Don’t forget to update your insurance when you buy a new boat
Buying a new boat is an exciting experience. Even before you take it out on the water for the first time, having your own boat to clean, update, and customize is thrilling. However, in the midst of all the excitement, there are also some very important, admittedly less enjoyable, aspects of boat ownership to consider.
Of course, we’re talking about boat insurance. While getting a separate policy or paying more on your premium for your existing policy may not sound so appealing, it’s important to protect such a significant investment. Fortunately, boat insurance may not be that expensive, and with the proper care, maintenance, and storage, you can keep your premiums at bay.
Whether you work with an independent agent or directly with an insurance carrier, you should have a discussion with them before you make any final purchasing decisions to understand how any additional premium may impact your budget.
The size of your boat is going to play a significant role in the type of policy you need. Often times, a smaller boat can be insured as a rider on the homeowner’s policy you already have, making things quick and easy. If you’re getting a larger boat, you may need an endorsement to your existing policy or an entirely new policy.
Typically, you want coverage that includes bodily insurance, property damage, and comprehensive collision at a minimum. However, you may want additional coverage based on your boat type and on recommendations from your insurance agent.
How to keep your premiums in check
Although Florida tends to be one of the more expensive states to insure a boat due to the sheer number of boats on the water, there are things you can do to help keep your premium reasonable. Most importantly, make sure you take a boating safety education course. There are many available in the state of Florida, and one is required to get your Boating Safety Education ID Card, which is a Florida requirement.
While insuring your boat may not be the most exciting aspect of boat ownership, it’s incredibly important, and we recommend looking into it well before you make a purchase.