Things You Should Know About Getting A Boat Insurance

Wouldn’t it be nice to be able to enjoy the spring and summer months in a lake, riding on your own boat? Many people purchase boats so that they can enjoy the sheer joy of sailing around and relaxing in their boats. As fun as purchasing a boat sounds, you must understand all the basics of boat insurance in Palm City FL, before you purchase a boat.

If you’re planning to purchase a watercraft, be it a small boat or a large one, you have to ensure that you possess the right kind of coverage for it. While sailing a boat is fun and exciting, it can also lead to mishaps that cause damage to your boat and this is where the insurance will come in. here is everything that you need to know about boat insurance.

Large Watercraft Should Have Their Own Policy

As far as the boat insurance policy is concerned, several things are taken into consideration including the size of the boat. Your homeowner’s policy usually has a lot of limitations on boat insurance and this includes the size of the boat as well. Whether you have a boat or a yacht, any watercraft that costs over $10,000 to $20,000 should have an insurance policy of its own. 

Limitations On House Owner’s Policy

When you’re planning to get a boat or any watercraft, you should know that they have limited coverage on the homeowner’s policy for boats, even if it is a very small one. While many boat owners may assume that the boat is included in the homeowner’s policy but it has a lot of conditions and terms. Also, if you’re not towing the boat then the damage must be done in the house premises to be covered by insurance. Also, many insurance companies do not offer a towing coverage of more than $1000.

Extra Coverage On Foreign Travel

You may be dreaming about traveling overseas with the shiny new boat that you just bought, but you also need to know about the coverages if you are planning to travel overseas. If you are planning to leave the borders of the United States, discuss with a marine agent to know about the various cruising extension coverage that will protect you when you are in another country. The legal insurance that you have in your country may not apply when you are moving beyond the US waters and as such you will need extra coverage on your insurance.

You Can Save On Insurance

While most people are not aware of it, but you can save some money on your boat insurance. Many boat insurance companies offer a discount if you take the safety courses for sailing. Also, if you bundle your boat insurance with other insurances like car insurance in Port St Lucie, and home insurance, etc you can get a certain discount. When comparing the insurance quotes, you can ask your prospective agents about your eligibility for discounts.

Extra Coverage For Winter Risks

If you live in a cold area where the winters can be pretty harsh and there are freezing and ice then you should add extra coverage for the winter risks. Winter is fairly harsh weather and it can do significant damage to your boat, so when discussing an insurance policy, talk with your agent to find out what coverage can be added for winter-related damages.

Choose The Coverage Wisely

Lastly, make sure to choose your insurance coverage wisely and make an informed decision. Before choosing any policy, discuss with an expert thoroughly to understand the different terms and benefits of an insurance policy. Know what is covered and what is not in a policy and also the additional and optional coverages. Choose only when you have found the right policy that meets all your requirements.