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Are you Sailing too Close to the Wind with your Boat Insurance?

Next to the purchase of your home, which you managed with a mortgage and a huge loan from your in-laws, your boat is your next biggest investment. And you had to do this one on your own – no mortgage and you’ll never forget the look on the old man’s face when you suggested a loan!

Anyway, you did it and the sleek white yacht is moored off the jetty at the bottom of the garden. Now comes the question of insurance. The boat is something that you have to protect. If you have an accident you will be responsible to pay for your own repairs as well as the damage you may do to any other boat. This is the reason you need to have boat insurance. Boat insurance operates in a very similar manner to any vehicle insurance you may have.

So start looking for insurance. It’s much like looking for cheap car insurance - you should start by getting a few different auto insurance quotes to start.

Finding cheap car insurance can be tricky. You start off with auto insurance quotes and move on from there, checking one cheap car insurance policy against the other and calling for more auto insurance quotes as you go along.

Do the exactly the same exercise for your boat. Remember that your boat can be vandalized or stolen any time. If you do not have the proper insurance coverage you will be facing financial loss. If you own a boat you must factor the cost of insurance into your monthly boat expense.
We recommend that you work with an agent that you trust and that is also familiar in writing coverage for a boat. Remember that the cheapest policy you find is not always going to be your best choice because you want the right coverage.

When signing up for insurance be honest about the condition of your boat and its value because if you lie about these facts the insurance company will realize that your boat is not worth as much as you said upon inspection and they may not want to insure you or if they do you may be overcharged.

Owning a boat is a lot of fun, but make sure that you have adequate coverage to protect yourself against any unforeseen disaster with your boat.