When preparing to take your boat on the water, your boat insurance is one of the most critical items on the list. Boat insurance can provide a vast amount of protection in case your boat sustains damage. It can also protect passengers from costs associated with injuries or lost property.
As circumstances in your life change, the amount of insurance you have can also change. Your boat is not a finite object. You will use it in different places, have different guests and make modifications. Reviewing your boat policy every six months or yearly can give you a better idea of your coverage. It can help you understand the coverage you already have and what you may need. A few things to consider:
- Have you had any repairs on your boat? Repairs can better protect the boat. However, if they are improperly handled, they might raise your risks on the water.
- Has your family grown? Make sure your insurance makes allowances for other passengers.
- Have you added any new equipment? Customizations and modifications can affect insurance rates.
- Do you have any special equipment on board? If this special equipment increases your safety, you might qualify for reduced rates.
- Is your boat in a boat yard, or do you tow it to the water? Safer storage can help you save money.
- Will your boat move from personal to commercial use? Commercial policies and personal policies are very different from one another.
- Will your boat be have a standalone policy, or will it be under your home insurance? Ask which option is better for you.
- Have you purchased a larger, or additional boat?
- Will you use the boat for racing or other competitive activities? Depending on the risk your activities present, your agent may adjust your coverage.
These are just the basics, as every situation is different. Speaking to your insurance agent about your current and future needs will give you a better picture of the type of insurance you need. Your agent can also help you get the most affordable coverage. It's important to understand the differences between agreed value and cash value to make the right decision on what's best for you.
Having a boat is fun, but being smart is the best option. Being proactive is the best solution. Contact your insurance agent to assess your boat insurance needs today!
We've got you covered. The Louisiana Insurance Center can help you get a Baton Rouge boat insurance policy that meets your needs. Call us at (225) 292-7680 for a quote right now.