Whether you are renting a boat or buying one, you will need to purchase speedboat insurance. The policies are written very similarly to those for car insurance and home insurance. In fact, you can often bundle your boat insurance with your home, car or life insurance as it is offered by many of the leaders in the insurance industry like American Family and Geico. However, your needs as a boat owner or renter may be better served by turning to one of the companies that specializes in boat coverage.
According to some analysts, the best companies to insure your boat are Progressive, United Marine, and USAA. When you begin to look at quotes, you will find that they are dependent on a number of things. The type of boat you are buying or renting will have a huge impact on your deductible. Speed boats will typically incur a higher deductible while something like a pontoon will be considerably less. By doing an internet search on any of the above listed companies, you can find their website that will offer you a form. Once you have filled out the form, they either will give you an immediate quote or will contact you with a quote.
Make sure that you have all your boat details on hand such as make, model, measurements of the vessel, and what material comprises the hull. In addition, you will need to answer questions regarding your experience as a boater. They will want to know if you have suffered any boating losses recently. They typically look at a 5-year period. They will also want to know which state you live in, where you dock the boat, and whether or not you reside more than four hours away from the boat. Expect to declare whether or not you have had a DUI in the last few years and how many owners are on the title. The insurer may want to collect additional information on any co-owners.
That information will allow the insurance company to give you a quote. Of course, there are additional ways that you can affect the final premium for your speed boat insurance. You can declare the boat as ten percent less valuable than it is to ensure lower premiums. Furthermore, to insure that in the event of an accident you receive a fair pay out, you should elect to have the boat insured at an agreed upon value rather than an actual value. That will ensure that the boat’s devaluation does not poorly affect your claims.