Buying A Boat This Year?

This is the time of year when people are having fun on the water, and then they run out and buy a sailboat or powerboat. Please note these tips:

*There is no coverage under car policies for boats, and homeowners policies offer limited protection.

* If you can’t afford to replace the boat if it is damaged, then purchase Hull protection.  It’s cheap, and the boat insurance forms usually offer the best liability packages.

*Sailboats under 26 feet in length &  outboard boats under 25hp can find liability coverage in the homeowners policy; still, the package is superior.

*Row-boats are fine for liability protection, but many rowing craft are quite expensive; so again, the boat package may be the best way to go

*The type of boat you purchase may prove problematic. Many insurance companies refuse to cover kit boats,  houseboats, or competition bass boats and speedboats. You’ll pay a steep premium through a specialty insurance company to insure these.

*Many insurance companies reject boats over 15 or 20 years of age because they normally account for more losses than newer boats. If you do purchase an older boat, consider ordering a marine survey prior to the sale; it will expose any problems.