Okay, so you have a nice home, and you just went out and bought a boat and are thinking about where to get insurance for your boat. The first thing people think of doing is to add the boat on to their homeowner’s policy. This is not your best option, because most home owners policies either don’t cover or limit specific marine risks, such as pollution, wreck removal, salvage work, or damage done to the boat from the environment.
Insurance companies take certain factors into consideration before you can purchase boating insurance. Some of these may include: the age of the boat, the speed, length, value, condition, type, boats with more than one owner, and the primary place the boat will be kept. Find out what coverage you want based on your needs.
There basically are two different types of boating insurance, actual cash value and agreed value. Actual cash value insurance will cost you less up front money, but will take in to consideration depreciation. Agreed value insurance will cover your boat based on the condition it was in when the policy was written. It may cost more up front, but there is no total loss of the boat or depreciation.
The type of coverage you will need will depend on where and how you boat. If you buy an “all risk policy” you will get the best protection for your money however, this type of insurance does not cover every type of loss, such as normal wear and tear, animal damage, denting, defects in design, manufacturer’s defects, and freezing and ice.
Some policies also allow you to add extra coverage. Some options you might want to consider would be uninsured boater’s liability, towing and assistance, and medical payments. Most boating insurance policies cover attached equipment such as oars, anchors, seat cushions, life jackets, tools, and trolling motors.
Many factors will help you determine what kind of boating insurance you will need such as where you are going to do your boating, if you have been certified, if you have a good driving record, limits on liability , and the deductible. You can pay a lower premium, if you have a higher deductible. Thanks for the folks at Manitou Pontoon Boats for providing that info to us, you can visit their site and look at their pontoon boat models, and ask them about boating insurance.
Also be sure to ask about any discounts you can get by doing certain things, such as if you store your boat in the winter months, you may be able to get a discount.