto or home insurance, you get a write off for your policy for improvements and features that prevent accidents. Talk with your boat insurance agent about the different safety features and systems that have been installed on your boat to ensure you get a discount for these improvements. You can also talk to them about improvements that you can do to get further discounts on your boat insurance policy.
3. Know Your Policy and What Insurance Policies Cover Your Boat in and Out of the Water
There are different types of boat policies, but most insurance coverage is only when it is on the water. This means that your auto, home or storage insurance policies cover any damage when it is out of the water. It is important that you check these policies, and make sure that they are adequate to cover any possible damage to your boat when it is not in the water.
4. Take Advantage of Discounts Available for Dry Docking and Storing Your Boat Out Of The Water
There are also going to be some months of the year when you will not be using your boat. Often, boat owners have their vessels stored in dry storage to prevent them from being damaged, and you pay a lower premium that longer your boat is stored out of the water. Keep your boat stored in a dry place for longer to get a bigger discount on your insurance policy.
These are some things that you should know when looking for an insurance policy for your boat. If you have a new boat that needs insurance coverage, contact a boat insurance agent to help ensure your boat is covered if something happens to it.
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