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While the most common insurance policies only apply to real estate properties like a house or a commercial property and even expensive cars, watercraft insurance also exists. Watercraft or boat insurance is applicable to expensive boats like luxury yachts. They are priced to millions of dollars and must be insured. If you happen to have recently acquired an expensive watercraft, you must know the best time to buy personal watercraft insurance to keep your boat and yourself secured in case uneventful things happen.

When To Buy Watercraft Insurance

There are just so many important reasons why you must avail of a watercraft insurance. Just like a home or , boat insurance will serve as your safety net when emergencies happen. But when is the best time to buy a watercraft insurance?

• Timing is everything and this applies to getting an insurance for your boat too. According to an insurance policy agent, the best time to buy an insurance is during the off-season when insurance companies do not have much policy buyers. Summer and vacation time is the peak season for an insurance. However, timing could vary according to where you are located. For instance, in a place like Florida or California, there is no-off season for a boat policy. They are selling like hotcakes. You can look at other factors though if you are in the lookout for a great insurance deal in the market.

• Many policy providers treat your boat as a separate property from your home. When your home insurance doesn’t cover your boat, it is time to have a boat insurance in place.

• When you are always on the water, it is best to keep an insurance policy even year-round. This will make sure that your boat is covered whether you are on or off the water. This is highly advised for boat enthusiasts and hobbyists.

• There are also people who love the boat lifestyle so much that they make their boats as their primary residence. This is common for retirees and sailing hobbyists. They spend months to years aboard their boats and literally live there. When such is the case, you must get an insurance policy. Think of your boat as your house.

• When your boat is around other boats (e.g. unsafe docks and waters with many other vessels), you must prepare for collisions and other accidents. When your boat is insured, the policy will cover the costs for repair. You will be at a higher risk especially when the other boat figured in the collision does not have a policy in place.

• When you participate in sailing events, the probability of endangering someone or another vessel is very high. This is where a watercraft liability insurance works best. It covers the damages done to the person or property involved in the accident.

• Many boat owners are also fishing enthusiasts. This means that they have specialized, expensive aboard their watercraft. If you want to secure them too, there are specific policies that cover them.

• There are also instances when your boat needs to be towed. For instance, your boat has hit an atoll or a reef and it gets stuck, you don’t have any choice but to have it towed especially when you do not have enough knowledge on how to operate your watercraft. Have a policy in place to cover for towing costs. Towing can cost a minimum of $400 per hour. You don’t want to cover for such expense.

How To Get The Best Insurance Deal Insurance policies are generally expensive but you buy them anyway because you need them. While it is inevitable to buy a policy, there are always ways to score a great deal that you won’t tag it as expensive but practical. How? Read on.

• Canvass boat insurance first. – It is a need to buy boat insurance. There are docks that require your boat to have an insurance. Some states will also require that you have watercraft liability insurance in place before you can sail their waters. Before you can get a loan for a boat, some lenders will even ask that you get an insurance first. So if you have plans to get a boat, start canvassing for the right boat insurance cost for your budget and need. There are various insurances with different coverage according to what you require.

• Determine what you need to be covered. – Boat insurance cost depends on the coverage. So before shopping for insurance, determine what you need to be covered. You can ask someone who has knowledge about the subject before you head out to buy insurance. A liability insurance is a must especially in many states. If you have equipment and expensive tools aboard your boat, you will need to get a specialized coverage for them too.

• Take note of the best timing to buy an insurance. – Buy an insurance during the off season like late fall. Summer months will demand expensive insurance costs.

• Where you sail will also determine insurance policy costs – A state with a blooming industry and activity for watercrafts most likely offers expensive insurance costs. The same can be said about states with beautiful beaches and lots of watercraft owners.

• How adept you are in maneuvering your boat is also a factor. – Your proficiency in maneuvering your watercraft will also be a factor when buying a policy. For instance, if you do not have proper training on sailing or boat operation, you will most likely be offered a more expensive liability insurance. So if you have certifications and other documents to prove your expertise, don’t hesitate to show the insurance provider.


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