If you are getting ready to purchase a boat or if you have just bought your first boat, then you might be faced with purchasing boat insurance for the first time. Naturally, you will need boat insurance so that you can protect your new vessel. Plus, if you financed your boat, you are probably required by your lender to have insurance coverage on it anyway. Buying boat insurance for the first time can seem a bit overwhelming, but it does not have to be. This is a quick guide that can help.
Understand What Impacts Boat Insurance Rates
First of all, if you’re concerned about how much you’re going to have to spend on boat insurance, you will need to understand what impacts the rates that you’ll have to pay. Just as when you’re insuring a car, the value of the boat is going to have a big impact. If you’re hoping to keep insurance rates low so that you have extra money in your budget to take care of and enjoy your boat, consider buying a cheaper used boat.
Other things impact how much your boat insurance costs, too. For example, a boat with a faster engine, such as a speed boat, is generally more expensive to insure. The things that you will be using your boat for will impact your rates, too.
Contact Your Current Insurance Company
You might already have an insurance company that you work with for insuring your car, your house and the other things that are important to you. You may want to go through the same company when purchasing your boat insurance. This can help save you some hassle, since the insurance company will already have most of your information and since you’ll be able to deal with just one company instead of several. Plus, your current insurer might offer you a discount for insuring your boat in addition to the other things that you have policies for.
Shop Around for the Best Pricing
Naturally, you’ll want to shop around before you sign up for a certain boat insurance policy. Even though your current car insurance company might offer you a discount on boat insurance if you choose to buy it through them, it’s not a bad idea to get quotes from a few other companies, too. After all, owning a boat can be expensive, so looking for ways to save on insurance is always a good idea.
Buying boat insurance for your new vessel doesn’t have to be as tricky as it seems. If you follow the steps above, it should be pretty easy. Then, you can make sure that you have the coverage that you need to protect your boat.