Tips to find the perfect boat insurance for your vessel

Monday, July 22, 2013, AM | Leave Comment

It goes without saying that to protect yourself and your boat from mishaps that are uncalled for, you need to get your boat insured. The cost of each vessel varies greatly. Sometimes, you may have to spend merely a few hundred dollars to get the boat of your dreams while at other times; you may have to shell out millions.

In any case, insurance is an absolute must. However, there are various kinds of insurance that you can choose from and depending on the type of vessel you own, you may have to make an appropriate decision.

Given below are some tips that will ensure that you buy the most appropriate insurance for your boat as suggested by pro boat surveyors.

  1. Familiarise yourself with the need for the insurance:

    You need to be confident about your desire to purchase the insurance. Shape any vague ideas into firm ones. The most obvious reason would be to protect your boat from unnecessary damages that cannot be repaired very easily. However, this insurance does not cover repairs that fall under maintenance. There are many events that are unforeseen and the boat insurance is the perfect solution in the event of an occurrence of such an event.

  2. Getting more information from the executives at the boat shop is a good idea:

    If you are unaware of the type of insurance that you should apply for, you must try consulting with the executives of the shop from where you intend to purchase your boat. The executives at such shops receive special training pertaining to every aspect of the boat or the vessel. Therefore, they can be considered as one of the best people to ask any impending questions that may be niggling at you. They will be able to provide you with prompt and honest answers.

  3. Mull over the type of vessel you wish to purchase:

    The types of insurance are typically based on the types of vessel that are available. Therefore, you must first try to zero in on the kind of vessel that you would like to own. You may be interested in buying a yacht. Some people prefer buying a boat while others opt for jet skis. Thus, you must first figure out what vessel attracts you the most before getting it insured.

  4. Talk to your other insurance agents:

    It is not uncommon to have your home or your automobiles insured. You can use this to your advantage. Boat surveyors ask boat owners to contact these insurance agents to get a fair idea on the boat insurance. Usually, these agents do have a solution for your issues and can furnish you with all the necessary details.

  5. On finalising, speak openly with your insurance agent:

    The key to getting a good deal for your boat insurance is to speak openly with your insurance agent. If you do happen to have several insurance policies with the same agent, chances are that you may get a fairly decent discount for your boat insurance as well. Therefore, you must be alert and keep prodding your agent for a good deal.

  6. Look out for hidden risks:

    Sometimes, insurance companies refuse to provide for losses if they have been caused because of ignorant behaviour on the part of the owner of the boat. In such events, things may not necessarily go in your favour and therefore, you need to be extra careful and speak with your insurance agent to clear out any hidden aspects of the insurance so that you do not fall prey to it when you need it most.

Author’s bio:

Tulip Jensen is an insurance agent and works with a well known firm. She has recently worked with several famed boat surveyors to write about boat insurance. She plans to include vital information in her E-book. She has a background in commerce and has a penchant for photography.

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