Purchasing Boat Insurance can be tricky. There are many factors at play, and you may be tempted to cut corners or get just enough coverage.
The following guide will show you three of the most common mistakes people make when they purchase Boat Insurance. This way you’ll be able to avoid these pitfalls and get the coverage you deserve.
Dropping Your Coverage
Dropping your coverage when you pay off your boat is rarely a good strategy. This may lead to significant out-of-pocket expenses that can impact your finances significantly. Canceling your coverage during the offseason is not a good idea, either, because you are left exposed to risks that could damage the vessel when it’s not in the water.
Not Understanding Your Policy
Set aside time to read carefully your Boat Insurance policy and ask questions to your insurance agent if necessary. Identify the situations when your boat is not covered. For example, your policy may stipulate that while you tow your boat with your vehicle from your home to the water, your auto insurance covers your boat. Understanding all these details can save you headaches in the future.
You should know at least this information by heart:
- Your type of Boat Insurance (Actual Cash Value or Agreed Amount Value)
- Your optional coverages (Medical payments, loss or theft of belongings, towing, etc.)
- Is your boat protected while it’s being transported?
Choosing a High Deductible
Opting for a high deductible is a proven strategy to lower the premiums of any kind of insurance. However, you should make sure to choose a deductible that’s not too high, so you can afford it in the event of a claim. In general, think carefully before taking steps that lower your premiums but reduce your coverage.
At Delgado’s Insurance our mission is helping you find the Boat Insurance policy that best fits your lifestyle and your individual coverage needs.
We have locations in Riverside, California, and Bloomington, California. Contact us today by telephone (951-361-0084, 909-421-9003), email or through our social media accounts to get a free quote and learn more about our Life Insurance options. Our agents will be more than happy to assist you so you can find the coverage that makes the most sense to you.