Before you go out on that first pleasure cruise or offshore fishing trip this summer, make sure your boat insurance is current, and shipshape!
Insuring boats is very different than insuring cars, homes or even other specialty coverages. Boats require very specific coverages. To avoid a “sinking feelings” about your boat insurance policy, you may want to consider a few tips:
Explore the specific needs of your boat. There are some insurance companies that provide some types of “no-frills” boat coverage that may be added to your existing auto or homeowner’s policy. Now, this may sound good in theory, but the reality of the fact is your boat will more than likely may be better covered if you look for a more specific policy designed for only boats, and not an endorsement to your auto or homeowner’s policy. Contact a knowledgeable independent insurance agent who can review all the options available to you. Your specialized boat policy can cover things not likely covered by your homeowners or auto policy, such as the cost to replace lost or damaged fishing gear or electronic equipment or even your trailer. You may even get coverage for emergency on-water towing and fuel-spill cleanup.
Get the advice of your independent agent who can help you with all of your options. “Captive agents” typically only represent one insurance company, but independent agents represent several companies, so they find a variety of coverages that may suite your needs, and can review as well as evaluate all of your policies, answer your questions and suggest possible new coverages that meet your changing or even challenging needs. They can also offer insight to the policy that provides you with the best combination of specialized coverage, along with claims service and price.
Find a company that offers specialized boat policies. A true test of an insurance company’s worth is how they handle claims. When there is a claim, you will measure the worth of your insurance company on how they handle it. We suggest you ask other boaters what company they recommend or find an independent insurance agent who understands boat policies.
Work with your independent agent to make sure you understand you policy and what you’re buying. Your independent agent should be able to explain, in your terms, what your policy covers and what the different options mean. If you are unclear about something, they should be able to further explain them to you.
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