What to Consider When Buying Boat Insurance in Newark, DE
Insuring your boat is a crucial part of enjoying a care-free time out on the water. Not all plans are the same, though, and the coverage you get can have a huge impact on your life and the vessel itself if anything unexpected happens. To protect your wallet while you’re enjoying the open water, it’s important to know what you should consider when comparing options for boat insurance in Newark, DE.
The good news? You don’t have to figure it out on your own. At Broadbent Insurance, we’ve helped owners of all backgrounds find the right plans for their needs, and we know how to pick out great coverage in a sea of options. To give you a strong start in the process, we’ve put together some of our best tips in one place.
Insurance Buying Tips from the Professionals
The first thing you’ll want to consider when you buy is budgeting. Though it’s fairly easy to find solid coverage, the cost quoted by your provider is likely to differ based on a wide range of factors, including:
- Boat Age & Length
- Speed or Horsepower
- Value of the Boat
- Current Condition
- Primary Residence (Whether You Live On the Boat)
- Type (Fishing Boat, Performance Boat, Inboard, Outboard, Cruiser, Utility)
- Location of Operation (Rivers, Bay, Lakes, Ocean)
The second consideration is what type of boat insurance you buy. For example, hull insurance covers your vessel and any damage it might cause to other people’s property, but it may not include other liabilities. Yacht insurance is only available for vessels 27’ or larger. A boat club policy might be able to cover you if you’re a member, but it might not offer the level of assurance you prefer.
Your agent can help you figure out the best option for your needs. They can also assist with the final consideration: available discounts. Having a license or covered storage area can cut down boat insurance costs, so make sure you note all the potential investments you’ve made in your vessel and its upkeep thus far.