If you enjoy spending time on the water but want to make sure you have proper insurance in case of accidents, it’s essential to do some research before getting boat insurance. With so many providers out there, just deciding without any help can be daunting. That’s why at Miller-Hanover Insurance Agency, we are here to guide you through the fundamentals of this type of policy and what to look for in its providers. To see more about boat insurance varieties, visit our website.
What Is Boat Insurance?
Boat insurance covers your boat during various situations, like if it’s damaged by fire or stolen. It can also provide you with compensation for medical expenses if you or someone on the boat has an accident while you’re on the water. It’s important to remember that insurance only covers what is outlined by your policy- it doesn’t replace a damaged craft in an accident, for example.
How it Works
There are several components to boat insurance. First, you’ll need to figure out what your boat is worth- this is the cost of the craft itself, the motors, and any other equipment that’s essential for its functioning. This figure will serve as your coverage limit- any damage you sustain will be compensated for up to this amount.
You’ll also need a deductible on your policy- this is the amount you are responsible for paying before the insurance will kick in. If you have a bigger deductible than your coverage limit, you can pay everything up front and receive a refund for the rest of the damage incurred. However, if your deductible is larger than your coverage limit, you might not be covered in case of an accident or theft.
Choosing a Provider
When researching your boat insurance, you’ll want to look at some of the factors that affect a provider.
- Licensing
You’ll need to look for a provider that’s licensed with the state in which you live. If you don’t think a company is licensed, you should contact the authority to verify that it complies with all applicable laws.
- Communication With Clients
Do they keep clients informed? Some companies might only give you a monthly bill after you’ve been with their company for a while. Others may send out emails telling you about any new policy changes. Keep in mind that some providers may not have an active presence on the Internet, which means you must contact them by phone or email if you have any questions during the duration of your policy.
- Customer Service
Look for a provider that maintains 24/7 customer service to help you with any problems or inquiries during your policy’s duration. If a problem arises, you should speak with someone immediately and have your concerns addressed.
- Policy Coverage
Look for a provider that offers coverage for the same types of damage you need coverage for, such as theft or fire. Companies may offer different coverage limits, while some may have higher limits than others. Insurers may also provide a free inspection of your boat before you purchase insurance with them. This will help you ensure your boat is in tip-top shape before taking it on the water.
How to Make Sure You’re Getting a Good Deal
You can begin looking at possible providers to find one that manages to offer good coverage and affordable rates. Here are two tips to keep in mind when comparing boat insurance companies:
- Ask If the Policy Covers Things Beyond Basic Protection
this is a great way to get a better deal. If you’re interested in coverage for things like theft or fire, you’ll likely be able to find an affordable policy with these features. Also, make sure that the company offers several different options for coverage, so you can choose what suits your needs best.
- When You Have a Policy, Be Sure to Read the Fine Print Carefully
Make sure that you understand how the policy is set up and how to make a claim. Additionally, it’s often helpful to ask about any additional coverage you may have. For example, if you need extra in case of an accident or theft, it’s good to know that this is available. Often, policies are set up so that once you’re satisfied with your current coverage limit, additional options are available for purchase if necessary.
- Secure Sailing
Researching is the best way to ensure that you are getting a good deal and getting your money’s worth when it comes to a policy. Most importantly, don’t forget to do this research when you renew your boat insurance. The last thing you want is for your old policy to expire without noticing until after something happens. This can leave you in a very vulnerable position and make it difficult for you to find coverage in the future.
If you’re considering a new boat purchase and want to insure it, check our policies at Miller-Hanover Insurance Agency. For more information about our offers, reach out to us or visit our website today.
