Learn How to Find the Right Boat Insurance Coverage
Payment of Medical Expenses
See if your Medical Payments coverage is sufficient by reviewing your policy. If someone is hurt while on your boat and you are not found liable, Medical Payment coverage will help cover the associated costs, such as those incurred for first aid, ambulance, hospitalization, and more.
Check to see if the policy covers those who are being towed behind your boat while water skiing or tubing, as well as those who are boarding or exiting the boat. Be certain that personal injuries to you and your loved ones are covered by this policy. Coverage on a “per person” basis may be preferable to “per accident” coverage if the amounts are otherwise the same.
Protection Against Boaters Who Are Neither Fully Nor Adequately Insured
Many people go without liability insurance for their boats because it is not required by law. If you are injured on your boat, and another boat’s operator does not have liability insurance, your Uninsured Boater policy will pay for your medical expenses.
Reasons Why Insurance Is So Expensive
When calculating the premium for a boat insurance policy, the underwriter has a lot to think about. The value, length, and age of the boat, the type of boat (i.e., power, sail), the type of engine(s), the mooring position, the anticipated area of navigation, the owner’s prior boating experience and claim history, and the deductible amount are the most typical determinants. The owner’s (or owners’) safe driving record and participation in boating safety classes are two additional factors that may be taken into account by the underwriter.
You may cut down on the price of your boat insurance in a number of ways. In most cases, the best option is to choose a deductible as large as possible while still being affordable. A standard physical damage deductible for a boat insurance policy is 1% of the boat’s insured value but can go as high as 5% in exceptional cases.
Insurance premiums are discounted proportionally as deductibles are increased. Determine the maximum amount you would be able to pay out of pocket in the event of a loss.
A lay-up period is common in yacht insurance coverage and refers to the time of year when the vessel is not in use because of weather conditions. Each month that the yacht is out of service usually results in a discount from the underwriter.
In most cases, you can get a better rate by asking for the longest possible lay-up time that is still practical in your area. Give some thought to the waterways where you intend to actually pilot your boat.
Keeping your policy’s permitted cruising area closer to your home port may reduce your premiums if you do most of your sailing in that area. In other words, if you just use your boat in Maine, you might not require insurance that covers the entire east coast of the United States.
One of the criteria is how well-maintained your yacht is. The underwriter can ask for a current marine survey of your boat if it’s more than a few years old and you want a quote or insurance coverage on it.
Last but not least, you may be able to lower your boat insurance cost by adding specific safety measures. An automatic fire extinguishing system in the engine room, a fume or vapor detector in the bilge, and various anti-theft alarm and tracking equipment may qualify for discounts from some maritime insurers.
Get the Advice of Experts in Marine Insurance
With the information we’ve provided, you should be better prepared to inquire about specifics while shopping for marine insurance for your boat or yacht. To add to that, it’s smart to partner with a firm that specializes in yacht and boat insurance. This is crucial not only throughout the insurance application process but also in the event of a claim.
