Factors to Consider when Choosing a Boat Insurance Policy
Whether you own a boat or you are thinking of purchasing one, it is important that you protect it in case of an unforeseen accident. You can, therefore, relax when your boat is damaged because the insurance policy will take care of all the damages and injuries. In case any accident or damage occurs on your boat then you will only pay the deductible while the insurance cover will take care of the rest. Many boat owners usually believe that the homeowner policy will take care of their boats, but in the real sense, it doesn’t.
The following factors should, therefore, be considered when purchasing an insurance policy for your boat. Before you decide on the right insurance policy you will get for your boat, it is important that you are aware of its storage location. Your boat should, therefore, be protected all the time even when you are not using them during the winter months. There are a wide array of unforeseen damages that can still happen on the boat when you are not using it, hence the reason why you should consider purchasing an insurance cover for your boat. Those that are locked up less are more likely to be stolen and you might be required to pay more premiums.
You should also consider the navigation area where you plan on using your boat. There are certain navigation areas that are known to be risky when compared to others, and they are therefore more expensive to insure. Those who use their boats on a small lake will also pay less compared to those who navigate in the ocean because the lake has minimum risks. It is also important that you discuss these issues with your insurer so that they determine which water bodies are suitable for you.
Another factor that needs to be taken to account is your driving experience since it will have an influence on your premiums. Through these records, the insurer can determine your ability and also assess your risk level while at the same time calculating your premiums. Incidents lie drinking under the influence of alcohol or any other drug can, therefore, have a huge impact on the amount of premiums you will pay. The number of years you have owned the boat and claim history will have a significant impact on your premiums.
Third party inspections can sometimes be necessary before you insure the boat. Through these surveys it is easy to establish not only the replacement value of the boat but also check on its condition as well.