Being a boat owner isn’t all about fun. As a boat owner you have some responsibilities and obligations. You have to be sure that your boat is properly stored both during and after boating season. You have to make sure that maintenance is kept up on your boat. You have to make sure that your boat registration is taken care of. If you don’t have it already, you should also seriously consider getting yourself some boat insurance.
If you own your own home, you probably have home owners insurance. If you have a car or motorcycle you probably have auto or motorcycle insurance. You may even have life insurance on yourself. If you have a boat it only makes sense that you protect it and yourself from liability by carrying boat insurance.
If you buy boat insurance you should also get coverage for liability. Even if you take every safety precaution while on your boat, accidents happen. If your boat accidentally collides and damages another boat or your boat is responsible for injuring someone else, the insurance will help protect you.
You may think that boat insurance would be too costly. If an accident does happen or you do accidentally injure someone, how costly would it be then, At that point you’re going to wish that you had boat insurance. When it comes to insuring your boat, don’t be penny wise and pound foolish.
There are certain aspects that the insurer will take into consideration when quoting your rates. If you take, or have taken, a Coast Guard boating safety course most insurers will discount your rate. A clean driving record will also allow you to have a lower rate. If you can operate a motorcycle or car safely, then the insurance company can be sure that you will operate your boat safely too.
Where you use your boat will also affect your insurance rates. If you use your boat mainly in lakes and rivers then your rate will be a lot less than if you take your boat into open water. This is because there is more risk associated with taking your boat into open water. Your boat is also at risk for being caught in a hurricane or tropical storm.
Just like with automobile insurance, where the type of car you drive will determine your rate, the type of boat that you own will also determine what type of rates you will pay. For example, you will pay a higher rate for a speed boat then you would for a pontoon boat. Also the price you paid for your boat will determine the boat insurance rates that you pay.
Your boating experience will also determine what rates you pay. Again, this is similar to automobile insurance. The longer you’ve been driving, so long as you keep a clean record, the lower your rates will go. With boat insurance, if you have operated a boat for three or more years your rates will be lower than if this is your first boat. I
Your rates will also be determined by your coverage and liability levels and the amount of your deductible. These are the same with any other type of insurance that you may pay. A deductible means that you are willing to shoulder the burden of expense out of your own pocket up to a certain amount, and then if it is over that amount, the insurance company has to pay. The higher the deductible, the lower your rates will be.
Liability is how much protection you want. A one million dollar liability policy will cost more than a hundred thousand dollar liability policy. However, it is important to not skimp here. If you don’t have enough liability and you injure someone or do extensive damage, and if you lose a lawsuit the other party can come after your personal assets to cover any damages over what your insurance liability covers.
Being a responsible boat owner means that you should also carry boat insurance. This will protect you if something bad happens to your boat. You should also make sure that you are protected in case your boat causes damage to someone else’s property or person. It’s better to have boat insurance and not need it then to not have it and wish you did when it is too late.