Most people have heard of life insurance, auto insurance, commercial insurance and so on, but have you ever heard of boat insurance?
People simply ignore boat insurance. They don’t think anything bad will happen. In fact, bad things often happen on ships! Just as you need to buy car insurance if you have a car, you also need to buy boat insurance when you have a boat!
Again, most people think that nothing bad will happen — but bad things do happen! And if it happens, it’s a huge expense!
Buying boat insurance is slightly different from buying car insurance, although the concept is similar. The insurance of the ship shall cover damage, theft, sinking, fire, storm, capsizing, grounding, collision and explosion. You should prevent the damage caused by these events. And the policy shall include anchors, OARS, towing motors, fuel tanks, cushions, skis, towing ropes, skiffs, tools, canopies, lifeboats, and any equipment permanently attached to the ship. In addition, insurance should cover ships, motorcycles and trailers used for transportation.
Understand your own needs
When buying boat insurance, it’s usually best to start with the insurance company that will insure your car or house. Insurance companies usually offer big discounts to existing customers. Most insurance companies also offer significant discounts for successful completion of boating safety courses. But in most cases, they won’t tell you about the sale unless you ask specifically.
It is also important to know what type of insurance you want and need before contacting an agent. Some agents will encourage you to buy too much insurance that you don’t need. This will cause your premiums to soar. Other agents, on the other hand, know little about the shipowner’s insurance needs and won’t sell you enough insurance!
The different types of insurance you will need include ship liability insurance, ship medical insurance, newly purchased ship insurance, maintenance insurance, emergency services insurance and shipwreck removal insurance.
In most states, liability insurance covers ship’s liability and ship’s medical expenses. Where the liability of the ship will protect you in the event of an accident arising from the ownership, maintenance or use of your ship. It should include personal injury insurance, property damage insurance, and even legal defense insurance. It should also protect anyone who sails your boat, as long as they are legally allowed to. In that case, the ship’s medical insurance will cover medical expenses up to a certain limit for you and your passengers in the event of an accident.
There are other types of insurance that are usually voluntary but should be strongly considered. Quite a lot can happen when you transport or operate a water boat. And protecting yourself legally should be a high priority!
Ok, if you get a quote from your current insurance company, don’t just think about the rates it quotes. Use this quote as a basis for comparing prices offered by other insurance companies in order to get a cheaper policy.
How to choose
Using the Internet is a great way to start. Get quotes online, compare prices, and then contact the agent that offers the lowest to see if you can get a better deal. You have to believe that insurance companies will compete for your business in order to get more customers. Don’t be afraid to tell them the lowest offer you’ve made so far – it’ll make them more motivated!
I provide a website to buy boat insurance, Boat Owners Association of The United States (BoatUS) . Since its founding in 1966, Richard Schwartz has looked after the interests of recreational boat people. They are the largest leisure boat owners’ organization in the United States, with more than half a million membership dues paying members.
They provide a diverse offering of marine services for the recreational boater, including insuring over 9 billion dollars’ worth of boats through the BoatUS Insurance Program underwritten by GEICO Marine Insurance Company, operating the largest on the water towing fleet — TowBoatUS, representing boaters’ interests on Capitol Hill, providing financing for boat-buyers, creating quality boat graphics and lettering, publishing the most widely circulated boating publication — BoatUS Magazine, and more.
Importantly, for more than 50 years, BoatUS has provided affordable boat insurance options for recreational boat people across the country. The low cost policy is available for most ship types. And is serviced by a dedicated Marine insurance specialist dedicated to providing special policy services and specialist claim processing to get you back to rowing status as soon as possible.
Last but not least, when you buy insurance, make sure your policy covers vandalism. This is especially important if you are docking your boat. Vandalism can occur even if you leave your boat at home or in a hotel while traveling. Most ship insurance issuers will only offer you ship liability – but in most cases, you need more insurance! Theft is another possibility. Cars are often stolen, but what you might not believe is that boats are often stolen, too. In fact, it’s easier to steal a boat than a car!
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