Your sail boat is considered an investment. Like you car, motorcycle or house, it should be insured. Sail boat insurance is, in fact, in some states needed by law. There are, however, differences between insuring your car and insuring your boat. The major difference is the amount of coverage a policy provides. The most common variables are the type of boat, the insurance company and the location of the boat. In selecting the company you will want to be careful you obtain all the coverage you need together with any savings that could lower your premium.
When you first start to look for an insurance agent or broker, keep this in mind. There are two distinct types of insurers: domestic and overseas insurers. The overseas group is considered more liberal regarding coverage for extended navigation. The local group, however, will be easier to access and research.
It is important you do the research before obtaining any type of sail boat insurance. Investigate the companies on line and through friends. Examine their credentials, record and integrity. Ask questions, review their information and take quotes to compare at your leisure. Do not allow yourself to be rushed, or pushed, into what is a legal and binding contract.
Beyond the actual consideration of companies, there are the issues of coverage. What do you want covered by your sail boat insurance? The following can be considered a shopping list: motor, trailer and boat cover damage, physical damage, theft, physical damage, liability and docking coverage. A sail boat policy, unlike that governing a car, can also be tailored to cover certain pieces of equipment found or employed on board. In this category are such things as sails, riggings, anchors, communication devices and on board electronics used for navigation. The rationale behind permitting this type of coverage by the company is the essential role they play in the proper operation of a sail boat.
You should also see the sail boat insurance policy covers the people who are on board, those who use it. Medical coverage is essential to running a safe and healthy environment on board. Accidents can and do happen so it is best to be prepared, not only with a first aid kit but also the appropriate amount of coverage. At the same time, be aware medical coverage has a top end beyond which you will be expected to pick up the tab. With accidents, be aware of what you are liable for and how much your policy will cover.
The best advice you can follow, is to first, choose an A-rated or respected insurance company checking their references to be sure and, second, read and understand your policy, it’s words and content. Only then can you make an informed decision.