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Questions to Ask Before Buying Boat Insurance

July 14, 2023

Do you own a boat and are you looking for insurance coverage but don’t know where to start? If can seem overwhelming at first, and that’s why it can be a good idea to seek advice from an insurance agent. We spoke with a Foremost marine product manager to gain some insight on boat insurance, and they recommend five important questions you may want to ask while shopping around.

1. Do I need insurance for my boat?
“Some people may think that their boat is adequately covered through an endorsement on their homeowner’s policy. Worse yet, they don’t carry any coverage at all. Boat owners should look for a specialized insurance policy that offers the coverages that fit their boat and lifestyle. It’s better to be prepared and have it insured for peace of mind while on the water.”

2. Will my personal property be covered?
“Buying life vests, water skis and fishing gear can really add up. A good policy will not only provide coverage for all of this equipment, but also for other personal property on board.”

3. What discounts are available?
“There’s a variety of discounts a customer could qualify for, like a multi-policy discount if they insure more than just a boat with the same company, or a multi-unit discount if they insure more than one boat. Discounts will help a customer save money on the policy’s premium.”

4. Is towing and roadside assistance available?
“A day of fun in the sun could easily be ruined if the boat breaks down while on the water. This is a great coverage to add to a policy and covers either the cost of certain emergency fixes at the point where the boat broke down, or the cost of towing the boat to nearest repair shop. Towing and assistance should also apply to the trailer if it breaks down while towing the boat.”

5. Is the type of boat I have eligible for insurance coverage?
“There are many different kinds of boats — pontoons, open bow, fishing boats, cabin cruisers—and even more things to consider like speed, length, value and use of the vessels. That’s why it’s important to make sure your agent knows all these things up front, even how you will use your boat. Your agent can help you get the insurance coverages that are just the right fit.”