When it comes to deciding on a boat insurance company and policy, there are many factors that you should consider – and the cost of the policy is just one of these factors. Here are a few things to keep in mind and help guide your decision in selecting a marine insurance company as well as the policy that is right for you.
1.) What kind of vessel are you insuring?
While you can get boat insurance from a variety of companies, if you own a yacht or commercial vessel, you should specifically seek out an insurance provider who specializes in yacht insurance or commercial boat insurance. There are many considerations when it comes to insuring more expensive and larger yachts, and an experienced yacht insurance agency will be able to create a policy that will best suit your specific needs. Same goes with a commercial vessel – many traditional boat insurance policies will not provide adequate coverage for a boat that is used commercially.
2.) Will your boat be covered if you leave the country?
As a major Florida marine insurance agency, we are very familiar with how easy it can be to travel from the Floridian waters to the nearby islands of Cuba and the Bahamas. However, your boat insurance policy may not cover you or your vessel once you leave US waters. If you plan to take your yacht outside of native waters, you want to make sure you select a policy that will have you covered. You should select an experience marine insurance agent that will be able to get you the best possible premium and coverage options for your needs and travel plans.
3.) Does your boat insurance policy cover you for the whole year?
Some boat insurance policies will allow you to “lay up” or suspend coverage for periods of non-use. This is important to know not only so you could potentially save yourself money if you plan not to use your vessel for several consecutive months of the year, but also because you could potentially not realize that your policy is inactive and decide to take your boat out, only to discover it’s not being covered at that time. Make sure you discuss this with your marine insurance agent.
These are just a few things that you should keep in mind when selecting not only a boat insurance policy but moreover, an insurance provider. A good marine insurance agent will be happy to explain and educate you on the different types of coverage available to you, so you not only get the best value, but most importantly, know what you’re insured for should you ever need to use it!
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