A boat is a large investment and you have to protect your assets. It does not matter if you have you have your boat in storage, or if it is docked. As a boat owner you may be fearful of high premiums that this type of insurance may have. When you add boat premiums to house and car premiums, it can be a scary picture. There is no need to fear as there are ways to get boat insurance for a cheaper rate.
The first thing to note is that there are different types of coverage offered with boat insurance. One of the most basic, crucial and mandatory types is called ‘liability insurance’. This is required by law in all states. This provides coverage to individuals or property which are injured and damaged as a result of your boat. This goes hand in hand with ‘medical coverage’ tied into your boat. The only difference is that it also protects you, the owner. If you happen to meet in an accident, you have to move your boat immediately. If you have an oil leak then you will be charged. ‘Pollution coverage’ and ‘boat removal coverage’ deal with these things.
Now that you have knowledge of the different kinds of boat insurance, you must be wondering how you can still get it as such a discounted rate with all these different types of coverage. The first thing you need to do is get everything you have on the boat properly surveyed and evaluated. Make an inventory of these things along with their costs, so that if the need arises to make a claim, you can be fully covered.
From there ensure you have proper safety equipment. The insurance company sees this is a lower risk, and will give you a cheaper insurance premium. If have no history of any previous accidents with boats, then you will get a lower premium than someone who has had one. Boat owners who have proof that they have recently taken a boat safety course can get reduced premiums. Using the same insurance company that you have used for your other insurance policies will give you an automatic loyalty discount from the agency, resulting in cheaper boat insurance.
Although it is important to consult with your current insurance agency, do not automatically assume that you are getting your boat insuranced cheap. Use their quote as a reference, and begin to get price quotes from other insurance agencies. You may be surprised to find out that these other agencies are offering a better price. Use the internet to get free quotes from multiple insurance companies all in one place.
