Boat insurance takes in about 7 billion a year with a growth rate of 2.2 percent, according to data from IBIS World. That means boating is popular, to say the least. If you’re ready to take the dive into a new hobby, it might be time to do some hard research on the topic. If you’re thinking about getting a boat, specifically a yacht, then you’re going to need a yacht insurance quote.
Quotes are quick, easy and painless to process. If you’re thinking about becoming a boater in your spare time, then it’s time to talk to an agent. Yacht insurance protects your boat in ways that a home policy can’t. Make sure your pleasure boat is covered when you need it most. Here’s three reasons why you should get a yacht insurance quote today.
#1: Homeowners Insurance Won’t Cover a Yacht
Some feel that they do not need yacht insurance because they already have a policy through their home. However, that policy is only meant to cover certain areas, so yacht insurance is still needed. While a home insurance policy will cover some boats, it won’t cover everything. Home insurance policies cover canoes, boats with small engines and boats that are slow or inexpensive. Home insurance policies are almost limited, only covering up to 10 percent of your home’s insured value, according to NerdWallet. Long story short, if you’re buying a yacht, you’re definitely going to need more than just your homeowner’s policy.
#2: If You Own a Yacht, You Need Coverage
If you’ve purchased a boat, it is now time to insure it. Yacht insurance covers you in the event of damage to your yacht due to natural disasters, theft, collisions or vandalism. It also covers you with liability, meaning that you and your passengers, and the yacht are covered if they happen to be injured on your boat. That means it’s time to get some yacht insurance quotes. You’ll need to know the specs of the your yacht: year, make and model. If you have any amenities on the yacht, it’s going to cost you more to insure.
#3: Your Policy Needs to Be Renewed
One mistake yacht owners make is not insuring their boat all the time. It’s a common problem often seen with vehicles as well. People mistakenly believe that they can save money by only covering their boat during the on-season or when they’re using it. The problem with that is if something happens to your boat while it’s not covered, then you’re going to be paying out of pocket. If your policy needs to be renewed, then it’s time to get a quote. Yacht insurance quotes make sure that you know exactly what’s out there for your yacht, and shopping around ensures that you’re getting the best deal and best coverage possible.
About Mariners Insurance
Mariners General Insurance Group was founded in 1959 to protect boat owners and marine business clients. We are marine insurance experts and insure boats worldwide – in every ocean on the planet. Marine insurance is critical if you own a boat or nautical business. Trust the professionals with all of your Boat Insurance needs – trust Mariners Insurance. Call us at (888) 402-5018 any time you have questions or concerns about insurance for your vessel or marine business.