U.S. Coast Guard data is currently showing that property damage that includes boats is significantly increasing, which is also boosting the need for not only boat insurance, but the correct policy.
As a result of the rising instances of property damage with boats, many states are now making boat insurance mandatory. Even if you are not in one of the states that require you to be insured, if you have a loan for your boat, or if you use a marina, the odds are that you will need to purchase a policy anyway. Regardless of whether or not it is compulsory, as a boat owner, you might want to consider coverage from an insurance company in order to protect your investment.
Trying to find the right boat insurance is similar to hunting for auto insurance. The protection works in a similar way. However, because the vehicle itself is quite different from a car, you’ll want to make sure that your policy offers the type of coverage that you require for its features and use. Once you find the right type of coverage, then you can start looking into different ways to keep your premiums to a minimum.
The following are the types of coverage that you will want to make sure are included in your boat insurance:
• Physical damage
• Coverage of the motor
• Coverage for the cover
• Coverage for the trailer
• Docking fender protection
• Protection for the communication devices
• Coverage for medical payments
Once you find a policy that includes these points as well as any other specifics you require, you should look into obtaining additional discounts in your premiums for reasons such as the following:
• A brand new boat
• An anti-theft device or alarm
• An automatic fire extinguisher
• A ship-to-shore radio
• A qualifying boating education course