Top FAQ’s When Buying Boat Insurance
If you are a boat owner or planning to buying one, you might be in a dilemma whether or not to buy a boat insurance. When you purchase a boat, insurance coverage is quite requisite as it safeguards the persons on board and the boat itself. Purchasing a boat may cost you from few hundred pounds to millions.
A common fallcy amongst the boat owners is that their boat is undoubtedly covered by an existing homeowner or an automobile insurance policy. However, the truth is that a majority of homeowner or automobile policies don’t cover any damage or theft when your boat is on the water. You therefore need a separate insurance policy for your boat.
– Need of boat insurance
1. Personal Liability : To cover the injuries and damage caused to a person riding a boat.
2. Boat Damage : In case of any physical damage caused to the boat, an insurance policy will pay for replacement or repair of your boat, depending on the extent of the damage caused.
3. Property Damage : You could cause damage to several types of property while riding a boat, for example you could collide into someone else’s boat or dock. A boat insurance could pay for the loss caused in such a mishappening.
4. Optional Coverage : Boat insurance may also offer you with several optional coverages, for example, it could pay for your loss in an incident when someone’s boat without an insurance, bumps into your boat.
Some of the top Frequently Asked Questions while buying a boat insurance from a company are :
Q: Since, long have you been in this business ?
Q: How many people work at your company ?
Q: What are the different types of boat insurance you offer ?
Q: What is the least amount of insurance protection I shall buy ?
Q: How much will a boat insurance cost me ?
Q: Do you offer any discounts ?
Q: Is boat insurance a legal requirement ?
Q: Do I need boat insurance even if I already have home owners insurance ?
Q: What are the different kinds of policies you offer ?
Q: What is covered in the policy ?
Q: What are the types of coverage ?
Q: Does your policy provide towing coverage ?
Q: Can I buy the policy online ?
Q: How can I get a claim ?
Q: How soon can I get a quote ?
– Saving money on boat insurance
Check for all the existing boat insurance companies, their policies and costs. Acquire quotes from more than 1 insurance companies and then give yourself time to compare cost and the services of the policies offered by the same.
Insuring a boat in inland rivers and lakes would cost you relatively lesser as compared to insuring in the coastal waters. The cost is higher in areas prone to storms and hurricanes. .
Boat insurance varies from company to company, contrary to an automobile or home insurance for which most of the companies often provide an equivalent coverage, .
Other than evaluating the price you pay for the insurance, it is more crucial to analyze the scope of damage and losses covered. Emphasize on how much you will you be refunded and what service will be offered in the event of a mishappening.
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