Like any type of Insurance you need to buy, it is a good idea to check out all the options available to you. If you don’t have a boat, there is no need to think about it. If you have had a boat for years, you know the price of insurance varies. If you just purchased a boat, this is the time for you to look into all the options available to you.
There are two different ways to insure a boat. One is on a rider which is added to your home or renters policy. The other is a separate policy all together. The coverage available to you is probably the same, the difference in premium is where you will notice the difference.
You can find hundreds of websites online to get a quote for insurance on your boat. All you need is the standard information like the year, make, model and if you want, there are packages that will insure a boat, motor and trailer as a package. You just enter the information and the site will bring you up a price based on the information you entered. In fact, if it is a site that is supported by more than one Insurance Company, you will get alternate quotes to compare the difference in price.
If you have an agent for your home or automobile insurance, you are far better off to call them and ask for a quotation. The reason, they have all the information regarding the discounts that are available to you. These discounts can be upwards of 40% off the base premiums. They also know the proper type of policy for the type of boat you have purchased. The website quotation engines are fine, however you have to be so careful when answering their questions.
Here is an example: One of the questions may ask if you want Named Perils policy or a Comprehensive policy. The named perils policy is going to show at a lower premium than the other. Without knowing the difference, you pick the policy with the lowest premium because it looks like the same coverage and you figure you got a great deal. Unfortunately, Named Perils policy is limited to certain type of losses. For the extra money, you could have purchased an all risk policy which covers almost everything.
It really pays to do your homework on insurance. If you have an agent, chances are they are affiliated with most of the Companies on line. If you don’t have an agent, call one or two and have your questions ready.