BOATERS BLOG

Purchasing a boat is an exciting ordeal! While you plan your next voyage or day on the water, don’t forget to secure quality boat insurance. When shopping for marine insurance, the many providers, types, and policies out there can make it difficult to pinpoint exactly what makes boat insurance “cheap” and what makes a “quality” marine insurance policy. Here at the National Boat Owners Association, we will show you a few ways to ensure you get the best coverage possible that fits your watercraft, lifestyle, and budget. Take a dive with us into the world of marine insurance to learn what exactly makes a boat insurance policy “quality” rather than “cheap.” 

How to Obtain Quality Boat Insurance vs. Cheap Boat Insurance

Quality Coverage

The first step in determining the quality of boat insurance is to know what kind of coverage you’re looking for and what makes sense based on your boating habits and lifestyle. For instance, leisure boating, fishing, and distant sailing all call for different coverage or policies to ensure you feel comfortable and confident while enjoying your hobbies. Quality boat insurance can look different for other boat owners, so understanding the various types of coverage included in boat insurance policies is crucial. Here are a few types of coverage to consider for your own insurance policy. 

• Collision Damage: Collision damage covers your boat in case it crashes or collides with another vessel or surface.

• Consequential Damage: Consequential damage covers loss resulting from time and wear on the vessel rather than an accident. This can include rot, mold, and various types of corrosion.

• Comprehensive Coverage: A less specific type of coverage, comprehensive coverage includes all physical damage that befalls your vessel.

• Cruising Extension: This is a special type of additional coverage often temporarily acquired for sailing trips outside the country.

• Specialized Coverage: Specialized or specific coverage for a piece of equipment or hardware, such as navigation equipment or an extravagant decoration or tool.

• Salvage: Salvage coverage pays to remove your boat due to damage ranging in severity.

• Towing: Towing your boat, if it’s hindered, can cost around $400 per hour without insurance.

Quality Warranty

Knowing whether your insurance comes with a warranty or not can be very helpful when determining the quality of your insurance policy. According to the Oxford English Dictionary, a warranty is defined as “a written agreement in which a company selling something promises to repair or replace it if there is a problem within a particular period of time.” Having an extended warranty as a part of your boat insurance can help reduce the stress and costs that you have to deal with should your vessel or its components be damaged in any way. Click here to learn more about how marine warranties can save you money.

Quality Rates

For many boat owners, the cost is the most important factor to consider when comparing marine insurance. Cost efficiency can be challenging to determine and varies with each provider. It’s important to remember that, frequently, more expensive forms of coverage can actually lead to you saving money, in the long run, should anything happen to your boat. At the same time, cheap boat insurance can lead you down a dark path of expensive repairs, towing costs, and other hefty bills that may have been able to be avoided with quality boat insurance. Water is a very corrosive and aggressive setting for any watercraft, and insurance is not the place to cut costs. When determining the efficiency of your costs, compare various insurance providers and look into potential discounts you may qualify for. If you find yourself struggling, NBOA is the perfect place to help you gather information for the best quality and cost-effective coverage for you and your boat. Remember, it isn’t about the cheapest boat insurance but the most valuable. 

Quality Quotes

Quality boat insurance always starts with a quality quote! Since NBOA is an insurance broker, we streamline the process of collecting information from insurance companies and vetting the list to ones that match your budget, lifestyle, and needs. Comparison shopping for insurance is easy, and connecting with a reliable agent will give you peace of mind whether you are continuing a tradition of boating or getting started on a new journey.

As you search for the perfect boat insurance policy, it is crucial to differentiate between cheap boat insurance and quality boat insurance. However, since this can be difficult, NBOA is here to help you secure the ideal policy. While other insurance companies and non-independent agents tend to provide just the minimum or “bare-bones” coverage simply by adding on to an existing home or auto insurance policy, NBOA takes it a step further. Our team works with customers to review and evaluate their needs and match them with an insurance company that has the perfect combination of service, price, and specialized marine coverage that fits their budget and lifestyle. Get started today!

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