Boating has a rich history deeply rooted in Victoria and British Columbia. Before there were roads, the earliest settlers relied on borrowed canoes and rowboats to get around. Sometimes these explorers traveled hundreds of miles by boat to do business. Since then, boats have evolved into many different types, serving many different purposes. But owning your own boat takes responsibility, and insuring your boat is part of fulfilling that responsibility. Here are several tips on landing the best deal on boat insurance coverage
What Your Boat Needs
Sound boat insurance coverage includes everything your boat needs to protect it from damages such as natural disasters and anything else that puts your watercraft at risk. Boat insurance coverage is much like homeowners’ insurance, in that basic policies provide the essentials, and it’s up to you to add other options tailored to your needs.
Basic boat insurance coverage includes liability, which covers damage to the persons and properties of others, if caused by your boat. Your basic coverage should also take care of medical payments for you, your family or anyone who may be injured while aboard your boat (this type of coverage is known as personal injury coverage). Other things your boat insurance should cover include damages to the boat and its equipment, and wreck removal.
The Extras
While the above are certainly important aspects of boat insurance coverage, they are the minimum recommended requirements. Remember that there are many other potentially costly hazards that you need to be aware of as well. Some insurance extras include protection against hauling damage, loss of motor, fires, lightening, explosions, sinking, theft, and underwater damage.
How Much is Enough?
Above all, make sure that your policy covers injuries, theft or damages to your craft, since these incidents are not all that uncommon. If you decide to insure your boat through your homeowners’ insurance policy, remember that it may only offer limited coverage and may not extend to boating activities, depending on the type of boat you own. Be sure that your insurance coverage is appropriate for the type of boat you are insuring.
For instance, if you have a power boat but your insurance company thinks they are insuring a house boat, you'll likely run into coverage problems if you have an accident or claim. Because of this, there are different policies designed for each type of vessel.
Paying the Price
Boat insurance is similar to car insurance in that what you pay for boat coverage depends on your insurer’s evaluation. Typically, your insurer will evaluate you on your experience with watercrafts, your navigational equipment, and your overall insurance claim history. They will also look at the area in which you will be using your boat to see if it poses any threats to the vessel. As with auto insurance, your driving record and the type of boat you are insuring are factored into the insurance quote.
By Kelley Caner