Purchasing Boat Insurance

Boating is an enthralling activity that has captured the heart of many residents in the U.S. and around the world. It is adored by many for its calming yet invigorating effects on people’s moods. However, anyone who has been boating understands that it isn’t a cheap hobby. Boating mandates a lot of expenses for boat repairs, boat maintenance, and boat insurance. We at Vessel Vendor wish to guide you in your choice of purchasing boat insurance so that you make an informed and frugal decision. We understand that these costs can become taxing, and we want to help you get the most bang for your buck. While boating insurance is somewhat similar to car insurance, there are some qualities that remain unique to the boating world. If you are new to the boating industry completely or if you need assistance with purchasing boat insurance, here are a few tips you should know.

Where to look for boat insurance?

While the first thought that typically comes to mind is that your homeowner’s insurance is a blanket deal that will cover your boat, this is a misconception that is often not the case. Usually boat insurance is offered by the same companies that offer other types of insurances, including State Farm and Travelers, The Hanover Insurance Group, Progressive, Geico, AllState, and more.

The similarities and differences between boat insurance and car insurance

Both car and boat insurance are similar in a variety of ways. For example, boat insurance also differ in ‘agreed value’ and ‘market value’ policies to help you save money. Boat insurance is also relatively similar to home insurance. For instance, your boat policy will also cover you if a passenger gets injured while in your vessel and you often have options such as getting the replacement cost or cash value back whenever there is a total loss of the boat. Moreover, like auto insurance, any bodily injury inflicted to others by your boat is also covered. Boat insurance is different from both home and auto insurance since you are allowed to suspend coverage for a period of time when you are not using the boat.

Other Common Questions about Boat Insurance

When boating, you may often go out in the open sea outside the national border. However, you should be aware that in most cases, boat insurance policies do not cover you outside of the national border waters. Some boat insurance companies do offer different coverage for the open sea, but it is not guaranteed. It is important to distinguish the nuances of each boat insurance policy when purchasing boat insurance that best fits your boating lifestyle. Also, keep in mind that your boat is usually insured both in and out of the water. To see our boats for sale, click here!