Boats are a fun part of summer. Being out on the water, working on your tan with friends and family can be a blast, but don't let all the fun distract you from the responsibilities that come along with boating. Insurance may not be on your list of fun things to do. Preparing ahead of time by knowing how to get boat insurance can make the task easier for everyone. Here are 5 steps to getting your boat insured and back in the water with piece of mind.
Know your boat! It may seem obvious, but frequently people do not know the model or motor information of their boat, especially if it was purchased years ago. Year, make, model, of the boat, motor and trailer are all details about your boat the insurance company needs to know in order to give you an accurate quote. The max speed of the boat in mph, length of the boat, and what material the boat is made of are also helpful to know ahead of time. The horse power of the boat motor is important too. Have the hull ID number and serial numbers for the motors and trailer ready. Personal information such as name, birth date, address, social security number, and driver's license number is required by most insurance carriers.
Decide on Your Coverage
It is not state law to maintain liability insurance while you are operating a boat although many marinas require it. Banks also require full coverage insurance if you have a loan on the boat. Physical damage coverage is usually determined by the value of the boat. It comes down to your own personal comfort level. Determine if the savings on your boat insurance is worth more than the risk of losing the value of the boat. Check with your primary medical insurance to see if they will cover you in case of a boat accident. If not, you will definitely want to carry medical insurance on your boat policy. Boat coverage is an important conversation to have with your insurance agent to make sure you have it when you need it.
Select an Insurance Provider
Start with your car insurance provider. Multi-policy discounts often apply to a boat policy if you have your auto insurance with the same company. If the rate is higher than you anticipated, call around to different carriers to see if they are in the ballpark. Some insurance companies, such as Progressive, specialize in boat insurance.
Provide Documentation for Discounts
Insurance companies want to verify that you qualify for certain discounts so you will have to provide proof. Common boat discounts that require proof include homeownership, and safety course certification. If you received these discounts and did not provide proof you will likely see a rate increase. It is much easier to have your proof ready at the time you start the policy so you do not forget about it later.
Make Down Payment & Sign
Whenever you start a new insurance policy, it is typical to make an initial payment right away. Making your payment and signing on the dotted line activates your policy so you know you are covered. Some companies may offer online signatures, payment, and activation. Check for extra discounts within the payment plan you select. Several companies give a paid in full discount or a discount for signing up for automatic withdraw.
Many boat owners cherish the time spent on their boat. Having the proper insurance can allow you to have fun without worrying about coverage. So before you hop on your boat, be sure to have your boat insurance in place.
