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7 Things You Should Know About Boat Insurance.

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Boating is undoubtedly one of the best ways for you to release stress. You are excited to hit the water on your boat; worrying about the finances in case of an unfortunate event would be the last thing you would want. So, make sure your boat is well insured. 

We have collated seven significant points you should be aware of while purchasing a Boat Insurance policy:

1. Understanding the different Boat insurance coverage

It's crucial to know how much it would cost to rebuild your boat if necessary and keep your insurance agent informed on any upgrades you have made to your boat. The buyer of boat insurance must be aware of these concepts to avail the best policy suited for their vessel.

Replacement cost policy means the buyer's compensation with a likeness to the original one in all aspects. 

Market cash value means repaying the insurer with the actual cost of repairs for the boat, where the compensation claimed is the replacement cost of the boat less depreciation. 

Agreed value is the best type of boat insurance policy to ensure if a loss happens, you are eligible for the value of your boat agreed by you. 

You may have to update your policy to keep up with your needs.

2. Discounts for being a Safer boater 

A boater who has completed an approved course on boating safety can avail discount on the boat insurance. It is one of the best ways to reduce boat insurance premiums. The safer boater is also entitled to a lay-up discount if the boat is used only certain times during the year in freshwater conditions.

3. Navigational Limits of your Boat insurance

The navigational limit in the policy determines the coverage. You can determine the claim on the boat insurance policy by certain factors like distance covered by the boat from the boat's dock or moor, launch site, or the water's shoreline. 

For instance, if your boat is not within the navigational limits as mentioned in the policy, you would not be eligible for a claim in case of any damage caused.

4. The various factors that determine your Insurance premium

The cost of the boat insurance also depends upon the size and the speed limits of the boat. Bigger size and higher speed cost more. Other factors for the insurance policy are age, value, condition of the ship like how and where the boat is used, type of motors like inboard or outboard, and whether the insurer lives on the boat.

You are eligible for discounts on factors like the years of boating experience, where your boat is parked, and your boat's examination by Coast Guard Auxiliary. 

5. Canceling the policy during Off-Seasons could be a costly affair 

Many boat owners will intentionally cancel their coverage during the off-season. This puts them under many risks that could damage the boat when it's not in the water. Dropping coverage may result in the boat owner being exposed to pay for the damage. For instance, if the boat is harmed in the driveway due to unfavorable weather conditions, you will have to bear the entire cost. 

6. Did you know that the place where your boat is damaged can affect your claim?

Many varying circumstances determine the claim's nature, and you must be aware of what their policy covers. If the boat is damaged while parked at home and if Homeowner's insurance policy covers it, you can claim from Homeowner's insurance policy. Likewise, if it is damaged while towed by your vehicle, you can claim from your auto insurance company, and Boat insurance covers the damages if the boat is harmed while parked at the dock. (Check with us to be 100% sure if your boat is covered by home or auto insurance as mentioned above)

7. Choosing the right Insurance Agent

It is crucial to select a good insurance agent who knows your boating requirements.

Selecting the right agent is very important. Only select agents who know about boats and boating can give correct advice according to your boating needs to avoid future problems that may arise.

Every boat owner needs a policy that fits them – contact us today to get the best boat insurance coverage that suits you and your boat.

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About Browne Insurance Services

Browne Insurance Services helps you choose from a variety of personal insurance and business insurance solutions.

LIC# 0M71320
190 W Amado Rd Palm Springs, CA 92262
We extend coverage to individuals and businesses in Campbell, Palm Desert, Palm Springs, Pollock Pines, and Santa Clara areas.
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