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Choosing the wrong policy or not reading the fine print can lead to some unpleasant surprises when something happens. Many policies have a cancellation clause that goes into effect if the boat is not maintained according to manufacturer recommendations. Others have a provision for declining value if the model is not kept up to date with the latest safety features.
For expert insurance advice, consult with Ken Boldt Insurance Agency II Inc. in Green, OH.
Common Mistakes & Boat Insurance
As with any insurance policy, the most common mistake people make when buying boat insurance is failing to shop around and compare quotes from different providers. Boat insurance may seem like a one-size-fits-all product, but there are actually significant differences between policies, even within the same company. Understanding exactly what you need and then researching different providers will help you find the best fit for your situation and save you money as well!
Not buying enough coverage, not updating the policy when you buy a new boat, or not filing a claim if your boat is damaged are a few common mistakes people make when buying boat insurance. Most insurers will not offer an exact amount for the value of your boat when you apply for a policy. Instead, they will request information about the make and model of your boat, as well as its value when brand new. Ensure you provide all the information the insurer requested to avoid delays in your policy.
Boats are an investment, and just like any other type of insurance, it pays to do your research. The easiest way to save on boat insurance is to shop around. Many insurers offer an online quote tool, so it’s quick and easy to get a quote for your boat. It’s also important to certify you have the proper boat insurance for your particular boat. Boat insurance may seem like it’s standardized, but there are differences in coverage from one policy to the next.
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Finally, it’s important to keep accurate records of your boat maintenance. Buying boat insurance can be confusing, especially for a first-time buyer. While it’s true that insurance isn’t necessary if your boat is tied up and not worth more than its value (typically less than 10%), it’s still a good idea to have it.
Setting a budget and doing your research are the best ways to avoid common pitfalls when buying boat insurance. If you’re unsure about how to find the right policy for your needs in the greater Green, OH community, give us a call and consult with our agents at Ken Boldt Insurance Agency II Inc.
