Buying boat insurance

Below are three common hazards
to avoid when buying boat insurance

Over the years we have noticed some common themes cropping up in our discussions with our customers when buying boat insurance.

If you’re the proud captain of a boat, then you know the importance of protecting your pride and joy. Below are the common blunders made when picking boat insurance policies, and in times of ill-wind, that can steer you straight into treacherous waters.

We’d like to share three common areas to really consider when buying your boat insurance policy.

Not valuing your boat properly

Perhaps one of the most common faults made when choosing boat insurance is not getting an accurate valuation of your boat. With an accurate valuation, you can find better boat insurance policies with more comprehensive cover options for the worth of your boat, and by insuring it correctly you can save yourself some doubloons and a lot of heartache in future. Also worth noting that some insurance policies are an “agreed value” so in the event of a total loss, you will receive the full sum insured on your boat.

Not understanding your cover needs

Don’t get caught in the undertow of insufficient boat insurance, instead, take the time to understand the cover options available and ensure they align with your specific needs. Otherwise, you risk being underinsured when something unexpected happens, like a mishap or some piratical pilfering resulting in costly repairs that won’t be covered by your policy. Don’t sacrifice necessary cover – It’s better to pay a bit more for comprehensive cover than to be left financially shipwrecked when disaster strikes.

Failing to read the fine print

Before you commit, make sure you thoroughly review your insurance policy. Know exactly what your policy covers and what it doesn’t – some policies may have exclusions or limitations that could leave you stranded when you least expect it. And if something seems as murky as Davy Jones’ locker, ask questions and get clarity, to ensure you’re prepared for any storm that may arise in the future.

Don’t get caught in the doldrums of regret – choose your boat insurance wisely!

Invest some extra time up front, research your potential providers, read that fine print, understand your own risks, and ensure you choose adequate boat insurance cover for your boat that won’t leave you high and dry when you need it most.

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