How to Buy Boat Insurance

Buying boat insurance is not like buying auto or even homeowner’s insurance. It requires advance planning, especially if you want the best coverage without overpaying.

Do not rely on your homeowner’s insurance policy to cover your boat. While some policies do offer recreational coverage, that does not apply to a vessel. Instead, you need separate coverage for your boat.

Tips for First-Time Boat Insurance Shoppers

To ensure you get the right coverage and make the shopping process as painless as possible, follow these tips:

  • Know Your Coverage Needs – Most consumers are unaware of the ideal coverage they need for their boats, especially when it comes to older or custom boats. Write down the make, model, year and any information about the vessel you have before you start shopping for insurance in Nova Scotia.
  • Know the Policy Terms – Know what is covered in the policies you are considering. Some insurance policies only cover the vessel but do not offer injury protection.
  • Policy Limitations – Some policies will limit who can operate the boat. This is especially true for high-performance vessels and personal watercrafts. Also, the more drivers/operators you add to your policy, the higher the premium.
  • Insure Before You Buy – If you are financing your boat purchase, you may need to secure insurance before you even buy a boat. So, go shopping and pick out a vessel you are interested in, then get quotes and secure insurance. Do not go through the marine dealer for insurance; you are not very likely to get the attractive rates that an experienced insurance brokerage can offer.
  • Work with a Boat Insurance Broker – Not all insurance companies or brokers are equipped to handle boat insurance. If you are shopping around, make sure you work with a broker who understands the special requirements for boat insurance.

Eisenhauer Insurance can help you with your boat insurance needs. Our Halifax insurance brokers can assess your vessel, liabilities and help you find the right coverage. Call us at 902-454-5888 to learn more about boat insurance or request a quote online.

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