A basic rule of insurance is that the more assets you have the more policies you will need. You have got a boat and you are trilled about it. You cannot stop talking about it to your friends and family and sometimes you invite people on board. You need to hang on a second there and think about the insurance implications of having people on your boat. Also, how are you going to protect your investment on it? There are a few things to consider and learn about before purchasing boat insurance. Some of them are discussed below.
Did you know that many states now require owners to have watercraft liability coverage before they can put them in the water. For example the parks and recreation service of Idaho except you to buy insurance cover for your boat. The authorities need to make sure that public is covered for any damages that may come as a result of you having a boat. This shouldn’t be any different than having auto liabilities insurance. It is the same logic. Since you are driving on public roads you will need auto insurance liabilities coverage. The same applies when you are cruising on the public water ways. So, make sure to check the requirements of your state and buy the require coverage at least. As usual you are advised to cover yourself well rather than aiming to be compliant with the laws.
Then, you should consider insuring your boat for damages and theft in the same way as insuring your vehicle. They are subject to all sorts of risks and it is only natural that you would want to insure it. Check your options through online resources and get quotes. You can also find specialist boat insurance brokers to help you out on this. Ask the people who sold you the boat or talk to other owners about their recommendations.
Thirdly, you should consider having debris removal and towing coverage. When a boat is sunk in the water it is the owners responsibility to get it out and remove from water. You cannot walk away from it licking your wounds. So, this cover will pay for those extraction costs that can be high depending on it went down. Also, you may need to be towed to shore and it will cost you money as well. You can buy coverage for these incidents.
You may be able to get discounts when you buy this policy from your home or auto insurer. But this may not always be possible. You can give them a call and find out if they would insure it at a reasonable price. You may have plenty option online and you may be able to get quotes instantly. If you are experienced in buying these policies you may be able to complete your purchase online. At least you should spend a little time to find out about the coverage and insurers.
It may be advisable to use a broker for the first time and ask as many questions as you can to make sure you buy good level of coverage. It is a bit different from other policies you have and you should find out how.