Buying a boat is a great way to get out on the water and soak up some sun during the summer. What isn't always fun is shopping for boat insurance - especially when so many brokers lack the expertize to properly insure boats.
Luckily, NFP specializes in boat insurance for all kinds of watercraft, allowing us to insure boats across Canada with confidence. Our expansive reach and extensive expertise mean we receive a lot of questions from current and prospective clients about boat insurance. To help you understand how to get the best boat insurance, ask yourself these questions and take into consideration their answers.
What factors determine the price of your boat insurance policy?
The cost of a boat insurance policy starts with the simple characteristics of the boat:
- The length and size of the boat
- The purchase price or value of the boat. If your boat is an older model, many insurance companies will require a survey/evaluation to confirm safety and value.
From there, it's all about how you will use your boat. Ask yourself these questions:
- Will you store at a marina or on your personal property?
- What are the security details of the location where it is kept?
- Where will the boat winter? Will it be out of the water, etc.?
- How many motors does it have, are they are inboard or outboard?
- Will you use your boat on a lake?
- Will you use the boat in fishing competitions?
- Will you do water skiing or other towing of passengers?
What kinds of boat insurance policies are available?
When shopping for boat insurance, make sure you're certain whether the coverage you are being quoted is replacement cost or actual cash value. Understanding the difference between these two is huge and will determine how much you will get paid in a claim based on this information.
If you're considering buying a boat, get in touch with NFP to discuss what your options are. Our boat insurance specialists have the experience and knowledge you need to keep you on the water this summer.