Owning a boat is not for everyone but for a privileged few. It is a luxurious act that can get you many new friends. Some boat owners say that their boat means much more to them than their car or motorcycle. Nobody wants to lose their investment, especially if it is expensive; they want to protect it. Boats are expensive and insurance is the only way to protect your investment. However, buying boat insurance can be just as complicated as sailing the high seas. Prospective boat owners may be surprised to learn that they can actually be denied insurance. Let’s take a quick look at the most common reasons for such denials.
If your newly purchased boat is second-hand and in poor condition, insurance companies can easily refuse to insure your boat. So try not to buy a boat in poor condition. The only way to get insurance on a bad boat is to make it a good boat. You will have to do a lot of repair work to get the boat to pass inspection.
Waterways don’t always have strict lanes or signs to guide you. That doesn’t mean you can drive it any way you want, because you will be ticketed for reckless behavior. Speeding, alcohol and moving violations are some of the violations that can easily get you a ticket while driving your boat. If you have too many tickets, you will be denied coverage. If you have too many violations, insurance companies can deny you coverage for your boat, the last thing you want to happen after you’ve purchased an expensive mode of transportation. So please be responsible and be careful when driving your boat.
Before you commit to buying the boat, think about how you plan to use the boat and the size of the boat you will need. Most people want to buy the biggest and best boat on the water. But bigger boats need bigger insurance. Large boats may not be covered by regular insurance policies. Check with insurance companies to find the best boat insurance policy before agreeing to buy the boat. By doing this, you will know exactly what you are getting into. You don’t want to be in a situation where you agree to buy the boat and then find out that the insurance will cost ten times what you thought.
Regular policies will cover your boat as long as you use it for personal purposes. If you’re using it for other purposes, you’ll need to purchase a different policy to suit your needs. Some insurance companies offer discounted rates to bundle their insurance policies. So check with your provider if they are ready to offer you a discount. Never be in a hurry while shopping for your boat insurance. Make sure you fully understand the terms before committing. Secure your boat properly and have fun while on board. It is an investment that needs your full attention.
