Jan 9, 2019
It’s boat show season, so if you’re contemplating purchasing a new boat it may also be time to look at new boat insurance coverage.
Service, Service, Service….. Your boating season is short and finding the right marine insurance provider can make all the difference. Do you want to call and be stuck on hold waiting to talk with someone? Or fumble your way through a website trying to figure it out on your own? Talking to someone that understands you, your boat and the insurance coverage options can make all the difference in the world.
A marine insurance specialist understands the variations among bowriders, ski boats, pontoon boats, cruiser and PWC’s. They will help you find the coverage you need to protect yourself based on your usage on the water, when the boat is in storage, and when you are trailering it down the highway.
How soon do I need insurance?
The consumer needs to start coverage when they have a financial interest in the boat, not when they pick it up. If you pay for the boat in full, that is when you have a financial interest in the boat and that is when you should start an insurance policy to cover you against loss.
At most shows you will negotiate the purchase price, select the style and model, pick your colours and finalize an order for production. then the dealer will set delivery date.
Payment is made on or before the delivery date. If you are financing this can happen months before the boat is actually in your driveway, or at your slip in the marina. Once you have signed your loan documents and you have committed yourself to repay the bank for lending the money against the purchase of the boat, you have a financial interest and you should have the boat insured even if it is sitting in storage at the marina waiting for spring.
How about my home policy?
When you add a boat to your home insurance you are using the coverage of the property policy to protect the watercraft. If a claim occurs and the homeowners insurance responds to cover the loss the claim will stay on your home insurance policy, this can impact the premiums you will pay for homeowners insurance, and your claims record. Too many claims on one policy can result in non- renewal.
Separating the watercraft insurance exposure to a marine insurance policy can help protect you against this exposure, in most cases you will have better underlying coverage and sometime a lower price.
If you have any questions or require any additional information, please do not hesitate to contact our office.
Northstar Marine Insurance Inc.
Toll Free 1.866.717.9295