Boaters renew their insurance every year, hoping they won’t need it and assuming they are covered if anything happens.
Most file their policy away without reading the fine print and some only find out after a claim that they were covered, partially covered or not covered at all.
Review your insurance policy with your agent before you renew.
Here are a few questions to ask:
What type of coverage do you have? Will it replace new for old in the event of a total loss? Will it pay out the amount agreed and stated in the policy, or will you only get the current market value? Obviously there is a huge difference in the payout as well as the premium. Some policies offer lower premiums by excluding certain coverages. Are you covered for everything you should be?
Is towing Included? There are a few companies offering assistance on the water similar to CAA or AAA on the highway. If your policy already includes this coverage, why pay twice?
Are you covered for vermin damage? If not, you may want to consider taking precautions to protect your boat from vermin damage.
What is your deductible? Is it too low, resulting in a higher premium or is it too high with a lower premium?
Are all drivers of your boat covered? Do you need to have everyone who drives your boat listed on your policy as an “insured”? Talk it over with your agent.
What about winter storage? Are you covered if you store your boat with the mast up? Are you covered if you have your mast up and are blown over in the wind, or another boat is blown over and falls on you? Are you responsible for the damage to other boats if you caused the others to fall? Do you need to notify your insurance company if you change the location where you store your boat?
Boat insurance policies are different. Be sure you understand what coverage you have, what all the inclusions on your policy are and what all the exclusions are. Talk to your insurance agent to be sure you have the right coverage.
The last thing you want to hear from your insurance company is
“Oh, you’re not covered for that. Sorry”.
Review before you renew—not wish you had, after a claim.