To make sure that you choose the best boat insurance policy, you have to do two things: select a well-informed agent and get the a great insurance carrier. Another thing that you should keep in mind is to not let the price fool you. Remember that saving a few bucks will not mean anything when your vessel gets into an accident.
Here’s an example involving a new client of ours who had a bad experience with their former insurance. The client had a boat that cost him $81,000 which he continually maintained for four years in a world-class yard. He never thought about the money he was spending. One day, an accident involving the boat happened which wrecked it but it was proven that he did not do anything wrong.
The former insurance company who he chose as his underwriter rejected his claims saying that his boat was not maintained properly. He had to go through one year of continuous threatening, pestering and negotiating with the company before they gave him the agreed value for his policy and $3000 for other expenses.
What Your Boat Policy Should Have
To help you out, here are some of the things that you need to check on your boat insurance policy. If you are planning to go away from your cruising grounds, it?s vital that your vessel is covered. More so, if you are planning on a foreign trip to Canada, Mexico or the Caribbean, you may need endorsement. There should be a clause for arbitration in the section entitled claim settlement in your insurance policy. This guarantees that you get a third party to make a just judgement if you get into a dispute of any sort.
You should also check the deductibles and see if it differs based on the subject of the claim, like coverage for natural disasters. Also, you should know what salvage means and how it can affect your claims in the future. A boat is a big investment and you need to take time to research and study the different companies that you can choose to insure it. Just a reminder, the price is not supposed to be an issue.
Is Having Boat Insurance Really Important?
The answer is both positive and negative. There are times when insuring your boat can turn out to be a bad investment. As the price of your vessel is nearing the yearly premium cost, you might have to rethink your priorities and your answer might be ?No?. However, as a boat owner, you should always have liability protection.
There are accidents every day and you never know when they could happen to your boat. Make sure you work with an insurance agency you can trust to find you the right boat insurance carrier.
At Velox Insurance, we take pride in making sure our clients are well protected at prices they can afford. To learn more about how we can help you please contact our agency at (770) 293-0623?or Click Here to request a free quote.