Insurance Corner | Most Overlooked Boat Need
Boat Insurance – Probably the last (and most important) thing you buy for your boat
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There are many things to think about when one decides to own a boat. Of course there is the process of deciding what type of boat one wants to purchase, taking the time to research features they would like to have for their boat, physically looking and test driving potential boats, and agreeing on the financing terms for the boat loan. Then there is where to keep the boat during season, and where to properly lay-up the boat when stored. And then comes all of the new things to learn about how to care for and use all the great features of their new boat.
There is one important area that is often overlooked initially when one decides to purchase a boat. Yes, it is boat insurance! Insurance is usually the last thing on one's mind when they decide to purchase a boat. And, since it is often an afterthought, it is usually the area that one quickly tries to take care of so they can get back to the fun part of owning a new boat. But, if one wants that fun to stay fun, they will want to make sure they take a little extra time to get a good boat insurance policy. Getting good boat insurance can keep one protected adequately and obtaining adequate protection and knowing one is covered well makes boating a lot more fun in the long run.
Starting the boating insurance process does not have to be difficult and if one knows what to expect it can make the process quicker and easier. The process of obtaining boat insurance, like any insurance, first starts with filling out the boat insurance application.
Knowing what to expect on the boat insurance application can make the process much quicker and smoother. Here are some of the most common items that one may encounter when filling out their boat insurance application:
Basic Customer Information: This would be the basic information one would expect on most insurance applications. These items include the customer's name, address, phone number, and so on. A customer may also be asked about their car driver's license and their car driving record such as their accident history and explanation of the accidents.
Boat Information: The insurance company will want to know about the boat that one wants to insure. The information to be requested on the boat insurance application may include: type of boat (pleasure, fishing, sail) along with the year, make, model, and value. Other specific information may be requested such as the length, number of engines, horsepower, type of engine, safety equipment onboard, along with any modifications that the boat has had. The boat insurance company will also probably request where the boat will be stored and names of everyone that will be operating the boat.
Boat Insurance Coverage Information: This is a section that the boat insurance applicant can express what types of coverage and amounts they are interested in. A new boat owner should research or discuss with their insurance agent any items in this area that they are unsure of to make sure they have their boat adequately covered for their particular needs. Coverage questions may include if one wants actual cash value, agreed value or total replacement coverage if there is a complete loss. Also, a new boat owner will need to choose what deductibles they want and how much bodily injury and property damage coverage they need. Other coverage choices may include liability limits, medical payments and coverage for fishing equipment and personal items.
Custom Coverages: Do you have a unique situation that you would like coverage on? Most insurance applications usually only provide the basic information to obtain an insurance quote. However, to best accommodate those applicants who have special needs (extended trip navigation, multi-owned vessel, charter fleet, scheduled personal property, etc), most companies will have an open “notes” section for the applicant to fill in. It is wise to be as detailed as possible when describing your situation in this field.
Getting the boat insurance application filled out completely and knowing what coverage one wants and needs can keep boating fun and worry free. One should always discuss and regularly review any questions about their boat insurance application and policy with their insurance agent to make sure their coverage stays adequate for their needs. With over 80 years of combined experience in the marine insurance field, the marine insurance specialists at NBOA can ensure you're getting the exact coverage you need, with the right carrier. To begin your NBOA boat insurance application, you can click here or call an NBOA marine specialist directly at 1-800-248-3512.
NBOA Marine Insurance is committed to keeping you, your family, and your boat safe. If you have questions regarding boat safety or if you would like more information on NBOA Marine Insurance, please visit www.nboat.com or call one of our marine specialists directly at 1-800-248-3512.