You have a boat or are looking into buying a boat. You know you will need some kind of insurance for your boat, but how do you go about finding the best rates? Does your regular insurance guy handle boat insurance too? If so, is it really the best deal or are there companies that specialize in boat insurance that can offer better coverage at better rates? Boat insurance is very similar to auto insurance as the premiums vary depending on the type of boat (speed boat - high premium; pontoon boat - low premium), how old the boat is, any additional equipment or modifications, where the boat is docked and how it will be driven, how long will it be in the water and how long it will be in storage.
Other variables that will determine whether you can get cheap boat insurance quotes are how much liability insurance you want to carry, whether you want full replacement coverage or actual cash value coverage, medical payments, and towing and mechanical assistance. Another variable is if you do not own your boat outright and have financed it the finance company will require you to carry a certain level of coverage for the loan and it will not matter if you get cheap boat insurance quotes.
To make sure you can get cheap boat insurance quotes you will need to check on the internet and must have already determined what type of coverage you want to carry and what you want to leave out. Then you can take quotes from several companies and compare them to get the cheapest boat insurance quote. When looking at any of the quotes you also have to look at the financial stability of the insurance company you are choosing. It will not matter much if you have the cheapest boat insurance if when it comes time to make a claim that your insurance company is out of business or is in bankruptcy and can not or will not pay your claim when you need it most.
When thinking of boat insurance most people are looking at coverage in case of a total loss of the boat. Most people do not consider the partial loss factor. There are times where you may have an incident that only causes damage or loss to a part of your boat. How your insurance company pays for a partial loss is important in what kind of policy you end up getting. Most companies pay for partial losses until a boat reaches a certain age. Each company will also use a different depreciation schedule for paying claims. For example one company may offer 7% depreciation on mechanical equipment and 15% depreciation on canvas (for sail boats).
Also some companies name specific parts that are considered subject to depreciation like canvas, plastic, sails, etc. Items like stern drives, outboard motors and other internal equipment are usually replacement value items until they reach a certain age. If they are not specifically named in a policy they will usually be replaced less your deductible.
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Is Your Boat Insured?