So you've bought a boat, congratulations! That is a big investment and will be a joy to you for years. Now that you have a boat you'll need to know all about insurance. Boats are vulnerable to all sorts of risks that you have no control over. Technical issues, body damage, collisions, even theft. Even if you are not required to be insured, buying boat insurance offers you protection on and off the water.
Buying insurance for you new boat can seem complicated, but really all you need is a boat, a computer and a little know how. First you should evaluate what kind of insurance you need based on the type of boat you own. Classifying your boat is an important step in buying boat insurance. For example, if your boat is 26 feet long or under, you should be getting insurance under the lower classification. If your vessel is over 26 feet it must be classified as a yacht and you'll be buying boat insurance of a different type. Also figure out the current value of your vessel and what kind of depreciation it will undergo. This will help you in your decisions when choosing the right insurance.
When buying insurance you should also contact the National Boat Owners Association. If you're not already a member it is advisable that you join. They can provide you all sorts of information on maintaining and owning your boat. They will also be able to give you valuable information on the insurance you need.
Do your research before committing to any boat insurance company. Visit some websites and get some quotes. Or, if the Internet doesn't appeal to you, you can call these same companies and get a similar quote. You don't want to buy insurance from a company you know little to nothing about, and have no idea how much you'd be paying.
Now that you have quotes you're ready to begin the real work of obtaining boat insurance. Carefully evaluate and analyze all types of insurance coverage. This is especially important when buying insurance for physical damage. You have the option of actual cash value of agreed cash value when considering the physical damage coverage. Depending on which coverage you decide on your premium will vary. This is another thing to keep in mind when buying insurance. Other options you have include liability coverage and medical coverage.
Finally, look into uninsured boat owner's coverage when buying boat insurance. This will make sure you are covered in case a boat owner who's not insured hits you. In some places since boat insurance isn't mandatory, this can be especially important to making sure your valuable possession will get repaired in the event of an accident. These are some very easy steps to buying boat insurance and making it as simple as possible. Getting insurance for your boat doesn't have to be difficult; all you need to know is what you're looking for and where to look.
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