Finding the right boat insurance policy

You never know when you'll need a boat insurance policy.

Even the most experienced boat owners should have an insurance policy to cover the cost of damage in the event that they are involved in a boating accident. An insurance policy may not sound as sexy as a new Hummin​bird GPS or some other piece of equipment you've been dying to add to your vessel, but it's certainly going to be just as valuable if your boat ever crashes, even if it's not your fault.

This begs the question: How does one find the right insurance policy for their boat? Here are some tips from Boating Magazine:

  • Ask around: If you have friends at the yacht club or simply know a lot of people who own boats, ask them if they have insurance and like working with their particular underwriter and agent. If you don't know a lot of people with their own vessel, ask the agent who supplies you with your car or life insurance policies if they have any experience in this area or can recommend someone.
  • Decide how much coverage you need: If your boat simply isn't worth very much, you may just want to purchase a policy that covers liability in the event that you are involved in an accident and someone is hurt, rather than buying a policy that includes collision.
  • Study the policy before paying your premium: Depending on how you use your boat and how far you travel with it, you should have a policy that is tailored to your needs. For example, if you plan on boating in international waters, make sure your policy will still cover you.

Keep in mind that you can avoid accidents and keep your insurance premium down if you have the right marine instruments to help guide your way when you're out on the water. You can find these items at ePal!

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