Water sports enthusiasts usually consider a boat to be an all-in-one recreational vehicle as it can be used for waterskiing, wakeboarding, fishing, riding to your preferred vacation destination, sailing to weekend getaways, or just for lounging around. However, boats require a significant investment, and since they are used and stored in water, they are vulnerable to external risks, particularly technical snags or body damage. Therefore, getting your boat insured is a good idea.
Evaluate the kind of insurance you need by classifying your boat. If your vessel is up to 26 feet long, then you can insure it as a "boat." If it is beyond 26 feet long, it is classified as a "yacht" and requires coverage under a different insurance plan. Also determine the value of your boat and its depreciation. This will facilitate the decision about the right kind of coverage for your boat.
Step2
Contact the National Boat Owners Association (see below). Become a member if you are not, as it provides several services and information on how to own and maintain a boat. You can also get valuable information on whether your boat needs insurance.
Step3
Go online and visit some of the special insurance Web sites. For example, you can log on to the American Boating Association site (see below), which will help to get a quote for insurance. Alternately, you can also call agents or representatives of selected companies to get free guidance. United Marine Underwriters (Web address also below) is one of the oldest companies providing boat insurance.
Step4
Analyze each type of coverage, especially on physical damage. You can opt for actual cash value or agreed cash value when choosing physical damage coverage. Depending on the type of cover you choose, your premium will vary. Liability coverage protects you from legal action in case of accidents and events. Medical coverage insures you and others present on the boat in case of an accident.
Step5
Be sure to check into uninsured boat owner’s coverage, which covers damages to your boat in the event you are involved in an accident with another boat owner who is not insured. As boat insurance is not mandatory, it is always advisable to get this coverage if your boat is a prized possession.
Tips & Warnings
By requesting a quote from ABA, you qualify for free annual membership. See similar offers on the Internet, iincluding tips from the association that will help you determine if your boat requires insurance.
