When it comes to boat insurance, there is no time to mess around! Our Sales Team here at Regal and Nautique work along side Marker 5 to help select the best boat insurance for you and your family. Here are a few things to know and keep in mind when shopping around.
What are the types of coverage?
Your type of coverage will depend on the type of policy, but common coverage add-ons include:
- Specialized Coverage – Coverage for something specific on your boat like an expensive prop or navigation equipment.
- Salvage – Coverage that pays to remove your boat due to damage, from substantial to minor.
- Consequential Damage – Covers a loss that was the result wear and tear rather than an accident (rot, mold, corrosion).
- Towing – Towing your boat across a body of water to safety can cost $400 per hour.
- Cruising Extension – You can get temporary, additional coverage if you plan on leaving the USA.
Insurers consider several factors when deciding whether or not to offer a policy. Almost any vessel can be insured. You want to consider the following to make sure the policy you purchase meets your needs:
- Age of Boat
- Speed or Horsepower
- Primary residence (Is the boat used as a primary residence?)
- Type (Inboard, Outboard, Performance boat, etc.)
- Ownership (more than 2 owners)
- Where it will operate (Ocean, lakes, bays, rivers, Great Lakes)
There are many factors (as you can see) when it comes to insuring your boat. The process may seem great but the outcome (if done right) is stress free and worth it! Don’t be afraid to do your research and ask questions. It’s what we’re here for!