If you own a boat, getting boat insurance is extremely important as it keeps you protected under many circumstances. However, some boat insurance policies do not cover everything that you may require. There are many factors that you must consider while looking for a new boat insurance policy.
To help you make the right decision, we have rounded up some ways to avoid the mistakes that boaters commonly make and keep yourself protected at all times.
Don’t Rely on Homeowner’s Insurance for Your Boat
The biggest mistake boaters make is not looking for an insurance policy that is specifically designed for boats. Many boaters assume that their homeowners insurance will cover their boat as well, and this results in unfavorable consequences.
Homeowner’s insurance policies typically do not include boats and accidents that occur while boating. This means you’ll be left unprotected while you’re enjoying on the water.
Check the Insurance Limitations on Where You Can Boat
Many boaters aren’t aware, but boat insurance policies limit the amount that can be claimed in case of an incident and locations where your boat can go. While boating, these navigational limits require you to remain within a certain distance from the boat’s dock, launch site or the shoreline. The insurance won’t cover any boating accidents that occur beyond the specified navigational limits.
Do Not Cancel Insurance Coverage During off Seasons
Many boaters cancel their boat insurance during off-season to minimize their costs of insurance. However, the cancellation can bring you to face two consequences.
First, your boat will be left unprotected for several months if you cancel the coverage during offseason. If for any reason your boat is damaged while it’s stored, you will have to pay for the repair or replacement costs from your own pocket—and that will cost you more than what you might save from canceling the coverage.
Secondly, insurance companies often tend to increase premiums for holders that have gaps in their insurance history. This premium can be higher than the amount you saved from cancellation.
If you are looking for boat insurance in Bradenton, get in touch with Manatee Insurance Services, Inc.! The company helps clients purchase insurance policies that cover all their needs.