Congratulations on your boat purchase! You’ve inspected every inch of the hull, checked that spotless gel coat and signed ownership papers – but you’re not ready to set sail just yet. Have you done everything possible to make sure your boat purchase is sound? Ignore the next vital step in the process of buying a boat, and you could end up one sad landlubber.
That step is….drumroll, please……INSURANCE. to the Southwest Florida Marine Industries Association (SWFMIA), marine insurance protection is the most important element to consider when purchasing a boat. Sure, the vessel needs to be in shipshape physical condition, but if it’s not protected, you may well be just one snafu away from potential disaster.
Avoid the temptation for a quick coverage fix. Resist the urge to go online and purchase the first policy that even closely meets your needs. Opting for a stock marine insurance quote is usually not the best answer. A one-size-fits-all quote is not right for everyone; choose one of these, and you may end up with too much insurance – or too little. As you embark upon your marine insurance coverage journey, make life easier for yourself. Talk with an experienced marine insurance advisor and request a tailor-made quote. Below are major insurance-related mistakes new boat owners make and how to avoid them.
Assuming prior insurance will transfer
Take a moment to ponder this assumption, and it becomes clear why it’s false. The prior owner of the boat no longer needs to pay the premium for that insurance policy; therefore, they will not continue to do so. It would be helpful (and economically beneficial to you) if this were the case, but it is not. Furthermore, the insurance contract prohibits the transfer of the policy.
Don’t expect the same premium as the prior owner
Underwriters go through a thorough process before they issue a quote. Insurance scoring, claims history and more are taken into consideration. Plus, you may expect to use the vessel in a different capacity than the last owner. Traveling in international waters? Launching a charter business? You’ll need different insurance coverage. It’s extremely important to consider how and where you will be using the boat and to share this information with an advisor.
We know you want to get out on the water and test your sea legs as soon as possible. That’s why W3 Insurance makes it easy to secure the exact coverage you need. Contact us and speak with one of our experienced marine insurance agents. Really, we’re the Captains of Insurance – and we’re here to ask all the questions necessary to craft a personalized marine insurance quote that covers all the exposures you’ll face.
Work with a marine insurance advisor. Understand your coverage options. And remember: Just because Florida doesn’t require marine insurance, that doesn’t mean it’s a good idea to embark without it.
To speak with a W3 marine insurance advisor, call 727-522-7777.
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